Importance Of Estate Planning

Learn about why people avoid estate planning and what happens when we do so. Find out about the Estate Planning Process.
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  • Lectures 17
  • Contents Video: 19 mins
    Other: 23 mins
  • Skill Level All Levels
  • Languages English
  • Includes Lifetime access
    30 day money back guarantee!
    Available on iOS and Android
    Certificate of Completion
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About This Course

Published 4/2014 English

Course Description

Find out about the importance of Estate Planning and the reasons why people avoid it. The consequences of avoiding Estate Planning are:

  • Delay
  • Disputes
  • Intestacy

Learn about the Intestate Succession Act (Non-Muslim Estate) and the unintended consequences of Intestacy.

Also learn about the objectives of Estate Planning and the Overview of the Estate Planning Process:

  • Ascertain the assets you own
  • Determine how you want your estate distributed
  • Decide on the means of transferring your assets
  • Execute your estate plan
  • Review your estate plan annually

In this module we will cover the first two steps of the Estate Planning Process.

What are the requirements?

  • List of Liquid Assets
  • List of Investment Assets
  • List of Insurance Policies
  • List of Liabilities

What am I going to get from this course?

  • to learn about why Estate Planning is so important
  • to learn about why people avoid it
  • to learn about the Intestate Succession Act
  • to learn about the Estate Planning Process
  • to ascertain the assets that you own
  • to determine how you want your estate distributed

What is the target audience?

  • working adults
  • those approaching retirement
  • those who wish to do estate planning

What you get with this course?

Not for you? No problem.
30 day money back guarantee.

Forever yours.
Lifetime access.

Learn on the go.
Desktop, iOS and Android.

Get rewarded.
Certificate of completion.

Curriculum

Section 1: Introduction
01:50

This lecture introduces the module. The Personal Financial Management Quadrant is shown:

  • Creation
  • Accumulation
  • Protection
  • Distribution

We look at what Estate Planning is all about.

2 pages

In this lecture, we provide slides on the Introduction to Estate Planning.

Article

In this Lecture, find out more about MoneySENSE's core financial capabilities:

  • Understanding Money
  • Understanding yourself, your rights and responsibilities
  • Managing everyday money
  • Planning ahead
  • Selecting financial products
02:00

In this lecture, we look at why people avoid Estate Planning:

  • Death - an unpleasant and morbid event that many try not to think about
  • Expectations - most people think they still have time to give their final instructions
  • Acting - People hesitate to act as it involves too much of their work and time
  • Totally - Totally uninterested in Estate Planning
  • Have - Having nothing much to plan or distribute.

We also look at the consequences of avoiding Estate Planning and the definition of Intestacy.

3 pages

In this lecture, we provide Slides on the topic of why people Avoid Estate Planning.

03:01

This short movie highlights the reality of death. Have you thought of your loved ones and made plans for them should you pass on? What will be shared at your funeral?

This video can also be viewed at http://www.youtube.com/watch?v=ljjSBMmCAQA

Section 2: The Importance Of Estate Planning
05:03

In this lecture, we shall consider the Intestate Succession Act (Non-Muslim Estate) for those in Singapore. We will also look at the Unintended Consequences Of Intestacy which are namely:

  • Beneficiary Issues
  • Guardianship Issues
  • Administrator Issues
  • Settlement Issues
5 pages

In this lecture, we provide slides on the Unintended Consequences Of Intestacy.

01:36

In this lecture we look at the Objectives Of Estate Planning which are namely:

  • to maximise your Estate Value
  • to distribute according to your wishes
  • to identify key persons
  • to implement the most effective estate transfer tools

We will also look at the Overview Of Estate Planning Process:

  1. Ascertain the assets you own
  2. Determine how you want your estate distributed
  3. Decide on the means of transferring your assets
  4. Execute your estate plan
  5. Review your estate plan
2 pages

In this lecture, we provide slides on the Objectives Of Estate Planning and the Overview Of Estate Planning Process.

02:56

In this lecture, we look at how to ascertain the assets you own. This includes:

  • Liquid Assets
  • Investment Assets
  • Insurance Payouts
  • Personal Assets

The nature of ownership is considered and also the Estate Planning Funnel.

3 pages

In this lecture, we provide slides on Ascertaining The Assets You Own.

02:36

In this lecture, we look at how to determine the people that we want our estate to be distributed to. We also look at some key points:

  • Who or what matters to you?
  • How long will your funds be needed to sustain them?
  • Do you have any liabilities?
  • Do you have an overseas portfolio?
  • How do you ensure that your funds go to your desired beneficiaries?
3 pages

In this lecture, we provide slides on Determine How You Want Your Estate To Be Distributed.

Section 3: Conclusion
1 page

This article from MoneySENSE provides a good overview of the Estate Planning Process. It can also be downloaded from: http://mycpf.cpf.gov.sg/NR/rdonlyres/9DD9A20F-7DD2-4446-B02F-CBF6F5B01ED6/0/EstateplanningnotjustforrichbyMoneySense.pdf

Article

In this lecture, we summarise and conclude this E-learning module on The Importance Of Estate Planning.

Article

This lecture contains links to additional resources where you can learn more about money matters pertaining specially to Singaporeans.

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Instructor Biography

Ferris Wee, Financial Literacy Trainer

Ferris Wee

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.

Instructor Biography

Institute for Financial Literacy, Unbiased Financial Education Courses

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.

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