In Singapore, estate owners are faced with the impact of the probate process when planning out the distribution of their wealth. Although they will never see this process personally, their family will. It is through this lengthy process that creditors can take away vital property and assets from their family. The following is information about what a probate lawyer in Singapore from IRB Law can do to help these estate owners.
Mitigate Risks During Probate
The lawyer can provide the estate owner with options to help stop creditors from seizing property. This could include setting up a savings account to help the estate owner pay off any older debts that were valid when they died. This can prevent their family from facing lawsuits as well.
Provide an Estate Plan
The estate plan is a series of documents and establishments to lower the value of the estate. This can prevent seizure of the properties and assets through earlier ownership assignments. This is helpful for all estate owners and their families as they can break the estate down at an earlier time. This could also lower the amount of time in which the estate undergoes the probate process.
Help Estate Owners Create a Will
A will addresses the final wishes of the estate owner. It assigns properties and assets directly to their family members. It also includes any clauses that are needed to protect assets. This could stop a new guardian from taking advantages of orphaned children and their right to property and assets.
Reduce the Impact of Inheritance Taxes
Early transfer of the property is a surefire way of cutting inheritance taxes. If the property is transferred before the estate owner dies, the new owner may avoid inheritance taxes altogether. The use of an irrevocable trust can serve the same purpose.
In Singapore, estate owners can acquire assistance with their estate through an attorney. These attorneys help them to divide the estate before the probate process. This can help the family avoid high taxes and acquire the properties assigned to them quickly. Estate owners who need help right now can contact an attorney today for an appointment.