What Is Estate Planning — And Why It's More Essential Than Ever in Today’s Uncertain World

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“Huh, what is that? Are you dealing with property and real estate? Since when did you become a real estate agent?”

That’s a common reaction I get when I mention estate planning — whether to clients, family members, or friends. And it’s no surprise. Estate planning isn’t something most people come across in daily life. It’s not taught in schools, rarely discussed in casual settings, and often misunderstood. And once they finally grasp what it's about, the next line is usually:

“That’s for rich people. I’m not one of them.”

But here’s the truth: In today’s world of rising healthcare risks, uncertain economies, and complex family structures, estate planning is no longer just for the wealthy — it’s for everyone who wants to protect what they've built and care for the people they love.

What Exactly Is Estate Planning?

There are many definitions of estate planning. Wikipedia says:

“...the process of anticipating and arranging for the management and disposal of a person's estate during their life in preparation for incapacity or death. The planning includes bequest of assets to heirs, loved ones, and/or charity, and may include legal tax avoidance. Estate Planning includes reducing or eliminating uncertainties over the administration of a probate, and maximizing the value of the estate by reducing taxes and other expenses. The ultimate goal can only be determined by the specific goals of the estate owner, and may be as simple or complex as the owner's wishes and needs directs.”

While technically accurate, let’s be honest — that’s a bit of a mouthful. It would likely put any regular man or woman off the street off.

Here’s a TLDR version to look at it:

Estate planning is a process with meaningful intentions to dispose of your earthly materials in a manner so that the people and causes you care about benefit meaningfully when you're gone.

What Estate Planning Really Means (From Experience)

From my experience working with individuals across all walks of life, I’ve found that the meaning of estate planning is shaped by:

• Their values and beliefs

• Their stage of life

• Their unique family circumstances

But regardless of background, estate planning always comes back to a single question:

How can I ensure that what I leave behind doesn’t become a burden — but a blessing — for those I care about?

Why Estate Planning Is More Critical Than Ever

We don’t plan to die — not when, how, or why. But we do know one thing: death is inevitable.

So why does planning for it feel awkward? In many families, especially older generations, planning for death is seen as a taboo — something that might “invite” bad luck. Others worry there’s a hidden agenda when someone brings up inheritance planning.

That mindset needs to change.

Singaporeans Are Wealthier Than We Think. Living in Singapore, we often underestimate what we own:

• ✅ High homeownership rates

• ✅ Investments, CPF contributions, Personal Savings

• ✅ High death benefits from Life Insurances

• ✅ Side hustles or businesses that hold real value

Singapore became a first world country in less than a century, a feat that was deemed incredible. That also means that Singaporeans are getting more and more affluent. We have high home ownership, essentially at some point in our life, we would own a real estate. We are also financially savvy with investments, wealth accumulation and even if we do not actively invest, as long as we have an employment income, we contribute to Central Provident Funds (CPF). These are assets that Singaporean are accumulating over their lifetime. Lastly, it is also not uncommon to see many people side hustling, setting up small home businesses to seek high form of aspirations.

So when people say, “I don’t have much,” I ask:

“Are you sure?”

You Have the Legal Freedom to Plan

Unlike countries with strict inheritance laws, Singapore follows Common Law, which gives you:

• Testamentary Freedom (you decide who inherits what)

• No estate duty taxes

• Minimal legal restrictions

In other words, you have full control over how your assets are distributed. So why leave it to chance?

What Happens If You Don’t Have a Plan?

Without a proper estate plan, things can get messy — fast.

• 👨‍⚖️ Court battles and family feuds

• ⚖️ Ambiguities leading to misunderstandings

• 👶 Vulnerable beneficiaries left unprotected

• 😞 Family ties strained over “who gets what”

The true essence of estate planning is to allow your designated beneficiaries to smoothly receive what you have intended for them to receive upon your demise or incapacity. Court tussles and ugly public spats come about because there is no clarity in the absence of a meaningful estate plan. The last thing anyone would want, is to witness our surviving family members brawling over ambiguities, taking sides in factions, vulnerable beneficiaries being taken advantage of, or worse still, becoming the target of family bashing.

We all like to believe our families will remain united — I certainly do. I, too, want to believe that both my birth family and marital family will always be united and supportive. I want to ensure that my absence in their life, would not make them any lesser, or worse still, ended up begging their way out because they are left with no better options.

But the sad truth is: money can change dynamics. Photos from joyous celebrations — birthdays, Chinese New Year, Hari Raya, Deepavali, weddings — can become distant memories when inheritance issues arise.

Conclusion: Secure Your Legacy While You Still Can

“Hmm… it makes sense. Let me think about it.”

That’s a common reaction — and it’s completely valid. But don’t wait too long. Because thinking about it often leads to forgetting about it.

Most people don’t do anything wrong. They just do nothing — and that’s what's wrong! Doing nothing could cost your millions. Doing something, only thousand.

Food for Thought

✈️ If you're leaving home for a week, do you leave your family with instructions?

💼 If you're away from work for a few days, do you leave your staff/colleagues with instructions?

Then ask yourself:

🕊️ If you're leaving on a permanent holiday, wouldn't it make sense to leave clear instructions for your loved ones?

Start Planning Today

If this article resonates with you, don’t wait.

— we’re here to guide you on your estate planning journey.

Let’s work together to ensure your legacy is protected, and your family is empowered — not burdened.

Book an Appointment