Never too young to draw up an estate plan

The process is also evolving, with a new trust to distribute CPF savings

Kelly Ng

Published Mon, Oct 11, 2021 · 05:50 AM

Singapore

ESTATE planning isn't just for the wealthy or for those senior in age. In fact, it is advisable to have a plan in place while you are in control of your finances and have a lucid mind.

"Having a will is probably one of the most important legal documents that people will ever sign, yet most people do not have one, thinking they are too young and healthy to worry about their estates. They may also think it is a taboo topic or simply do not have the time to think about it," said OCBC's head of wealth management Tan Siew Lee.

An estate plan helps set out how you want your estate - or assets - to be managed and transferred smoothly to the people or entities you wish to receive them.

"You are planning not just for your eventual demise, but in case you lose mental capacity and can no longer take care of your own finances and welfare while alive," said Lorna Tan, DBS's head of financial planning li…