Estate Planning Essentials Checklist

7 Critical Steps Every Singapore Family Needs

Prepared by: Hiral Kakaiya (CEP, AWP)

Associate Wealth Advisory Director | Financial Alliance Private Limited

Introduction

Estate planning isn't just for the ultra-wealthy—it's essential for any family wanting to protect their assets and ensure their loved ones are taken care of. This checklist covers the 7 fundamental steps every Singapore family should complete to secure their financial legacy.

⏰ Best Practice: Start planning while you're healthy and financially stable—reactive planning often fails.

Complete Asset Inventory

Real Estate: HDB flats, private properties, overseas properties

Financial Assets: Bank accounts, investments, CPF balances, SRS funds

Business Interests: Company shares, partnership stakes, directorship positions

Insurance Policies: Life, health, disability coverage (policy numbers & values)

Personal Assets: Vehicles, jewelry, art, collectibles

Digital Assets: Cryptocurrency, online accounts, digital subscriptions

List All Liabilities

Outstanding Loans: Mortgages, business loans, personal loans

Credit Facilities: Credit cards, overdrafts, guarantees given

Tax Obligations: Current and potential future tax liabilities

Other Commitments: Maintenance obligations, legal settlements

Calculate Net Worth

Total Assets minus Total Liabilities = Net Estate Value

Annual Review Date scheduled in calendar

Beneficiary Update Checklist created for regular review

Last Will and Testament

Will Drafted by qualified Singapore lawyer

Executor Appointed (consider professional executor for complex estates)

Guardian Nominated for minor children

Specific Bequests detailed (jewelry, personal items, sentimental assets)

Residuary Clause included for remaining assets

Will Registry (optional)

Safe Storage arranged (lawyer's office - avoid bank safe deposit boxes as banks generally require grant of probate to provide access, but grant of probate requires the will from Family Court)

Lasting Power of Attorney (LPA)

LPA for Property & Affairs executed

LPA for Personal Welfare executed

Trusted Attorneys appointed (minimum 2 people)

LPA Registered with Office of Public Guardian

Advanced Medical Directive (AMD)

AMD Form completed and witnessed

Medical Preferences clearly stated

AMD Registered with Singapore Registry

Copies Provided to family doctor and family members

Life Insurance Adequacy

Coverage Amount: Minimum 8-10x annual income

Beneficiary Designations updated and specific

Policy Ownership structured for tax efficiency

Premium Payment Method secured (consider trust ownership)

Regular Review Schedule established (every 3-5 years)

Disability Protection

Income Replacement: Minimum 60-70% of current income

CareShield Life adequacy assessed

Supplement Plans considered for enhanced coverage

Occupational Coverage for specific professional risks

Health Insurance

Integrated Shield Plans for family members

International Coverage if family travels/lives abroad

Critical Illness Coverage adequate for family needs

Annual Policy Review scheduled

Family Trust Considerations

Trust Objectives clearly defined (wealth preservation, tax efficiency, asset protection)

Trust Type Selected: Discretionary, fixed, or hybrid structure

Professional Trustee appointed (licensed trust company)

Beneficiary Classes properly defined and documented

Trust Deed professionally drafted and executed

Funding Strategy planned and implemented

Regular Reviews scheduled with trustees

Special Purpose Trusts

Education Trust for children's future education costs

Charitable Trust for philanthropic objectives

Retirement Trust for enhanced retirement planning

Business Succession Trust for family business continuity

Business Continuity Planning

Succession Plan documented for key roles

Buy-Sell Agreements in place between partners/shareholders

Key Person Insurance covering critical employees

Management Transition timeline established

Next Generation Training program implemented

Exit Strategy options evaluated and documented

Business Asset Protection

Corporate Structure optimized for asset protection

Professional Liability insurance adequate

Business Valuations updated regularly

Shareholder Agreements current and comprehensive

International Assets & Tax Planning

Reporting Obligations (FATCA, CRS) compliance ensured

International Estate Planning coordinated across jurisdictions

Professional Advice obtained for complex cross-border issues

US Persons Special Considerations

US Estate Tax exposure assessed and managed

FBAR and Form 3520 filing requirements understood

US Trust Structures properly structured to avoid adverse tax

Professional US Tax Advice obtained from qualified professionals

Family Communication & Education

Family Meeting scheduled to discuss estate plans

Beneficiary Education about their roles and responsibilities

Document Locations communicated to key family members

Emergency Contact List prepared and distributed

Next Generation Preparation for wealth responsibility

Professional Disclaimer

This comprehensive checklist serves as an educational resource and general guide only. It does not constitute legal, tax, or financial advice. Every family's circumstances, financial situation, and estate planning needs are unique and complex.

I strongly recommend scheduling a personalized, one-on-one consultation with qualified estate planning professionals to develop a tailored strategy that addresses your specific situation, goals and preferences.

Your family's legacy deserves professional attention and customized planning.

Estate Planning Essentials Checklist

Introduction

Immediate (Within 30 Days)

Short-term (3-6 Months)

Ongoing (Annual Reviews)

Ready to secure your family's financial future?

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Step 1: Document Your Current Financial Position