Dealing with Digital Legacies When You Are Alive
Digital assets can be difficult to track by those entrusted with the responsibility of having to deal with them in the event of death. If a person’s will does not address the treatment of digital assets, the default position is that they form the intangible property of the estate that is also to be administered.
How can SME Business Owners Benefit from Trust and Estate Planning
John is the founder of a successful start-up, which he spent his entire life developing. His business drew the support of a number of investors, who became minority shareholders in his private limited company. Unfortunately, John fell ill and passed on, leaving his widow Jane as the administrator of his estate and assets.
ProviTrust- The Holistic Approach in Estate Planning
For many Estate and Succession Practitioners (ESPs), the holistic approach in estate planning involves them identifying suitable estate distribution objectives for clients. This includes the proper understanding of each client’s unique family circumstances. A properly drafted Will and Testamentary Trust ensures the estate of the deceased will be distributed according to his/ her wishes. This helps to achieve desired objectives for their beneficiaries, through staggered distributions or a later vesting age. It potentially mitigates issues that may arise; such as where the beneficiary is an aged spouse, a minor child, a spendthrift individual, a mentally incapacitated parent, or one facing creditors’ claims.
Handling Digital Assets In Estate Planning – An Introduction
People generally do not plan how they want to distribute their digital assets to their loved ones after they die. Such considerations are a sign of the times, having only emerged in the last two decades. They have accelerated in recent years with the exponential growth of social media, online shopping and online banking, and all their associated apps. By the same token, administering digital assets is also a relatively new area for estate planners.
Addressing Ultra High Net-Worth Wealth Planning Needs
Kimmis Pun is the Managing Director, Family Office, Shenning Investments Pte Ltd. Prior to this appointment, she had been in senior management positions at UBS, HSBC, Bank of America, BNP Paribas, Standard Chartered Bank, VP Bank and EFG Bank.
6 Common Mistakes when Writing Wills, Plus One Big One
Writing a will is not rocket science, but many people argue that a will is the most important document in your life. However, even if you have written a will, your loved ones might be in for a shock if you have inadvertently made a mistake in your will.
Estate Administration for Insolvent Estates
A person’s debts do not cease to exist with death. Although family members are generally not personally responsible for the debts, the rules of bankruptcy apply to insolvent estates and creditors must be paid through the funds in the estate. An insolvent estate happens when the debts of the deceased are greater than the total value of assets.
Impact of ABSD on Property Succession Planning
ABSD is Additional Buyer’s Stamp Duty. This is introduced as part of property cooling measures to cool the hot property market since 2011. This only apply to residential property.
There are other measures such as Seller’s Stamp Duty (SSD), changes to Loan to Value, etc. In order to promote prudent lending and borrowing, there is the TDSR (Total Debt Servicing Ratio) Framework introduced in 2013.
Estate Planning and Wealth Succession Asia Forum 2020
Against the backdrop of Singapore under Phase 2 of Covid-19, PreceptsGroup International hosted guests and speakers at Sofitel Singapore City Centre for our Inaugural Estate Planning and Wealth Succession Forum on 26 and 27 October 2020. During the 2-day conference, 17 topics specializing on issues surrounding estate planning and wealth succession were shared by 41 speakers from a regional and global perspectives.
