Making do with end-of-life decisions and trying to preserve your family’s wealth is never an easy undertaking. As morose as it may be to face one’s own mortality, estate planning ensures your family members can maintain their lifestyle when you’re no longer around.
Actually, this is among the key reasons why estate planning remains to be very important in this modern day and age. If someone passes on without a valid will, their estate must be managed under letters of administration, which appoints a legal rep to handle asset distribution according to the Interstate Succession Act.
But is taking up a career as a estate planner really worth everything? Before answering this, it always pays off to clearly understand what this career path entails. Well, an estate planner works with clients, offering accounting, financial, and legal advice to help them prepare for end-of-life succession issues. The essence of estate planning is to safeguard clients’ assets as they pass their ownership to their desired inheritors.
If the said client dies, an estate plan dictates the dispersal of assets per the deceased’s instructions. Without an estate plan, these decisions may be left to the next of kin or the state through Letters of Administration.
Most estate planners are professionals at creating a last will and testament, setting up a trust in Singapore, naming an executor and power of attorneys, and identifying all beneficiaries. A good estate plan must be regularly updated considering clients’ financial situations, personal motivation, and federal and state laws tend to change.
You can choose to become an estate planner if you enjoy helping people. Keep in mind you must help your client anticipate his or her end of life and what will happen postmortem, while at the same time not dwelling on morbid thoughts or emotions. In essence, you’ll be at the service of your client and his or her family.
So, how do you become an estate planner in Singapore? Fret not since specializing in finance or a related major for a bachelor’s degree can serves as a good starting point while following this career path. There is nothing wrong with settling for advanced degrees and designations when you want to stand out from the crowd.
Being an estate planner often entails understanding the tax code and all aspects of its legal implementation. Gaining this certification can be a strong differentiator when looking forward to creating a name for yourself in the industry.
