Don’t be too safe with your estate plans

March 01, 2019

Like it or not, estate planning is an important part of our lives that we should be responsible for. A well-prepared plan can ensure that your wishes are carried out, your assets are properly distributed, and it will thus reduce the burden of your loved ones.

That is unless you forget to inform them.

Documents such as wills, trusts and life insurance policies often need to be produced at the time they are executed. Many choose not to inform families of their existence to avoid conflicts, or simply overlook informing them. However, if there is no clear path for the recipients to obtain these, then there is effectively no plan.

This is actually a common occurrence: many families do not know what their late loved ones left behind, and they are left to tackle matters after a time consuming and sometimes costly process. Some families find this information much later tucked away in an obscure location, while others simply never find out. Thousands of unclaimed policies and estates exist for this reason, which you can search online through sites such as www.lia.org.sg and www.unclaimedmonies.gov.sg

Thankfully, there are easy ways to manage this risk.

Storing your estate plans on your own can work, if you inform your family ahead of time. Other methods include offsite physical storage with firms and even online digital storage that can safekeep messages and wishes to be sent in the future. Whether you bequeath to loved ones or contribute to charities, take a moment to decide how you will share those plans. Some simple steps will go a long way to ensure that your wishes are carried out.  You can find more information on www.timeliss.com.