Sometimes, death doesn’t come as a surprise but an eventual process as a result of a known sickness or old age. In those cases, while your family members are alive and able to think for themselves, it is necessary to put certain things into place to relieve the stress that will arise once they have passed away.

Talking about death is never easy; however, it is essential to determine the wants and wishes of your loved one and to settle legal matters concerning inheritance and assets while they are still able to contribute to the conversation.

The fate of the remaining assets can be determined by current laws or by the will of the deceased. Relying on family members and friends to determine asset division after death often causes conflict among the family of the asset holder. To begin drafting a will, contact lawyers and financial advisors aid you in making the best possible decisions.

These professionals will sit with you and your loved one and go through each inheritable asset to determine who should receive it upon eventual death. This time can also be used to determine what will be done with the inheritance received, such as investing, buying a home, or starting a business. In the absence of a will, Section 7 of the Intestate Succession Act outlines estate division in each circumstance and provides a breakdown of who receives what. A table of this information can be found here.

When the affairs of your loved one have been properly handled, the last step should involve only the grieving of your loss. Proper planning will prevent you from having to juggle the absence of someone dear to you and the mentally demanding task of arranging details after they have gone. Death is always difficult to deal with; however, once all the particulars are ironed out beforehand the process can become much easier.

Still want to know more? Here’s Everything You Need to Know about Inheritance

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C.E.O @ The New Savvy
Anna Haotanto is passionate about finance, education, women empowerment and children’s issues. Anna has been featured in CNBC, Forbes, The Straits Times, Business Insider, INC and The Peak Singapore. She was nominated and selected for FORTUNE Most Powerful Women conference in 2016 (Asia) and 2015 (San Francisco, Next Gen). Anna has 10 years of experience in the financial sector and is currently a Director in Tera Capital. Her previous work experience includes positions at Citigroup, United Overseas Bank, a regional role in Business Monitor and a boutique private equity firm based in Shanghai. She graduated from Singapore Management University (Finance and Quantitative Finance).



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