Wills, Trusts and LPA are most important for estate & business succession planning. For people who are in business it is especially important as part of business planning and continuity.
Will & Trust
A simple will is sufficient for most people. The key persons are you yourself, your executors and the beneficiaries.
Executors are people you appoint to help administer your estate when you pass on. Your executors can also be your beneficiaries. They can also be non family members.
Beneficiaries are people you name as being entitled to your estate. They can either be family members or non family members.
Within the framework of the Will there can also be trusts created eg who is to hold and manage assets for the family or minors till certain time or age. The trustees can also be the same people you appoint as your executors.
Lasting Power of Attorney (LPA)
A LPA is a legal document that allows anyone above 21 years of age to plan the management of your affairs in the event of a loss of mental capacity (due to sickness, old age or accident). In the LPA, the person making the LPA (known as the Donor) appoints one or more persons [known as the Donee(s)] to act and make decisions on your behalf.
There are many cases of business people suddenly falling ill or suffering an accident. This would cause you to lack the mental capacity to perform your duties. Yet your business must continue! To quickly allow the business to continue operations you will need the LPA to give the Donees powers to act immediately. Without the LPA only your immediate family members can help if they first apply to court for such powers. It takes between 6 to 10 months and cost about S$8,000.00 to S$10,000.00 to apply for such powers from the Courts.
Thus it is essential for business continuity to have the LPA.
The costs for a simple will is usually $350.00. The usual costs for doing up the LPA is S$250.00. Collectively it would be S$600.00 per person excluding disbursements. However, we are happy to offer you and your business partners / associates a total price of S$400.00 all in for both the simple will and LPA per person. If you are a non Singaporean you will need to pay an additional S$250.00 per person to the Office of the Public Guardian for the registration of your LPA.