Steps In Estate Planning
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Estate planning is about how you distribute your estate - the assets and savings that you owned - according to your wishes after your death. It is about making sure that the people and causes you care about, receive some of your estate in the amount and manner you want them to.
In this course, we will cover the following steps of the Estate Planning Process:
Under the Means of Estate Transfer, we will discuss:
We will also discuss concepts such as:
There are also Case Studies to help you understanding the concepts of:
This course is suitable for anyone who has substantial financial assets and wishes to do Estate Planning. Please note, however, that some of the concepts in this course are only applicable in Singapore.
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|Section 1: Introduction|
This steps in Estate Planning are:
In this module, we will be covering Steps 3 to 5 of the Estate Planning Process. The previous two steps were discussed in a previous module entitled The Importance Of Estate Planning.
In this Lecture, find out more about MoneySENSE's core financial capabilities:
|Section 2: Steps In Estate Planning|
In this lecture, we look at the means of transferring your assets.
Basically, your assets can be transferred:
|Lecture 4||3 pages|
In this lecture, we provide slides on how to decide on the means of transferring your assets.
In this lecture, we explain the following concepts:
|Lecture 6||3 pages|
In this lecture, we provide slides on the concepts of Testamentary Trust, Transfers Using Will Substitutes and Rules Of Survivorship.
In this lecture, we explain about CPF Nominations, Nomination Of Insurance Nominees and also the Differences between Trust Nominations and Revocable Nominations.
|Lecture 8||3 pages|
In this lecture, we provide slides on CPF Nominations, Nomination Of Insurance Nominees and the Differences between Trust Nominations and Revocable Nominations.
In this lecture, we discuss about the ways of Executing your Estate Plan and also the various Expenses Incurred in an Estate Transfer.
|Lecture 10||2 pages|
In this lecture, we provide slides on Executing your Estate Plan and also Expenses Incurred in an Estate Transfer.
In this lecture, we provide details about the Lasting Power Of Attorney (LPA). The consequences of having or not having an LPA are explained, and the LPA Process as well.
To apply for an LPA, visit http://www.publicguardian.gov.sg/
|Lecture 12||3 pages|
In this lecture, we provide slides on the Lasting Power Of Attorney (LPA), including the consequences or having or not having an LPA and the LPA Process.
When You Should Review Your Estate Plan
Life stages and circumstances change.
New members in the family who are not included in the estate plan.
Your assets may have increased or decreased significantly.
If you change your name or anyone mentioned in the Will changes his name.
If an executor or trustee dies or becomes incapable of carrying out his duties owing to ill-health.
If a beneficiary dies.
Protecting your mortgage
If you want to ensure that your home loan is paid off in the event of your death, you could consider a mortgage reducing term insurance
|Section 3: Conclusion|
In this lecture, we consider 3 scenarios for a family. Considered here are:
|Lecture 15||7 pages|
In this lecture, we provide slides related to the Case Studies in the previous lecture.
In this lecture, we summarise and conclude this e-learning module.
This lecture contains links to additional resources where you can learn more about money matters pertaining specially to Singaporeans.
The MoneySENSE-Singapore Polytechnic Institute for Financial Literacy is a collaboration between MoneySENSE, the national financial education programme in Singapore and Singapore Polytechnic.
MoneySENSE is spearheaded by the public-sector Financial Education Steering Committee which comprises representatives from the Ministry of Health, Ministry of Social and Family Development, Ministry of Education, Ministry of Manpower, Central Provident Fund Board, Monetary Authority of Singapore, National Library Board and People’s Association.
Our financial education courses cover basic money management, financial planning and investment know-how.
BA (Hons) Business and Finance
Ferris Wee is a qualified Financial Planner, and through his previous workplace, a global financial services company, he has helped more than one hundred clients with his clear process in reviewing their financial needs. Specifically, he has helped clients to identify their goals and ensure that they make the right choices to meet those goals today, tomorrow and in the years to come.
Ferris is passionate about leading people beyond financial breakthroughs, and has conducted financial literacy training in Singapore and Indonesia, as well as sports camp training for youths in India. Ferris is also an experienced financial counselor, helping many people manage their budget to meet their financial responsibilities.
Ferris is a Certified Will Writer, and has provided Professional Will writing, estate planning and custody services. He is also an Associate Estate Planning Practitioner.
Prior to his career in financial planning, Ferris was with the Republic of Singapore Air Force working on budgeting, logistics, maintenance and overseeing safety issues. For his strong leadership qualities, Ferris received the Outstanding Safety Warrior Award.
Ferris has a BA (2nd Class Upper Honours) specializing in Business and Finance. He also holds industry certifications in M5, M8, M8A, M9, M9A, HI, BCP and PGI.