will and tfr money fuss free

SINGAPORE – Where there is a will, there is supposed to be a way. But while your intentions may be clearly outlined in your will, there is no guarantee they will be carried out as planned.

We have read many stories about wills being contested. Lawyers say these are mostly due to children or dependants believing that they deserve a larger share than what was stipulated in the will. It could even involve someone you do not intend to give a cent to inheriting some of your wealth.

Globally, the older generation is preparing to transfer trillions of dollars in assets to its young heirs over the next decade. Contested wills are going to become more common, especially in this part of the world where discussions about mortality have long been taboo, and viewed as a harbinger of misfortune and bad luck. 

More likely than not, there will be a variation to how you envisioned and intended your money and assets to be distributed after you are gone. 

This is where planning comes in. It allows you to leave an inheritance that aligns with your values, helps your loved ones and simplifies the overall wealth transfer process.

Going to court to contest a will can be costly, and in many cases, the cost involved just does not make financial sense to do so. 

Mr Christopher Tan, chief executive officer of Providend, a fee-only wealth advisory firm, says his richer and older clients who are business owners worry about who will run the company when they are no longer around, and whether the fair value of the business will be captured. 

He says among the things clients think about in legacy and estate planning are: “How do I ensure that my loved ones will not squander away the wealth left behind for them? How do I ensure that I leave them enough wealth to give them a head start in life but not take away the motivation of hard work?”

Some want to ring-fence their assets from their children’s spouses and in-laws. 

Just in case you think legacy planning is only for the rich, it is not, although there may be more factors to take into account when it involves a lot of money. 

“Whether one is rich or not, you will leave behind a legacy. You either leave behind a positive one or a negative one. From my experience, the wealthier one is, the more considerations one has in legacy planning,” says Mr Tan.

It is a crucial process for anyone who wants to ensure their assets are distributed as they wish and their loved ones, including the young, physically or mentally impaired, are taken care of in a way that is fair. 

Legacy and estate planning

Legacy and estate planning have often been used interchangeably, and although there is an overlap in the two, there are subtle differences, Mr Tan says.

Estate planning is about the management of your assets and liabilities after your demise. It ensures your loved ones have enough to maintain their lifestyle, and that your estate is distributed to the rightful beneficiaries using tools such as wills and trusts.

Legacy planning entails you to reflect on what truly matters to you and what you want to be remembered for. What do you hope to achieve with the assets and wealth accumulated over your lifetime? Your goals may include supporting charitable organisations, or leaving a lasting impact on the community.

These will provide the road map for the rest of your legacy planning process, helping you make decisions about asset distribution, charitable giving and other aspects of your legacy plan.

It is something that takes a lifetime to do and not just through the purchase of financial products or creating legal structures, Mr Tan says.

“If all you want is to leave behind an inheritance, estate planning is sufficient. But if you want to leave behind more than material possessions, such as passing down your wisdom and values, and creating something that outlives you, then you need to plan how you can leave behind a legacy when you are alive and through the financial assets you leave behind,” he says.

What happens without a will or a plan?

When you die without a will, your assets fall into the realm of intestacy. Simply put, the court will distribute the assets. This can lead to unintended beneficiaries receiving a portion of the estate, or even the state taking control if no eligible heirs are found. 

For instance, if you die intestate with a surviving spouse and children, half of the estate goes to your spouse and the rest is divided equally among the children. This is regardless of the state of your relationships with them at the time of your demise.

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You basically relinquish control over who inherits your assets.

Inadequate estate planning can lead to lengthy and expensive probate proceedings. Probate is the legal process of validating a will, settling debts and distributing assets. Furthermore, probate proceedings are a matter of public record, potentially exposing sensitive family and financial information to scrutiny. 

When there is ambiguity or a lack of clear instructions in an estate plan, disputes may arise among beneficiaries. Arguments over asset distribution, personal belongings and even guardianship of young children can strain relationships and tear families apart. 

With proper planning, you can minimise estate taxes through techniques such as gifting, trusts and charitable giving.

Who to leave money to?

One of the key elements of a good legacy plan is to have clear definitions of the values, the message, the wisdom that you want to pass to your loved ones, Mr Tan says. 

For instance, many of us have causes, charities or non-profit organisations that hold a special place in our hearts. Whether supporting education, healthcare, environmental conservation or any other cause, including charitable-giving in your legacy plan can make a meaningful difference in the world. 

Listing the primary beneficiaries of your legacy is a critical step as it directly shapes the impact your assets will have on the lives of others. They can include:

Immediate family: Your parents, spouse, children and grandchildren as well as siblings are often the primary focus of legacy planning. You can provide them financial security, educational opportunities or a comfortable future.

Extended family: These go beyond the nuclear family to include nieces, nephews, cousins or godchildren who can benefit from your legacy.

Close friends: If you have lifelong friends or people who hold a special place in your heart, leave them a financial gift or support.

Charitable organisations: For those passionate about giving back, legacy planning often includes charitable organisations or causes that align with your values and beliefs.

Consider a charity’s reputation, impact and financial transparency. Do your research as many smaller charities do not have the marketing budget to get their names out there. 

A senior fund-raiser in the medical field here says legacy giving to medical research and education allows donors to manage their financial situations while they are alive and make a big difference philanthropically for the future.

“It’s a remarkably powerful way of positively affecting the future of medicine and discoveries after we are gone, and helping generations of doctors as well,” she says.

Giving to charity is also a great way to help maximise your tax deductions, which can save you thousands of dollars, experts say.

If you are planning on making a charitable donation in 2025, understanding the tax strategies related to charitable contributions can help you decide how much to give, what assets to give and when to give; so you can provide the maximum amount to charity and receive the maximum tax advantages for yourself.

Whoever you choose, it is essential to consider each beneficiary’s circumstances and needs. 

Equal share may not be fair  

Legacy planning should not just address the positives but also the negatives such as concerns or potential challenges related to the inheritance. These include tax implications or legal complexities to consider as well as concerns over unequal inheritances, which can occur due to family dynamics, personal relationships and individual circumstances. 

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Some of us may feel confident that our loved ones would be able to settle disagreements amicably. But life is not a fairy tale; when money is involved, cracks can emerge and divide even a close-knit family. 

Most parents also tend to divide their assets equally among their children to avoid hurt feelings and fighting, but experts say giving each child an identical share might not be the best or even the fairest approach as in the case of a special needs child, or repayment of debt or job done, or simply a love gift for those who were there for you.

Working closely with a wealth expert can help make your legacy plan bulletproof. They can help you create a balanced approach that reflects your intentions, and foster harmony and understanding among your beneficiaries for a smooth wealth transfer.

A good plan must list the assets that you want to leave behind, where these assets are located as well as how and when you intend to transfer them, whether in your lifetime or after your death, Mr Tan says.

Never too late to start

It is never too soon to start thinking about all of this. Experts at Standard Chartered Private Bank point out that taking steps while children are still young creates more opportunities to unite family members in shared goals, and achieve the continuity and vision you are looking for.

The Government encourages everyone to start planning one’s legacy as soon as possible as sudden death and mental incapacity can happen to any of us. 

Its one-stop online portal My Legacy integrates key services related to end-of-life matters such as Central Provident Fund (CPF) nomination, lasting power of attorney (LPA), advance care planning (ACP), and will-making into a single platform. Also, its vault enables you to plan, store and share your legal, healthcare and estate matters securely with people you trust.

Start by planning your will and making your LPA, ACP and CPF nomination.

In the event you lose your mental capacity: ACP provides a guide on your healthcare preference when you are not able to speak for yourself.

An LPA gives one or more persons you choose and trust the legal right to make decisions on your behalf when necessary. These decisions cover your personal welfare, property and finances. It is advisable to choose the same trusted persons to speak on your behalf in both your LPA and ACP to avoid potential disagreements on how to care for you.

When you die: A will sets out how you would like your assets to be distributed. This excludes your CPF savings which are not covered by a will.

A CPF nomination ensures your CPF savings are distributed according to your wishes. It allows your loved ones to quickly receive your CPF savings upon your death. Without a CPF nomination, it can take up to six months for the Public Trustee’s Office to identify which of your family members are eligible to claim your savings. You just need two persons to witness your nomination online.

How do you want your heirs to benefit?

While leaving an inheritance to your heirs is a common goal, it is essential to consider how your wealth can best benefit them. 

Do you want to provide them with financial security, educational opportunities or a stepping stone to pursue their passions? It’s crucial to have open and transparent discussions with your heirs and beneficiaries about your intentions. 

By involving them in the planning process and creating a clear road map for the distribution of assets, you can help ensure that your legacy aligns with their needs and aspirations. 

Additionally, working with financial professionals can help you structure your inheritance to benefit your heirs while minimising potential tax and legal complexities. 

Ultimately, your legacy plan should reflect your desire to provide for your loved ones in a way that enriches their lives and empowers them for the future. It is your estate. Start taking proactive steps to plan for your legacy.

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how to reduce dementias

NEW YORK – New research has identified 17 overlapping factors that affect your risk of stroke, dementia and late-life depression, suggesting that a number of lifestyle changes could simultaneously lower the risk of all three.

Although they may appear unrelated, people who have dementia or depression, or who experience a stroke, also often end up having one or both of the other conditions, said Dr Sanjula Singh, a principal investigator at the Brain Care Labs at Massachusetts General Hospital and the lead author of the study. That is because they may share underlying damage to small blood vessels in the brain, experts said.

Some of the risk factors common to the three brain diseases, including high blood pressure and diabetes, appear to cause this kind of damage. Research suggests that at least 60 per cent of strokes, 40 per cent of dementia cases and 35 per cent of late-life depression cases could be prevented or slowed by controlling risk factors.

“Those are striking numbers,” said Dr Stephanie Collier, director of education in the division of geriatric psychiatry at McLean Hospital in Massachusetts. “If you can optimise the lifestyle pieces or the modifiable pieces, then you’re at such a higher likelihood of living life without disability.”

Often, the risk factors for these diseases are interconnected, and addressing one – for example, getting more exercise by going for routine walks with a friend – can also help you address others, like excess weight and social isolation.

“If you’re starting to work on one of them, very often, you’re improving multiple at the same time,” Dr Singh said. “That’s a great way to start.”

Factors that protect against brain disease

The study, which looked at data from 59 meta-analyses, identified six factors that lower your risk of brain diseases:

Low to moderate alcohol intake (consuming one to three drinks a day had a smaller benefit than consuming less than one drink a day)

Cognitive activity, meaning regular engagement in mentally stimulating tasks like reading or doing puzzles

A diet high in vegetables, fruit, dairy, fish and nuts

Moderate or high levels of physical activity

A sense of purpose in life

A large social network

Factors that increase your risk

The study also identified 13 health characteristics and habits that make you more likely to develop dementia, a stroke or late-life depression. (Altogether, the protective and harmful factors add up to 19 factors because two of them – diet and social connections – can increase or decrease risk, depending on their type and quality.)

High blood pressure

High body mass index

High blood sugar

High total cholesterol

Depressive symptoms

A diet high in red meat, sugar-sweetened beverages, sweets and sodium

Hearing loss

Kidney disease

Pain, particularly forms that interfere with activity

Sleep disturbances (for example, insomnia or poor sleep quality) or sleep periods longer than eight hours

Smoking history

Loneliness or isolation

General stress or stressful life events (as reported by study subjects)

The study looked only at risk factors linked to two or more of the three conditions. It did not prove that these risk factors directly cause the diseases; it only showed an association.

Trying to tackle all of these behaviours for brain health might feel overwhelming. But Dr Singh suggested treating the list like a menu of options. “Choose just a first risk factor and then take it step by step,” she said.

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Where to begin

The study also identified which specific risk factors and protective habits have a particularly notable effect on brain health. Addressing those, doctors said, is a great place to start.

Lowering your blood pressure can have big benefits

The study found that high blood pressure was the greatest individual risk factor for developing any of the three diseases, in large part because it nearly triples the risk of stroke.

Another paper, this one published in Nature Medicine, offers further evidence for that point. In a randomised trial of 34,000 patients in China, researchers found that patients who significantly reduced their blood pressure were 15 per cent less likely to develop dementia than those who did not.

Together, the findings suggest that getting blood pressure under control can have an outsized effect on brain health. To do this, you might start by lowering salt intake, exercising more or losing weight, said Dr Alison Moore, chief of the division of geriatrics, gerontology and palliative care at the University of California San Diego.

But those interventions are not always enough, she said, especially as people age and their blood vessels stiffen. That is when medication can help.

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Flex your physical and mental muscles

Moderate and high physical activity substantially decreased the chances of stroke and dementia, as did having a large social network.

The meta-analyses that were included defined these levels in different ways, but guidelines from the American Heart Association describe activities such as walking and gardening as moderate-intensity exercise, and running and swimming are considered vigorous or of high intensity.

Cognitive activity appeared to have the largest protective effect, reducing the risk of dementia by about 40 per cent. But the researchers noted that this finding could be, at least in part, a result of “reverse causality” – when people who are already developing dementia do less cognitively demanding activities because of their symptoms.

Still, Dr Collier said the data reaffirms her advice to patients to engage in mental tasks that are a little bit difficult – such as reading, doing puzzles or learning a new instrument. Ideally, she said, you would do those activities with somebody else, because conversation can be cognitively stimulating and because you get the added benefit of social interaction.

Start early if you can

Dr Collier said the right time to start making lifestyle changes “is generally not older age, it’s middle age”. That can prevent even early disease from developing.

But taking steps to reduce these risk factors can help prevent or slow the progression of disease later in life too. It can also benefit patients who have a family history of or genetic predisposition to these diseases, who “often feel like it’s their inevitable fate”, Dr Singh said. “There are things they can do – we all can do – to take better care of their brains.” NYTIMES

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what to expect from x

What to make of generational labels? While essentially broad-brush, they can be catchy tags that offer glimpses into the challenges and achievements that shape the attitudes and behaviour of people born during different eras.

The silent generation, born between 1928 and 1945 (the actual years vary with different definitions, but the general timeframe is consistent), bore the horrors of World War II with grace and grit. Resilient and disciplined, they were known for their strong sense of duty, which probably explains their reluctance to rock the boat – unlike their successors.

These were the baby boomers (1946-1964), who flourished in a time of post-war recovery and development. With better access to education and modern standards of living, they were the rebels of their time – more ready to break with tradition, to speak their minds and to assert their individuality.

Millennials (1981-1996), who became adults at the turn of the millennium, grew up with the internet and other 21st-century technological advancements. As a result, they’re always plugged in, and have lives, lifestyles and values that are strongly influenced by technology and the online world. 

So have members of Gen Z (1997-2012), sometimes called zoomers, who were pretty much born and bred on social media. Some consider them to be the true digital natives, even more so than millennials, but some appear to be harking back to the good old analogue days, which might explain the resurgence of LP players and film cameras.

And then you have Generation X, born between 1965 and 1980. No name, no label, just “X”. A nomenclature that proclaims mystery, anonymity – or perhaps a refusal to be typecast. 

‘Latchkey generation’

It’s sometimes called the forgotten generation, but it’s something that I, a typical Gen X-er born smack in the middle of this period, am particularly proud of. In a way, the lack of a tagline exemplifies the very characteristics that my generation is supposedly known for – reliability, pragmatism and productivity in a time of economic ups and downs, with more than a healthy dash of cynicism born of a journey through political, cultural and societal change. 

In fact, much of this generation’s self-reliance may have come from being forgotten, literally: many in this era were left to fend for themselves by parents who were busy at work. This was, after all, the “latchkey generation”, whose lives were shaped by more women entering the workforce, rising divorce rates and shrinking families. 

Growing up, Gen X-ers were caught up in tides of broader social and political change. We were old enough to see the last vestiges of old Singapore and its disappearing kampungs, live through the Cold War, and witness the collapse of Soviet-era communism. But we were also young enough to embrace modern technology, and hip enough (though that very label dates me, I know) to go online. We were born in the age of typewriters, grew up with the early computers, went to work with laptops, and now depend on mobile phones.

Now in their late 40s and 50s, the nameless generation is finally coming into its own. Around the world, Gen X-ers are quietly – as is typical of their approach – making their mark in political and corporate leadership. By some estimates, they occupy about half of leadership roles globally, despite accounting for a quarter of the global population. Tesla’s Elon Musk and Google’s Sergey Brin and Larry Page are Gen X-ers. So are Singapore Prime Minister Lawrence Wong and many of the 4G government leadership. 

But that is slowly changing, because – and this is a hard truth I have to accept – Gen X is getting old. Yes, old. The oldest Gen X-ers are turning 60 this year, and the youngest are past their mid-40s. As much as we’re arriving, it may also be time for some of us to be going.

By numbers alone, Gen X is shrinking – not just in population charts but also in the workplace. Unlike earlier generations, many of them are a little less willing to sacrifice family and self for work, a little less loyal to their employers, a little more willing to let go of positions and power, and often keener on retirement. (Yes, that’s me.) 

As a result, many Gen X-ers have given up on climbing the career ladder, eschewed top leadership posts for more “sustainable” positions, left traditional workplaces to start their own business, or are even seeking early retirement. Adding to the push are the continued reluctance of boomer leaders to vacate their posts, and high levels of stress and burnout.

That has left more energetic but less experienced millennials to take over from the ageing boomers, giving rise to leadership transitions fraught with tension and clashes from a 20-year generation gap.

Join the water-cooler talk at any office, and you’re likely to overhear stereotypical complaints of boomers being resistant to change, sticklers for hierarchy, and unable to adapt to modern technology; and millennials being disrespectful, indifferent to the needs of seniors, and unable to take hardship and uncertainty. And they’re on their phones. All the time.

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Not that Gen-X leaders are any angels, of course. We’re reputedly hard-edged, obsessively result-oriented, and overly pragmatic. We’re equally cynical about tradition and change. Which… places us right in the middle. 

In the yawning generation chasm, Gen X has been seen to have potential as bridge builders. We’re a little less resented and a little more accepted by both boomers and millennials – old enough to appreciate tradition, but not too old to consider breaking the rules.

The peacemakers

According to the Generations Project, a study of intergenerational divides in churches by Christian publisher Graceworks, Gen X-ers can play “peacemakers” because of their ability to connect with millennials and boomers.

That’s something I can attest to personally. At a previous workplace, I found myself positioned – or was it caught? – between boomer and millennial colleagues. I could identify with the former’s concerns about overturning valued traditions and tried-and-tested practices. But I also understood the latter’s frustrations with outdated ways of doing things and their desire to explore new methods and engage people online. 

Motivational speaker and author Simon Sinek, who is known for his keen observations of leadership, believes that bridging the generation gap requires greater understanding of each other’s social context, pressures and motivations. “What would work is empathy. Which is just trying to understand the things that are going on in their lives,” he noted at a talk in 2024. 

That can be challenging when the life stories of the opposing generations are so different. It might be hard for boomers, who have been taught to grin and bear it, to understand millennials’ struggles with identity, self-esteem, loneliness and anxiety. Gen X-ers have some experience of both, which places them in a better position to empathise with either side.

At my former workplace, Gen-X leaders were often able to play mediator to both sides, and help find acceptable compromises. In the publishing business, that sometimes simply came down to saying: “Look, let’s publish both print and online versions of the book, and promote it through physical leaflets, e-mails and social media, okay? And, yeah, let them pay in cash, by cheque or PayNow.” 

Unfortunately, there are fewer and fewer of us going around. Even if Gen X-ers are ready to take on the role of bridge builders, they may just not be available.

Some of the biggest challenges that Gen X-ers face are practical. They’ve been called the “sandwiched generation”, because of their dual responsibility of caring for their children and ageing parents. For many peers of mine, caregiving has become the dominant theme in their lives. Adding to the double whammy is the growing need of preparing for their own impending retirement.

They’re also sandwiched between being has-beens and still-ams. The business gurus may sing about the ongoing potential of Gen X, but the truth is, many of us are at that borderline age of employability, either in reality or in employers’ minds.

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End of the runway

At 50 to 55, it can be hard to find a new job or switch careers when the end of the runway is looming near. Some are already struggling with the latest technology and the always-on demands of social media marketing. At the same time, some of the top leadership posts continue to be occupied by boomers, putting an effective ceiling to career progression. 

It might be difficult – and ironic – for Gen X, known for our self-reliance and independence, to ask for help, but that may be what’s needed. Singapore’s roll-out of the Majulah Package, a raft of measures targeted at the 50s and early 60s, acknowledges the needs of this generation, but the means-testing approach and relatively smaller top-ups, as compared with those given to the Pioneer and Merdeka generations, reflect a simple truth: It’s not just financial help that Gen X needs.

Being generally better educated and having had more employment opportunities than their parents, Gen X-ers are less likely to be desperately short on money. What they are short on, however, is time and energy.

If Gen X-ers are to stay on as an active force at work and build bridges to smoothen the transition of leadership in companies and organisations, they will need more support for their caregiving duties and efforts to balance career, family and their own retirement needs. That means more comprehensive infrastructure and programmes to ensure that their elderly parents are seen to while they are at work, more flexibility and support for their final phase of career-building, more acknowledgment of their continued potential and contributions even as they push towards 60 and beyond, and more help with retirement planning.

And maybe, finally, some recognition and credit for this quiet, reliable, hardworking but forgotten generation. But no names, please, I’m still happy with the X.

Leslie Koh is a former journalist with The Straits Times.

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