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Five Common blind spots of a simple will
Many in Singapore believe a Last Will and Testament is a complete legacy plan. It isn't. In the modern era, a Will is often too blunt an instrument to deal with our complex CPF, insurance and housing rules.
If your plan stops at a Will, you have some dangerous blind spots that could cost your family time, harmony, and significant wealth.1. The "Living” Crisis
A Will only activates upon death. It is legally powerless while you are alive. With longer life expectancies, the risk of "mental incapacity" (stroke or dementia) is high. Without a Lasting Power of Attorney (LPA), your bank accounts are frozen while you are still in the hospital. Your family cannot access your assets without proper authorization in place.
A Will plans for your death; an LPA plans for your survival.2. The 12-Month Probate Freeze
A Will does not grant immediate cash. In Singapore, your family must wait for Probate, a court process that typically takes 6 to 12 months. During this time, your assets are frozen. Relying solely on a Will leaves your family "asset rich but cash poor" at the exact moment they need to pay for funeral costs and keep up ongoing payments such as mortgage, car and tax installments.3. The Unreachable Assets
Your Will does not control your two largest wealth buckets:
• CPF Savings: These bypass your Will entirely. Without a CPF Nomination, your funds are sent to the Public Trustee to be distributed by law, incurring administrative fees and long delays.
• Insurance: Without a Section 49L/49M Nomination, payouts get trapped in the 12-month Probate freeze. A proper nomination ensures your family receives "emergency cash" in weeks, not years.4. The "Lump Sum" Danger
A Will is a blunt instrument that dumps a lump sum onto your beneficiaries. This is a risk spendthrift heirs or vulnerable elderly beneficiaries who cannot manage wealth. A Trust acts as a "hand from the grave," allowing you to stagger payouts, protect assets from a beneficiary’s future divorce, or shield wealth from future creditors.5. The Property Deadlock
Property is the most complex asset for Singaporeans, and a Will can create more problems than it solves:
• Joint Tenancy: If your home is held in Joint Tenancy, your Will cannot touch it; it passes automatically to the surviving owner. This may or may not be what you want.
• The ABSD Burden: Inheriting a property can trigger Additional Buyer’s Stamp Duty (ABSD) for your children or ruin their future public housing eligibility.
• Family Conflict: Leaving one house to two or more children often leads to a "forced sale" and permanent family rifts. Planning for Strategic Equalization is required to keep the family harmony intact.Learn how we help individuals and families like you do their estate and legacy planning better.
Choose your path to a more secured legacy
We help individuals and families design their estate plans in complete packages to ensure the strongest peace of mind that their lifetime of wealth accumulation is and will be working exactly as they intended.Below are 3 ways we recommend you think about what you may need.
| 1. The Essential Safeguard | 2. The Family Shield | 3. The Ultimate Legacy Blueprint |
|---|---|---|
| For individuals or young families | For the Sandwich Generation | For business owners and complex families |
| From S$800* | From S$7000* | Bespoke pricing |
| Custom Will | Everything in [Essential] | Everything in [Shield] |
| + LPA | + Standby Trust Setup | + Asset Protection Audit |
| + CPF Nominations Audit | + Professional Executorship | + Charitable / Giving Strategy |
| + Digital assets & philanthropy instructions | + Immediate Family Liquidity | + Business continuity scenarios |
*Fees are estimates based on standard complexity. Exact quotes provided after your discovery call.
Visit our FAQ page to learn more! or make use of our Legacy Navigator tool to receive a FREE personalized analysis on your Estate Plan Readiness.
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Frequently asked questions
1. I’m not "rich"—why do I need a Standby Trust?
A Standby Trust isn't a luxury; it’s an efficiency tool. Think of it as a safety switch for your life. It is surprisingly affordable to set up and carries only a nominal annual fee while it remains inactive.The Benefit: It bridges the "Probate Gap." In Singapore, bank accounts are frozen instantly upon death, and even with a Will in place, your family can still wait 6–12 months for the court to grant access (Probate). A Standby Trust "wakes up" in days, providing your family with immediate cash for school fees, medical bills, and daily life. Beyond just speed, a Standby Trust acts as a protective shield for your wealth. Instead of a vulnerable lump-sum payout to beneficiaries who might be too young, financially inexperienced, or facing creditors, the Trust allows for controlled distribution.It also works seamlessly with your LPA, ensuring a professional manages your care funds if you ever lose mental capacity.2. Why should I pay for Professional Executorship and Custody?
Appointing a family member as an Executor is often an unintended burden. You are asking them to do "paperwork warfare" (taxes, legal filings, and debt clearing) during their deepest time of grief. Layman executors may not always be willing or able to fulfil this responsibility.The Benefit: By appointing a professional executor, you ensure your wishes are executed with neutral, third-party accuracy, preventing family friction and confusion. Furthermore, professional custody ensures your Will is kept in a fire-proof, secure vault, so it is never lost or contested. It’s the ultimate gift of peace to those you leave behind.3. Can I include "Giving Back" without taking away from my children?
Absolutely. Legacy giving is not "either-or"—it’s "and." We help you structure your plan so your family is the top priority, while the "surplus" or a percentage of your estate funds the causes you care about.The Benefit: We can facilitate a partnership with the Community Foundation of Singapore (CFS) to set up a Named Donor-Advised Fund (DAF). This effectively acts as your own "Private Foundation" without the massive legal costs. You can name it (e.g., The [Your Name] Family Foundation), receive up to a 250% tax deduction on eligible donations, and even involve your children in recommending which charities to support—teaching them the value of stewardship.4. How does legacy planning help me break the "Sandwich Generation" cycle?
Many of us feel squeezed between caring for parents and kids. Proper planning ensures you are the last generation to feel this strain.
By setting up a "Family Shield" today, you ensure your parents' and your own medical costs are protected and your children’s inheritance is ring-fenced. You are effectively architecting a future where your children never have to choose between their own dreams and your care.5. I’m healthy and in my 40s/50s. What if my life circumstances change? Am I 'locked in' to this plan forever?
Not at all. Your legacy plan is a living document designed to grow with you. We recommend a "Legacy Review" every 3 to 5 years, or whenever a major life milestone occurs - such as marriage, the birth of a grandchild, or a significant change in your asset portfolio.The Standby Trust: Because it is "dormant," it is incredibly flexible. You can update your Letter of Wishes at any time to change how your assets are distributed or who your beneficiaries are, without the need for complex legal overhauls.The Will & LPA: These can be easily revised through a "Codicil" or by drafting a fresh version that supersedes the old one. You always retain the power to change your Executor, Guardians, or Beneficiaries.6. Is SG Legacy Advisory a law firm or an insurance agency?
No. SG Legacy Advisory is a legacy planning consultancy.
Our advisors are certified Estate & Succession Practitioners (ESPs) and an authorized Trust Introducer for Precepts Group. Please note that we are not a law firm and do not provide legal advice or legal drafting services. All Wills, Trusts, and legal documents are drafted and executed by the legal and fiduciary professionals at Precepts Group. We do not sell insurance products; for financial funding of estates, we recommend consulting with your preferred licensed financial advisor.
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