home loan finance blog
I was invited by my good friend and wealth planner, Alice Phua, to a talk today about how to avoid the pitfalls on estate planning. I did not know what to expect when I was going for the talk and thought that it should not be anything relevant to me since I have my finances in place and my will drafted out since last year.
However, I was surprised that there are so much more information about estate planning in Singapore on the financial, legal and tax aspects of it. It is of no wonder people says that there are so much more things which you dont know that you dont know and it is really a humbling experience.
Even with the fact of a humbling experience about estate planning, I am glad to say that I have made a conscious decision to set my finances in place by what I believe to have enough insurance coverage and drafted a will to ease the distribution of the estate by my loved ones should I pass on but this was not the case just a couple of years ago.
Back then, Alice has been advising me to review my planning in order to have sufficient coverage for my loved ones should I pass on but I chose to ignore it. It was not until I read a book titled All You Can Do Is All You Can Do But All You Can Do Is Enough by A.L. Williams that I discover the importance of having enough coverage for my loved ones. We all have loved ones and are doing every bit we can to plan for them while we are alive but most of us choose to ignore or do not even realise the importance of planning for them too should we pass on.
Alice and I have also decided to set up a website on wealth planning to provide potential clients in the South East Asia region with knowledge based information so that the potential clients are able to make an informed decision based on the provided information and knowledge.
All of us would like to have our finances set in place but most of us have not made the necessary effort to do it. It is of utmost importance to start planning and if you have not done it, Do It Now.
I Believe In You! I Know You Can Do It Too!
Yours Believingly