Archive for year: 2021

SINGAPORE’S number of ultra-wealthy people continued growing strongly in the 2019-2020 period despite the pandemic, making it the Asian country with the second highest rate of growth in this segment.

Number of millionaires in Singapore could increase by more than 60 per cent from 2020 to 2025, according to Credit Suisse Group, part of a surge in millionaires expected in Asia as financial capitals emerge from the Covid-19 pandemic.

Wendy Tang, Knight Frank Singapore’s group managing director, said: “Singapore remains an attractive destination for the globally mobile, and the steps our government has taken to keep the country safe from the virus and to help businesses and residents financially to weather this catastrophe has elevated its standing among the world’s wealthy, and further cemented the country’s traditional safe-haven status.

“When coupled with strong and enduring economic fundamentals, stable governance, and an attractively competitive tax regime, Singapore offers a break in the clouds that pushed some of the world’s mega-rich to have a presence here in recent years.”

Leonard Tay, Knight Frank Singapore’s head of research, said that home buyers from India, Japan, Malaysia and South Korea ranked Singapore in their top five list of locations when considering investment homes abroad.

He noted that Singaporeans themselves prefer their own home country to other locations, citing the proximity of leisure facilities and amenities, as well as transport links as key factors in their decision making.

Mr Tay noted, however, that prices of prime homes in Singapore have not grown in similar fashion; in fact, they contracted by 0.2 per cent in 2020.

Victoria Garrett, Knight Frank head of residential in the Asia-Pacific, said: “The low borrowing costs and the improved vaccine optimism seen towards the end of 2020 were the main drivers that aided some of the prime residential markets in the Asia-Pacific through the pandemic storm.

“Grounded by travel bans, the desire to live in green open spaces that make for a better work-life balance has never been greater. Wellness, wellbeing and family have been at the forefront for many homebuyers in Australia and New Zealand, who have been looking within their country to upgrade their main residence or purchase a holiday home closer to home. Expats have been returning home and luxury buyers are also looking to upgrade their main residence or invest in a secondary residence as a result of the bullish stock market.”

China produced 9,594 more UHNWIs, followed by the US (6,080) and Japan (1,199). In absolute numbers, the ultra wealthy in China now number 79,426, followed by Japan’s 14,755. The US has the world’s most ultra wealthy at 180,060.

Globally, Singapore ranked 11th in terms of millionaire density, with about 1,361 ultra-high-net-worth adults with net worth exceeding US$50 million (S$67 million) in 2020.

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In Singapore, wills are ruled by the Wills Act, that states that a person may devise, gift or dispose of his real or personal property, via a will. Testamentary Trust (Will Trust) are commonly used to shield the interests of young or vulnerable children who may not be ready to handle their own money affairs. It may also be used as an avenue to pass wealth through generations and protect your assets from creditors or within the event of divorce proceedings.

We all know the importance of making a CPF Nomination; so that we get to decide where our CPF savings will go to, if anything happens to us. But is there another way for your CPF savings to be distributed?

These are the requirements for a valid will in Singapore:

• Will must be made in writing.
• Testator must be at least 21 years old.
• Testator must sign at foot of will in front of 2 main witnesses. If the testator is unable to sign, he may allow another person to sign it on his behalf and in his presence.
• The 2 main witnesses cannot be beneficiaries of the will. Witnesses apart from the 2 main witnesses can be beneficiaries.
• Witnesses must also sign the will in the testator’s presence.

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Why Should You Write a Will and What Will Happen If Someone Leaves the World Without it?

Some will think that the word “will” connotes death or one’s last words. But some are optimistic to think that the loved ones they leave behind are well provided for. Either way, all of us must confront death eventually.

Here are some key reasons why you should write a will:

1. Your Estate Distribution

You decide how your estate is distributed. A will ensures that your assets, such as the properties you own, your CPF monies and stock and shares, are handed over according to your wishes. Otherwise, your estate will be distributed according to the Intestate Succession Act.

Fixed vs Discretionary Trust. Do you know the difference?

If the deceased did not leave a valid will behind before he passed away, Singapore’s rules on intestate succession, as outlined in section 7 of the Intestate Succession Act, will determine how the deceased’s estate is distributed to his survivors.

The rules are as follows:

Note: These Rules Do Not Apply to Muslims

The Intestate Succession Act does not apply to Muslims.

The distribution of property of a deceased Muslim domiciled in Singapore at the time of death is governed by Muslim law and the Syariah Court.

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2. Guardian to Look after your Children

You can appoint a guardian to look after your children. Appointing a guardian is an issue that parents with children, under 21 years old, may have to tackle.

There are 2 types of legal guardians:

• A natural guardian – surviving parent of the children
• A testamentary guardian – someone appointed in a will and need not be biologically related to your children

Sometimes, the guardian appointed by the Court may not be the person you believe to be capable enough of bringing up your children. You would want to have someone you trust to take care of your children when you are not around for them.

3. Personal Representative

You can appoint your personal representatives and give them the power to act according to your wishes. Someone you can trust to take charge of your hard earned estates and properties. A personal representative serves as the executor of the will, and is responsible for ensuring that your beneficiaries receive what they are entitled to. Without a will, your personal representatives will be appointed by law (usually the next-of-kin, husband or widow of the deceased) and they might not be the best people to carry out your wishes.

Generally, you have to apply for a Grant of Letters of Administration when the deceased person passes away without leaving behind a will, and you wish to administer and distribute his or her estate or if there is a failure of executors in any of the following situations:

• There is no executor appointed by the will;
• The executor(s) appointed by the will are legally incapable of acting as such, or have renounced their right to act as such;
• The executor(s) passed away before the deceased;
• The executor(s) passed away before obtaining probate, or administering all the deceased’s estate; or
• The executor(s) appointed by the will do not appear and extract probate.
• The person empowered by a Grant of Letters of Administration to administer a deceased’s estate is known as the administrator.

4. Funeral Arrangements

You can choose your funeral arrangements on your will. Your will ensures that your decision to be cremated or buried is respected. Some of us may prefer one practice over another for personal reasons or religious beliefs. For instance, most Hindus prefer cremation as it symbolises the end of the existence of the physical body and a new beginning for the soul.

5. Your Loved Ones Are At Ease

You ease your family members’ pain during this difficult time. One of the hardest moments in our lives is experiencing the loss of a loved one. Having a will minimises the possibility of disputes arising amongst your family members, allowing them to mourn their loss in peace without having to negotiate back and forth with lawyers.

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Many Singaporeans shelve will-making, as well as different kinds of estate planning, as these may involve dark and gloomy thoughts. However, creating a will is really an unselfish act. This is a result of considering the interests of your loved ones even in your last moments, you make sure that your bequest lives on in the hearts of those you love.