Beyond the Will: Avoiding Common Pitfalls in Succession Planning
Tiffany Toh
By Daniel Dal Molin
For expats living in Singapore, succession planning is an essential part of securing your future and protecting your loved ones. While many focus on drafting a will, relying on it alone can lead to complications especially when your assets and legal ties span multiple countries. Succession planning goes beyond just having a will. It requires careful coordination of various legal instruments to avoid common pitfalls.
More than just a will
A will is a foundational document, but it only takes effect upon death and may not fully account for international complexities that come with being an expat.
Many overlook other important components of a comprehensive succession plan, such as trusts, business transition strategies, and local legal requirements in Singapore and abroad.
The goal of effective succession planning is not just to distribute assets, but to protect them. For example, structured planning can shield your estate from potential claims due to divorce, bankruptcy, or family disputes.
Additionally, if you own a business, a succession strategy ensures continuity and provides a clear plan for leadership and ownership transition.
Power of attorney: A lifeline for expats
One vital tool every expat should consider is a power of attorney. This legal document allows you to appoint someone you trust, whether in Singapore or in your home country, to manage your financial and legal affairs if you are temporarily unavailable or incapacitated.
Without a power of attorney, your family could face delays and legal hurdles in accessing your accounts, managing properties, or making important financial decisions in your absence. This becomes even more crucial when managing assets across different jurisdictions for expats.
Having a power of attorney in place ensures that your affairs can be handled efficiently even across borders in some circumstances. It’s important, though, to review whether you require a Power of Attorney in multiple jurisdictions. It acts as a safeguard and provides peace of mind that your finances will be properly managed if the unexpected happens.
For example, a Power of Attorney in Australia doesn’t grant the same rights in Singapore.
Start the conversation that secures your legacy
When life takes an unexpected turn, the last thing you want your family to face is uncertainty about what to do next or how to access what you’ve built for them.
If you’re ready to explore how a thoughtful, tailored succession plan can protect what matters most, I’m here to help guide the way.
There’s no pressure, just a conversation. You’re welcome to book an obligation-free consultation to start planning with clarity and confidence.
Daniel Dal Molin is an experienced financial adviser specialising in retirement planning for expatriates. He helps expats plan for the medium and long-term, advising them on the best investment strategies to build and preserve wealth while navigating the complexities of international tax laws and market conditions.
Daniel is an Authorised Representative of Global Financial Consultants Pte Ltd – No: 200305462G | MAS License No: FA100035-3)
To learn more about how we may be able to help you, please contact us:
✆ Phone number: +65 9058 9568
✉ Email address: daniel.dalmolin@admin.gfcadvice.com
☜ LinkedIn page: https://www.linkedin.com/in/daniel-dal-molin-mfinplan-mba-crpc-36322314/
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General Information Only: The information on this site is of a general nature only. It does not take into account your individual financial situation, objectives or needs. You should consider your own financial position and requirements before making a decision.
*Please note that Daniel Dal Molin is not a tax agent or accountant and none of the content outlined here should be taken as personal advice. You should consult your tax agent and financial adviser to review your current personal finances and financial goals to consider whether this strategy is appropriate for you.