You are now reading:
Understanding legacy planning in Singapore
Inspire the globetrotter in you with the first one-stop travel portal in Southeast Asia designed by a bank that inspires, helps you plan, and lets you book in one place.
Find out moreGet up to 7.8% p.a. interest in just two steps. Apply online and get up to S$198 cash! T&Cs apply. Insured up to S$75k by SDIC.
Find out moreIntroduce a friend and be rewarded with up to S$1,000* cash credit.
Find out moreInvest in funds now powered by Private Bank CIO’s insights – United Income and United Growth Funds.
Learn moreGet PRUCancer 360 from just S$3.70 per week. Sign up now and enjoy 35% off your first-year premium. T&Cs apply.
Find out more Meet UOB TMRW, the all-in-one banking app built around you and your needs.
Bank. Invest. Reward. Make TMRW yours.
you are in Personal Banking
You are now reading:
Understanding legacy planning in Singapore
You have worked hard to grow your wealth, support your family and live the life you want, so it makes sense that you want to protect this while you prepare for your dream retirement. This is why legacy planning — a financial plan that enables a person to bequeath assets such as money, property and valuable possessions to their next of kin or loved ones after their death — is so important.
Not only does it give you peace of mind in your golden years, a good legacy plan ensures you leave a lasting legacy for the ones you cherish, so they can live comfortably and well. By planning your legacy early, you can protect and possibly even grow your wealth. This will enable you to live the life you want without making compromises during your retirement, and to choose how you want your wealth to be distributed when you pass away.
Legacy planning is about passing your assets to the people you care about. Not having a plan in place may result in family members and/or business partners spending a lot of time and resources trying to sort out the distribution of your assets.
Most people have a mix of assets. These are the most common:
Cash1: The simplest form of an asset, cash includes what you have in your bank accounts, CPF account and life insurance policies. However, do bear in mind that cash can be a double-edged sword. While it can make life easier for your loved ones, if used unwisely, overspending by your beneficiaries and even family squabbles may result.
Property1: Be it a HDB unit, a private condominium, landed property that you own or even property that you have invested in, property is often viewed as a highly desirable asset as it can generate a steady stream of income from potential capital appreciation or from rental. Leaving property to your loved ones can help preserve and grow their wealth.
Wills2: A will is a document that contains instructions on how a person’s assets should be distributed after he or she passes away. Requirements to make a will in Singapore include:
There are many components that go into legacy planning, and you may wish to speak to a UOB Client Advisor.
Sources:
2. https://sso.agc.gov.sg/Act/WA1838
6. https://www.msf.gov.sg/opg/Pages/The-LPA-The-Lasting-Power-of-Attorney.aspx?ParentTag=The%20LPA
7. https://www.moh.gov.sg/cost-financing/policies-and-legislation/advance-medical-directive
This publication has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, accounting, legal, regulatory, tax, financial or other advice. You should consult your own professional advisors about issues mentioned herein that may be of interest to you as the information contained herein does not have regard to any specific investment objectives, financial situation and/or particular needs of any specific person. This article contains information obtained from various third party sources which may not be up-to-date and United Overseas Bank Limited, its subsidiaries, affiliates, directors, officers and employees make no representation or warranty, whether express or implied, as to its accuracy, completeness and objectivity and accepts no responsibility or liability relating to any losses or damages howsoever suffered by any person arising from any reliance on the views expressed or information in this publication or to update the information contained in this publication. This article contains links to third party websites and United Overseas Bank Limited does not recommend or endorse the contents of any of these third party websites.
17 Jul 2023 • 2 min read
22 Aug 2022 • 7 min read
28 Jul 2021 • 7 min read
29 Jun 2021 • 4 min watch