Hi friends,
A few years ago, I spoke to a couple in their late 30s.
They had two young children — both in primary school.
Like many families I meet, they had done most things right.
A home.
Some savings.
Insurance in place.
On paper, everything looked well prepared.
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During our conversation, I asked them a simple question.
“If something happens to both of you…
who will take care of your children?”
They paused.
Looked at each other.
And then said something I’ve heard more times than I expected.
“We’ve never really decided.”
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💡 Mistake #5: No Plan for Young Children
Most parents assume that if something happens, their children will naturally be taken care of by family.
And in many cases, that may be true.
But when we take a closer look, there are often important details that have not been clearly thought through.
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For example:
• Who will take care of the children day to day?
• Will this be the same person managing the money?
• How will the funds be used over time for the child’s needs?
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Without clear instructions, these decisions are often left to family members to work out during an already emotional period.
And sometimes, different people may have different views on what is best.
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I’ve seen situations where:
• caregivers were unsure of the parents’ intentions
• funds were used differently from what was originally hoped
• decisions had to be made under pressure
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Estate planning is not just about passing down assets.
It is also about making sure the people you care about most are supported in the way you intended.
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For families with young children, this usually involves thinking about two areas:
• care — who will look after the child
• finances — how the money will be managed and used
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When these are clearly planned, it provides stability for the child, even during a difficult time.
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Sometimes, this is not something parents avoid intentionally.
It’s simply a conversation that hasn’t been completed yet.
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In the next email, I’ll share Estate Planning Mistake #6, which many people only realise when it’s already too late.
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If you would like a professional review of your estate plan and wealth structure, you’re welcome to reach out.
In a Legacy Playbook conversation, we typically:
• review your current wealth structure (CPF, property, insurance, investments)
• identify potential gaps or blind spots in your estate planning
• map out a simple legacy plan for your family
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