The concept of Estate Planning is well established worldwide, however, the understanding and awareness of this critically important matter is generally lacking and its need is grossly underserved, particularly in Singapore. The author Lim Jui Seck’s sharing in this book, from his experience of more than 15 years in Estate Planning services, is aimed at raising public awareness on topics related to Estate Planning.
Although tools and documents for Estate Planning are legalistic and law compliant in order to be valid and effective, the author has presented the topics in layman context, making this book readable, easy to understand and assimilate. Throughout the 10 Chapters, he peppers many actual examples that readers can easily relate to.
In the first 4 Chapters of this book, Jui Seck explains clearly what is Estate Planning, emphasizes the importance and urgency for every adult to do theirs while healthy with sound mental capacity. He highlights the problems for not doing Estate Planning and debunks the common myths and objections he came across from people for not doing.
In the next 4 Chapters, he extracted from the current laws and regulations to provide a comprehensive understanding of the six applicable Estate Planning tools under the Singapore jurisdiction. These tools are the Lasting Power of Attorney, Will, Trust, CPF Nomination, Insurance Nomination and Advance Medical Directive. He carefully explains the applications, advantages, limitations and considerations for each of these tools, when doing Estate Planning.
Finally, in Chapter 9, he illustrates the integrated Estate Plan structures suitable for people of different social situations, namely, Singles with and without Dependants, Couples with and without Dependants, Businessmen and Families with Special Needs Dependants. And in the last Chapter, he provides additional consideration and advice for Singapore citizens, PRs and foreigners doing Estate Planning in Singapore.
