Modern Estate Planning (MEP)
Estate Planning for Today’s Singaporean
Estate planning has taken on a modern twist in recent years. Chances are that some of these qualities and situations apply to you:
- You have long life – you may run out of retirement funds and could lose mental capacity one day due to old age.
- You are wealthy – or if you aren’t, you have the ability to create wealth with insurance and investments
- You love to travel and you may not be born in Singapore – you own foreign properties and bank accounts. Or your spouse could be foreign; one in every three marriages in Singapore is between a Singapore citizen and a foreigner.
- You may be divorced – you are also concerned about the possible divorce of your children
- You may marry into a blended family where there are children from other marriages and relationships
- You are likely to start or own a business, or be self-employed
- You want to leave something to charity
It used to be that a Will was an estate plan for many families – list your assets, name the beneficiaries who would receive your assets, and that’s about it. Then due to our longevity and wealth, the LPA and the Trust have become more common. But these are merely the instruments in an estate plan. They are the bones in the skeleton, without flesh and software. Legasy Planners embarked on a project starting in 2015 to understand and document what we simply now call Modern Estate Planning. We wanted to find a systematic way to plan for families that incorporates modern elements, one that is authoritative, accessible to everyone in every wealth group and in simple English without too many technical terms. The diagram below is a summary of our approach to Modern Estate Planning:
Starting in July 2020, Legasy Planners launched a series of training programmes in Modern Estate Planning:
|MEP Module 1 (MEP-1)||Foundation||At least 1 year in the financial planning industry||1 day||Wills, Will Trusts, Insurance Trusts, Standby Living Trusts (basic), LPA Form 1|
|MEP Module 2 (MEP-2)||Intermediate I||Attended MEP1 and fulfilled requirements||1 day||Introduction to the inheritance systems of a few Asian countries, the customizable LPA Form 2 (family situation), Preparing for Estate Administration, other Later-Life documents – AMD, ACP.|
|MEP Module 3 (MEP-3)||Intermediate II||Attended MEP2 and fulfilled requirements||1 day||Planning for persons with special needs, Marriage, divorce & asset protection, Planning for Muslims|
As of today, MEP1 & MEP2 have been approved for IBF-FTS funding.
We are applying for approval for MEP3.