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.
Our Family Legacy Planning department provides an integrated service consisting of Wills, the Lasting Power of Attorney (LPA) and the Advance Medical Directive (AMD), all which are aimed at creating a complete solution to your estate planning and asset protection needs. It may be common for most people to have insurance policies, retirement plans and even trusts in place, but the majority have not considered drawing up a Will to protect their loved ones and assets left behind for them, a LPA in the event one loses their mental capacity (e.g. coma, dementia etc.), or a AMD to provide family members with some guidance in terminal illness situations. Having such instruments is highly encouraged for the family to safeguard against unforeseeable circumstances.
Wills form an important part of one’s estate planning. It is perhaps surprising that while we spend our entire lives building a legacy, we have failed to put thought into planning for succession in the event of our demise. This is especially crucial where young children and the elderly are the people among your loved ones. Having a Will in place is equally important for both Singaporeans and foreigners who have assets in Singapore.
LASTING POWER OF ATTORNEY (LPA)
In the event that you lose your mental capacity, such as lapsing into a coma or being diagnosed with dementia, a LPA appoints another person known as the Donee to make decisions on your behalf. Drafting a LPA when you still have the mental capacity to do so allows you to appoint a Donee of your choice instead of having the Court appoint a Deputy for you, at the point where mental capacity is already lost. Your Donee can help you make decisions about your personal welfare and your property and affairs while you are still alive but mentally incapacitated.
One of the key amendments to the Mental Capacity (Amendment) Bill was the introduction of professional deputies and donees (PDD) to better protect those who lack mental capacity. PDDs are third parties and are not related to those individuals who are seeking one, and can provide deputyship and doneeship services for remuneration. The PDD scheme aims to serve individuals, in particular elderly singles or childless elderly couples, who may not have family members or close friends to rely on to be their decision makers.
At Sim Mong Teck & Partners, Ms Jacintha Pillay heads our PDD Department and she is 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 and affairs.
ADVANCE MEDICAL DIRECTIVE (AMD)
This legal document allows you to give express instructions to not be kept alive via artificial means in the event that you become terminally ill with no reasonable prospect of recovery. The AMD takes effect when such a terminally ill patient loses consciousness or the ability to make rational decisions. The AMD would provide some peace of mind to your family members as it allows them to know what your wishes are in such situations and to carry them out accordingly.
FAMILY CONSTITUTION AND LEGACY LETTERS
Family Constitutions are essential tools for families to establish a written framework for managing their wealth, assets and relationships across generations. This document allows families to articulate their values, vision, mission, and goals, and creates guidelines for decision-making, conflict resolution, and communication. It can also establish rules and procedures for managing family assets, business succession, and inheritance. A well-crafted Family Constitution would be able to safeguard the family’s wealth, preserve the family legacy, and strengthen the family bond for years to come.
Legacy Letters are a unique and meaningful way to leave a lasting impact on your loved ones by preserving your legacy and the memories that you cherish. We will work with you to craft a personalised letter that captures your life story, values and beliefs, and share your heartfelt messages with those dearest to you. Whether you wish to offer guidance and advice, express your love and gratitude or simple just to share your life’s journey, Legacy Letters can encapsulate those sentiments that commemorate you and provide your family some comfort with your written memoir. We believe that every life is worth remembering and celebrating, and we would help you leave a meaningful legacy behind that will be cherished for generations to come.
WEALTH LEGACY SCREENING (WLS)
Our unique Wealth Legacy Screening approach uses a detailed 5-page questionnaire which aims to understand your family dynamics and list of assets, whereby a recommended structure will thereafter be presented to you. In addition, our lawyers will highlight any potential wealth gaps that you may be exposed to and advise you accordingly on practical next steps to take.
If you wish to find out more about our Family Legacy Planning services, please contact any of our Business Development Managers for a 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. Our scope of real estate services includes conveyancing matters for different types of properties in both the residential and commercial market. We understand that our clients also require tailored services and market updates, so we aim to provide a holistic approach to their real estate needs with timely updates 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 applications for Singapore Permanent Residence and Singapore Citizenship, as well as advisory on related matters. We specialise 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 expertise also extends to applications for Employment Pass and Overseas Networks & Expertise Pass (“ONE Pass”) for clients looking to live and work in Singapore.
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 S13U, S13O and S13D 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 payments, quarterly maintenance fee payments and annual rental income tax payments, amongst other services.