While estate planning laws are very different from one country to the next, many people try to plan their estate to avoid the probate process. However, when consulting with estate planning lawyers in Singapore, avoiding the probate process is impossible. Because of the nature of probate in Singapore, and the importance of properly planning a person’s estate, the probate process doesn’t have to be too long and expensive.
One of the most important factors of planning a person’s estate is to ensure that the individual works with an estate or probate attorney in drawing up a proper last will and testament. This particular document needs to be drawn up in conjuncture with an attorney and it needs to be stored away properly in order for it to be legally enforced after a person has passed away. In addition, if the will needs to be updated, it is also recommended to do this with the help of an estate planning lawyer.
One of the reasons why probate in Singapore is not as arduous as it might be in the United Kingdom or in America is because taxes levied on an estate were eliminated almost 9 years ago. Commonly referred to as the Estate Duty, this tax was levied against a person’s estate for the entire value of the estate. With that tax being removed, the probate process is simply paying off any existing debts that a particular estate has and disseminating assets according to a person’s last will and testament.
Another important factor that needs to be discussed with estate planning lawyers in Singapore is the designation of an executor of a person’s estate. Whether it’s a spouse, a sibling or an adult son or daughter, an executor must be named in order for the last will and testament to be properly executed.
There may be other questions concerning different assets and the reduction of tax burdens that could be easily answered by an estate planning lawyer. That’s why if you are putting together a will and planning your estate, speaking with an attorney to make all the right arrangements and to make sure they’re done in the legal fashion is essential.