Hi friends,
Over the past 15 years helping families with financial planning in Singapore, I’ve noticed something interesting.
Most people assume their estate planning is already “settled”.
But when we take a closer look…
many important details are actually missing.
That’s why I decided to write a short series about something I call:
The 7 Deadly Estate Planning Mistakes Singapore Families Make.
Some of these mistakes are small.
Some can create very serious problems for families later.
Let’s start with the first one.
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💡 Mistake #1: Not Having a Will
This is still the most common issue I see.
Many people assume that if something happens to them, their assets will automatically go to their family.
But without a will, things may not be distributed the way you expect.
Your estate will be distributed according to Singapore’s Intestate Succession Act, which follows a fixed formula.
For example:
• If you are married with children — your spouse receives 50%, and the children share the other 50%.
• If you have no children — your spouse receives everything.
• If you are single — assets may go to parents or siblings.
For some families this works.
But for many families, it does not reflect their true wishes.
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I’ve also seen situations where:
• Parents want to set aside money specifically for young children
• Families want to protect assets from disputes
• Certain assets are meant for specific people
Without a will, these intentions may never be carried out.
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Estate planning isn’t really about wealth.
It’s about clarity.
Clarity for the people you leave behind.
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Over the next few emails, I’ll share the other common mistakes I’ve seen over the years.
Some of them might surprise you.
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If you’ve never reviewed your Will, CPF nominations, or legacy planning, feel free to reach out.
Happy to share how most families in Singapore structure their plans.
To a strong and lasting legacy,
Edward Shee (施文山)
CFP, MDRT 2023/2025, IBFA, AEPP
Associate Director, Financial Advisory
RNF No: SBS200040073
Synergy Financial Advisers Ltd
M +65 9048 2463 | W [email protected]
A 51 Bras Basah Rd, #07-03, Lazada One, Singapore 189554
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Disclaimer
The information provided in this article is for general informational and educational purposes only and does not constitute financial, legal, or tax advice. The views and opinions expressed are those of the author and do not necessarily represent the views of Synergy Financial Advisers Pte Ltd.
Financial planning decisions should always be made based on your individual circumstances. You are encouraged to seek personalised advice from a qualified financial adviser before making any financial or estate planning decisions.
Edward Shee Boon Sun is a licensed representative of Synergy Financial Advisers Pte Ltd.