Having an end-of-life plan ready proves invaluable as the inevitable approaches. The preparations you make for your estate bring peace of mind, ensuring your wishes are honored even if you’re unable to carry them out yourself. Simultaneously, it safeguards the well-being of those who matter most to you.
Regardless of your age, establishing and periodically updating your end-of-life plan is a prudent step. For Singapore citizens and residents, helpful guides are available to assist in crafting a comprehensive plan easily understood by those entrusted to execute it. Government resources offer a starting point for your estate planning project and serve as a valuable reference for future updates. Here’s a guide on how to begin:
Understand Your Motivation
Clarify why you’re planning in the first place to align your future plans with your objectives. Whether you aim to dictate your care in case of injury or illness, address specific care needs for a family member, ensure the well-being of dependents, or plan your funeral details in advance, having a clear purpose helps guide your actions to achieve your goals.
Organize Your Important Documents and Create Virtual Copies
The initial step in readying for end-of-life decisions involves obtaining copies of crucial documents. Ensure these documents are well-organized, facilitating a smoother process for those tasked with executing your wishes. Essential documents include your will, identification papers, birth certificate, and marriage or divorce certificates if applicable. Additionally, secure copies of documents related to your assets, debts, directives for managing your estate tax obligations in Singapore, and other financial responsibilities. Maintain both physical and virtual copies by uploading them to the secure My Legacy vault.
Communicate Your Funeral Preferences and Make Necessary Arrangements
Planning your funeral in advance ensures that your wishes are known and alleviates the burden on loved ones during an emotionally challenging period. Choose a reputable funeral services provider, purchase a plan or package to ease financial stress on your loved ones, and provide the contact details of the person responsible for handling your funeral affairs. Clearly communicate your arrangements to your loved ones, designating someone to oversee your final affairs. Specify your funeral preferences, including how you want your remains handled, the location of the funeral, and the type of ceremony you desire.
Prepare Legal Documents for Future Needs
Certain critical documents for your end-of-life plan originate from you. Prepare documents such as your advance care plan (ACP), lasting power of attorney (LPA), and advance medical directive (AMD). Your ACP and AMD should reflect your values and considerations for medical treatment when you are unable to decide for yourself. An LPA empowers you to designate someone of age to manage your affairs if you become incapable. Life’s unpredictability underscores the importance of preparing for unforeseen circumstances. By having an end-of-life plan, you can navigate unexpected challenges with greater ease. This preparation allows you to focus on setting personal goals, pursuing dreams, and nurturing meaningful relationships, providing a sense of control over your destiny.
Talk to Team Zuver should you need an experienced consultant to hold your hand in any planning.
