Modern Estate Planning - Module 2 (MEP2)

Modern Estate Planning – Module 2 (MEP2)


This course provides financial planners with an intermediate understanding of the estate planning needs of the modern individual who today is wealthier and lives longer than ever before, well-travelled and likely to own his own business at some point in time.

We learn about selected inheritance systems (Malaysia, Thailand, Indonesia and China) and how they differ in terms of legal system, testamentary freedom v forced heirship, community property regime and estate duty. As 40% of Singapore consists of foreign-born persons, financial planners will find this knowledge important in dealing with their foreign clients.

The Lasting Power of Attorney Form 2 offers customisation (whereas Form 1 does not) of a person’s wishes in the event they lose mental capacity. Form 2 provides business owners a way to appoint different donees for their personal versus business assets. This is an area that is very much overlooked by business owners.

We look at how the Advanced Medical Directive is a humane instrument with which we can instruct doctors to “pull the plug” when terminal illness sets in. We look at Advanced Care Planning as the software to explain our values and the choices we have made in our lives.

Finally, we examine how the family of a deceased can experience a hassle-free probate and estate administration where assets can be accounted for and there is sufficient liquidity. With insurance, we can settle the estate and pay for long-term trust administration and permanent loss of income.

Attendees will gain practical knowledge from actual case studies to guide their clients in their estate planning as well as enhancing their core financial planning practice. The trainers are not only accomplished estate planning practitioners in the legal, financial and trust industries but are excellent at simplifying and communicating technical content.


Course Objectives and Outcomes

  1. To understand the different inheritance systems of selected countries in Asia and how financial planners can assist their foreign clients in their planning
  2. To learn how LPA Form 2 can be customised for both family and business situations
  3. To bring in later-life instruments to help complete the estate planning needs of clients
  4. To examine the process and steps we can take today to ensure a hassle-free estate administration where there is sufficient liquidity to meet short and longer-term needs

Contents Outline:

  1. Basics of Planning for Foreigners
    1. Wills for foreigners in Singapore
    2. Understanding inheritance systems
    3. Insurance Trust for a foreigner
  2. LPA Form 2
    1. Customising Donee instructions
    2. Appointing Trust company as Donee
    3. Testamentary freedom
    4. Dealing with various assets – insurance, bank accounts, properties, digital assets
  3. Other Later Life Documents
    1. Advance Medical Directive (AMD)
    2. Advance Care Plan
  4. Ensuring Smooth Estate Administration
    1. Causes of death
    2. Preparing for a hassle-free probate
    3. Estimating Estate Liquidity needs