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Step.org/CertFSS Lee Chiwi TEP is the author of the manual for the STEP Certificate for Financial Services - Singapore. He joined British and Malayan Trustees Limited BMT as its CEO in 2005 till 2007. In early 2008 he joined the Rockwills Group in Singapore as CEO. Michael Seow will lecture on Business Succession and Trusts used in Financial Services. THE COURSE FACILITATOR IS ROCKWILLS INSTITUTE PTE LTD AND THE TEACHING TEAM COMPRISES SOME OF THE LEADING PRACTITIONERS IN SINGAPORE S Sharma...
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01
Gather all necessary documents such as identification and asset information.
02
Identify your goals and objectives for the trust and estate plan.
03
Choose the type of trust that aligns with your needs, such as revocable or irrevocable trust.
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Consult with an attorney specializing in trusts and estate planning to ensure proper legal documentation.
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Create a comprehensive inventory of your assets, including real estate, investments, and personal belongings.
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Appoint a trustee to manage and distribute the assets according to your wishes.
07
Clearly outline the beneficiaries and their respective shares or inheritances.
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Consider tax implications and strategies to minimize estate taxes.
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Review and update your trust and estate plan periodically to account for changes in your financial situation or personal circumstances.
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Ensure that all legal formalities, such as signing and notarizing documents, are followed throughout the process.

Who needs trusts and estate planning?

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Individuals with significant assets and wealth who want to protect and preserve their wealth for future generations.
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Those with complex financial situations or blended families.
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People who want to support charitable causes or leave a lasting legacy.
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Trusts and estate planning is a legal process that involves arranging for the management and distribution of assets to beneficiaries in the event of death.
Individuals with significant assets or complex family situations are typically required to file trusts and estate planning.
Filling out trusts and estate planning involves working with a lawyer or financial planner to create a comprehensive plan that meets the individual's goals and needs.
The purpose of trusts and estate planning is to ensure that assets are distributed according to the individual's wishes and to minimize taxes and legal fees.
Information such as assets, liabilities, beneficiaries, and executor information must be reported on trusts and estate planning.
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