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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Founder @ The New Savvy
Anna Haotanto is the Advisor (former CEO) of The New Savvy. She is currently the COO of ABZD Capital and the CMO of Gourmet Food Holdings, an investment firm focusing on opportunities in the global F&B industry. She is part of the founding committee of the Singapore FinTech Association and heads the Women In FinTech and Partnership Committee. Anna is the President of the Singapore Management University Women Alumni. Anna invests and sits on the board of a few startups. Anna is also part of the Singapore Chinese Chamber of Commerce & Industry Career Women’s Group executive committee. Anna’s story is featured on Millionaire Minds on Channel NewsAsia. She hosts TV shows and events, namely for Channel NewsAsia’s “The Millennial Investor” and “Challenge Tomorrow”, a FinTech documentary. Anna was awarded “Her Times Youth Award” at the Rising50 Women Empowerment Gala, organised by the Indonesian Embassy of Singapore. The award was presented by His Excellency Ngurah Swajaya. She was also awarded Founder of the Year for ASEAN Rice Bowl Startup Awards. She was also awarded the Women Empowerment Award by the Asian Business & Social Forum. Anna has been awarded LinkedIn Power Profiles for founders (2018, 2017), Tatler Gen T, The Peak’s Trailblazers under 40 and a nominee for the Women of The Future award by Aviva

2 COMMENTS

  1. […] would I need to go through estate planning when I am broke? Isn’t that for wealthy people […]

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