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How to Arrange for Guardianship of Your Children if You Pass Away

Hire a lawyer and arrange for Probate or Guardianship if You Pass Away

Death is not something that a lot of us have on our minds but it is still something that we should take into account. What would happen to your children if something were to happen to you? There are steps that you can take to insure that your children are taken care of in the event that you were to die or something happened to you.

Arrange Guardianship

Guardianship gives the selected person the legal rights over a person to make sure that they are taken care of. A Godparent is also another name for guardianship but without the legal mess of it. In Singapore by law, there would need to be a legal form granting this person rights over the children in order for them to be granted guardianship right away.

Planning for your future is also planning smart. There is a lot that can happen once you are gone and this is one more way of making sure that your final wishes are met.

If you have a will, you can list this information in it. Make sure that you update your will often and that you consider all the pros and cons of the person in consideration for this. It would also be smarter to talk to this person and see what they think about the idea before you add this to your will.

Call a Probate Lawyer

If you do not already have a will in place, you can start one by contacting an wills and probate lawyer in Singapore or doing one on your own with a self help guide and forms. Doing a will through an attorney in Singapore is probably your best bet at making sure that everything is done the way that you would like and they can also help you with all the legal stuff and documenting the forms so that they do not become loss or stolen.

The will should also explain why you have chosen this person as the guardian over your children and how you know this person. This will give the judge and idea of why you would consider this person and if this person is the right person for your children. Everything must go through a judge before the final wishes are granted to make sure that this is in the best interest of the children.

What If Your Partner is Still Living?

If there is another parent who is still living, this parent will have first consideration over the guardianship of the children. If you feel that this parent should not be considered, explain why so that the judge can seek further information on this and make his final decision.

Also, note that any assets that the children have can be put into someone else’s name to give out as the children need it or you can write a specific plan of action for the assets. If you do not want them touched until the children reach a certain age, you will need to make a note of this. If you want the guardian to have all assets over the children until a certain point, you can also add this in there.

Conclusion

To have your final will noticed, you would need to have it notarized by a notary republic to finalize it. If you do it through a lawyer in Singapore, they will usually have a notary to do this for you.

What is Asset Protection Planning?

Asset protection is a legal method of reducing your exposure to various types of risks by placing assets into various protected structures. In addition, these structures are typically organized in a manner to minimize the negative impact of a particular event.

The process of asset protection involves transferring the assets from an unprotected form of ownership to a protected form of ownership. The unprotected form generally applies to property held directly in an individual’s name or even the name of a revocable living trust.

The protected form can be one of many asset protection vehicles such as limited partnership, corporations, certain kinds of trusts, limited liability companies and other such entities. Protecting assets can also be a process of transferring them into exempt assets to the extent permitted by the laws of individual states.

Asset Protection Experts

Protect your business, yourself and your family from unnecessary risks with WealthKeepers’ expertise and asset structuring knowledge. We’ll guide you through each critical step in the asset protection process, and together, we’ll create a structure that works for you. WealthKeepers has thirty six years of experience in the asset protection industry. We have the knowledge to put together a custom asset protection plan that’s created just for you, your family and your business.

Professional Estate Planning

Asset protection and estate planning require professional structuring of the plan. Just forming entities such as Limited Liability Companies, Limited Partnerships, or Asset Protection Trusts will not be sufficient to protect your assets. It is important to know how to manage them and how to structure these entities so that they inter relate in a way that makes sense and works.

As part of our service we bring our 36 years of expertise in asset protection to assist you in putting together a tax neutral and asset protected plan that makes sense both from an asset protection point of view and from an estate planning point of view.

Far too often we see clients come to us with a group of Limited Liability Companies or Family Limited Partnership but absolutely no idea how to put them all together. WealthKeepers has the expertise to create a cohesive asset protection plan for you.

A properly done asset protection plan will properly segregate assets in such a way as to achieve the maximum in asset protection and in estate planning. It does not make sense to do one without the other. So, do yourself a favor and contact WealthKeepers to focus on the integrated package of asset protection planning and estate planning for you, your family and your business.

Business Planning

  • Asset protection strategy
  • Business continuation planning
  • Tax planning

Individual & Family Planning

  • Asset protection strategy
  • Estate planning
  • Preserving your legacy