Updated: Dec 1, 2021
You never know when you might fall ill or get into an accident. Many people are of the mindset that once it’s over, it’s over. However, that’s not the case for those we leave behind. Help your loved ones plan early in case of emergencies.
Taking the time to put things in place and sharing your wishes relieves stress on your family during a difficult time. It avoids squabbles and confusion, which can exacerbate the grieving process.
Here are some ways you can get started on planning:
Store and share vital documents
Write a will
Prepare an Advance Medical Directive (AMD)
Make a CPF nomination
Create a lasting power of attorney
Prepare personal care wishes
Decide on funeral instructions
Organise financial accounts
Plan for social media platforms
Importance of delegated access
It is important to have all information in a safe secure location that is accessible by your loved ones when needed. With vaultbox you may appoint your family members, friends or specialist advisors to act as your deputies. Alternatively, you can choose to appoint one of our professional services partners to act as your professional deputy. Your designated deputies are the people who can come together to unlock your vaultbox in the event of you losing your password, or being physically unable to do so yourself.
Writing a will
Will writing may seem like a daunting task; however, there are many online guides and templates available that could help you create a simple will. For Singaporeans, that can then be deposited in the Wills Registry, managed by the Singapore Academy of Law (SAL). Once you have created a will, please ensure to save a digital copy in your vault and specify the physical location where the original document is kept.
The requirements for a valid will in Singapore:
The will must be committed to writing.
The testator must be at least 21 years old.
The testator must sign the will at the foot of the will.
The testator’s signature must be witnessed by 2 or more witnesses, who must also sign the will in his presence.
The two main witnesses cannot be beneficiaries of the will, or spouses of beneficiaries.
(Information: Singapore Legal Advice)
How do you make an Advanced Medical Directive (AMD)?
An Advance Medical Directive (AMD) is a legal document that you sign in advance to tell the doctor treating you (in the event you become terminally sick and unconscious) that you do not want any life-prolonging therapy. Advance care directives differ between states and territories. Some state and territory governments have specific forms that you can use.
For Singapore, you may obtain the form from the Ministry of Health (MOH) and a detailed guide of the process would be found.
Making a CPF nomination
As part of your legacy management planning, you should make your CPF Nomination for your CPF monies as they do not comprise your estate when you pass on. If you fail to do this, CPF monies will be distributed according to the Interstate Succession Act of [Stanley – please check, I think this should be “or” instead of “of”] the Inheritance Certificate for Muslims, rather than instructions in your will.
The Lasting Power of Attorney (LPA)
The LPA is a legal document that permits a person over the age of 21 (the "donor") to appoint one or more people (the "donee(s)") to make decisions and act on his or her behalf if he or she loses mental capacity. A donee can be designated to act in the areas of personal welfare, as well as property and affairs.
By having a LPA in place, the person of your choosing can more easily act on your behalf. You may obtain the form from the Ministry of Social and Family Development.
Safeguarding your online accounts
It is a good practice to have a master password repository for your personal data and online data - such as your email accounts, social media accounts, online business accounts, devices (e.g. laptop, phone, tablets). With the built-in smart legacy management feature of vaultbox, you will be able to appoint your loved one to receive the master password to access and follow your instructions. Some of those passwords may be linked to an online subscription that will require renewals, upkeep, or termination.
What are you waiting for? Help your loved ones get organised with vaultbox today!
What is vaultbox?
Having a safe and easily accessible platform for all your important information has never been more important.
vaultbox provides a digital solution for financial and legacy planning. It helps you manage and protect everything that matters in one place. vaultbox also ensures that your data is secure and private, so private that even we do not have access to the data you have stored on your vaultbox. We recommend you choose your family members, friends or appoint selected professional deputies to have access to your vaultbox account under certain conditions that you decide.
Try vaultbox now for free with a 30-day trial.