Our Private Client Practice assists high net worth clients to set up new businesses or extensions of their existing businesses in Singapore as part of their regional or international expansion plans. As part of our value-added services, we are able to put together a team of professionals in various fields to provide advisory on corporate restructuring if required.
This integrated service consisting of Wills, Lasting Power of Attorney (LPA) and Advance Medical Directive (AMD) is aimed at creating a complete solution to your estate planning and asset protection needs. Where most folks have insurance policies, retirement plans and even trusts in place, the majority have not considered drawing up a Will to protect their loved ones and assets left behind for them, or a LPA in the event one loses their mental capacity (e.g. coma, dementia etc.). This observation is not ours alone as can be seen from the many education campaigns launched by the Singapore Government on LPA and AMD.
With our Family Legacy Planning (FLP) campaign, we hope to seal this gap bringing greater awareness and value to our clients as well as business partners. These services are not only essential for local Singaporeans, but having a Will in place is just as important for foreigners who have any assets (properties, bank accounts, insurance policies etc.) in Singapore.
Our unique ‘Wealth Legacy Screening’ (WLS) approach uses a detailed 5-page questionnaire which aims to understand your family dynamics, list of assets and a recommended structure will be presented to you. In addition, our lawyers will highlight on any potential wealth gaps that you may be exposed to.
PROFESSIONAL DEPUTIES AND DONEES (PDD)
One of the key amendments to the Mental Capacity (Amendment) Bill was the introduction of professional deputies and donees (PDD) to better protect those people who lack mental capacity. These PDDs are unrelated to these individuals and can provide deputyship and doneeship services for remuneration. This PDD scheme aims to serve individuals, in particular elderly singles or childless elderly couples, and who may not have family members or close friends to rely on to be their decision makers.
The PDD Scheme came into effect on 1 September 2018 and under this scheme, professionals from selected professional groups (i.e. lawyers, doctors, accountants, allied health professionals, nurses and social workers) who are registered with the Office of the Public Guardian can be appointed by the Court to provide deputyship services or appointed by the individuals to provide for doneeship services via a Lasting Power of Attorney. At Sim Mong Teck & Partners, we have a specially dedicated PDD Department to assist these individuals. Our Ms Jacintha Pillay heads our PDD Department and she is assisted by Mr Haryadi Hadi, both of whom were from the pioneer batch of professionals appointed by the Office of Public Guardian.
The role of a PDD is an important one, in which the PDD is able to make key decisions affecting an individual’s personal welfare and property & affairs, examples of which are as follows (not exhaustive):
1. Personal Welfare
a. making decisions on where to live and who to live with;
b. making day-to-day care decisions (e.g. what to wear and what to eat);
c. making decisions on what social activities that the individual should take part in;
d. handling personal correspondence;
e. making decisions on who the individual may have contact with;
f. liaising with doctor and social workers and other health professionals on the individual’s medical condition;
g. giving or refusing consent to the carrying out or continuation of treatment by doctors (including the conduct of a clinical trial).
2. Property and Affairs
a. selling/renting property;
b. opening/closing bank accounts;
c. managing CPF accounts;
d. attending to the payment of all bills;
e. attending to all tax matters;
f. collecting income for and on behalf;
g. hiring appropriate and qualified professionals to advise and/or act for the individual.
If you wish to find out more about our PDD Scheme, please contact any of our Business Development Managers for further discussion.
Our Private Client Practice caters to both local and foreign property investors with an emphasis on the premier segment of the Singapore property market. The team here has been set up with the clear understanding that this group of clients require tailored services including constant market updates therefore we aim to cater to their requirements. Our private clients can expect to be kept updated on the latest developments in the Singapore property market as part of our value-added service to them.
Our Immigration Practice is dedicated to assisting our high net worth clients with application for Singapore Permanent Residence and Singapore Citizenship as well as advisory on related matters. We specialize particularly in Singapore Government initiated investment immigration programmes such as the Global Investor Programme (GIP) and are able to confidently navigate the process due to our years of experience and volume of successful applications.
Our Private Client Practice includes a Family Office (FO) department that helps set up Family Offices under the Global Investor Programme, as well as Family offices under S13X, S13R, S13CA of the Income Tax Act. It also provides a one-stop solution for our high net worth clients who do not reside in Singapore, or do not have the time to deal with recurring property related matters such as annual property tax payment, quarterly maintenance fee payment and annual rental income tax payment etc. amongst other services.