faq

FAQ

EPS (Estate Planning Services)

Have You Ever Asked Yourself these Questions?

• How would my family survive if I were not there for them?

• What would happen to the plans I've made?

• What if my spouse were to die?

• Who would preserve my assets and investments?

• Who would I want to receive my assets?

• What impact will taxation have on my estate?

These are not pleasant things to think about, but you work hard to establish financial security for yourself and your family, and you certainly don't want it all to vanish if something were to happen to you or your spouse. That's why you need an estate plan.

 

What is Estate Planning?

Most people spend more time planning a two-week holiday than the rest of their financial lives.

A lack of proper financial planning could result in your paying more estate tax and other related expenses,

and passing on less to your family. It doesn't have to be this way.

At Highlife Branch, we have a proprietary Process and it is designed to simplify and personalise your estate planning goals. We understand the importance of planning, so with this innovative process, you can develop an estate plan that will secure the greatest financial wealth for your family by using tax-minimising techniques. It could not be easier.

 

The Estate Planning Process

There are six vital steps in the estate planning process as outlined below:

 

Step 1: Evaluate Your Current Financial Situation

What sources of cash and income will your family have when you pass on?

Does your family depend upon your income?

What assets and investments do you own?

 

Step 2: Determine Your Estate Goals

Who do you want the beneficiaries of your estate to be?

Who do you want as an executor?

What assets do you want to pass on to your beneficiaries?

What expenses, debts or taxes will your estate have to pay?

What income do you want to leave for your family?

 

Step 3: Identify any Financial Barriers to Your Estate Goals

You know what your goals are. Do your assets and investments provide enough money to accomplish those goals? Do you have a will in place to ensure the smooth distribution of your estate?

 

Step 4: Develop a Plan

Your advisor will provide you with a written recommendation that will help you align your estate funding with your estate needs. This will include specific recommendations focusing on will planning, investment planning, retirement planning, and life insurance needs.

 

Step 5: Implement the Plan

The best time to set your plan into action is right now. It's never too early, and certainly never too late to begin. A plan that sits on the shelf won't accomplish anything.

 

Step 6: Review Regularly

It's vital that you and your advisor regularly review your estate plans to ensure that your goals align with your funding. As things change, you can work together to make the necessary adjustments.

 

Developing a concrete estate plan may appear to be a bit daunting. It does not have to be.

All you need is to spend 45 minutes to 1 hour with your spouse to go through the initial fact find with our Estate Planner, and you will be able to start maximising the assets your family will receive.

 

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Frequently Asked Questions (FAQ)

 

1.                   Why must I go through the Estate Planning Service (EPS) first? Can I go straight to the lawyer to do up my Will?

Ans:       Drawing up a Will requires some serious thoughts process and much legality.  The lawyer will have to charge professionally by the hour to help you go through such details.  If you go through the EPS with us, we will help you through the thoughts process and fill up the “Will Questionnaire” before you see the lawyer.  In that case, the lawyer saves time and you save money!

2.                   How much do you charge for your Estate Planning Services (EPS)?

Ans:       The first session of our Estate Planning is FREE.  The normal cost ranges from $300 to $1000 depending on the complexity of the estate.  Because you have attended our seminar, you are entitled to this promotional tie up with the lawyer. 

3.               If EPS is Free, then what do you get out from it?

Ans:       After the 1st session, you may or may not discover some discrepancies in your estate plan.  If there are discrepancies, we will then offer you some solutions where you are under no obligations to pick them up.  If on the other hand, your estate plan is in perfect shape, we will then ask you to refer us to someone else whom you think may benefit from our services.  This way, you won’t have to feel “bad” about having taken up our time (see question 5 for more).

4.               Must I use your Lawyer? Can I go to my own Lawyer?

Ans:       You are free to use your own lawyer.  However, we believe that our lawyers’ rates are already very competitive, plus you get to enjoy our Free EPS.

5.                   I have a trusted insurance adviser/financial planner who talked about doing Estate Planning as well, how different is your Estate Planning Services?

Ans:       We pride ourselves as professionals in Estate Planning as we follow a system, from our own in-house analysis worksheet to helping you complete writing your Will with our lawyer.  Furthermore, we never oblige our clients to take up the proposed solutions (if any) from us (see question 3). Our business model thrives on our reputation to provide professional services and we strongly believe that if we abide by our beliefs, we will be eventually rewarded.

6.                   I don’t have many assets, do I need to do Estate Planning?

Ans:       Estate Planning is for anyone who has bank accounts, CPF monies and/or a property; i.e. as long as you have some assets, you want to ensure proper wealth distribution to the next generation.  The purposes of Estate Planning are to ensure that your estate is

-          In Surplus (making sure you are not leaving behind debts!),

-          Liquid (making sure your loved ones have access to cash when most needed), &

-          Easy to Distribute (making sure your assets are distributed according to your wishes)

7.                   I am Single / I have no children, so I don’t see a need to write a Will.

Ans:       The purpose of the 1st Session of EPS is precisely to determine if you have the need to write a Will.  You have nothing to lose by attending the 1st session to find out more.

8.                   I have written my Will. 

Ans:       Congratulations!  In that case, you may want to review your Will if it was written some time ago.  Even if you have done so recently, you may want to consider our EPS to make sure that you meet the purpose of EPS (see question 6).

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