One of the greatest worries for many parents is that they would leave their children orphaned due to an unforeseen event. It is these unthinkable events that we need to plan for and ensure that we have the right plans in place to ensure our children are cared for.
There are two important steps that any expats with children under 18 in Singapore need to consider. These steps will ensure that your children don’t suffer from any additional trauma that the loss of parents could cause.
The first important step for parents is to nominate Temporary Guardians.
The Temporary Guardians are those that you nominate to look after your children in the event that the unforeseen were to happen to both parents. They would ensure that the children are cared for while they await for the permanent guardians to arrive, as for most of us the permanent guardians are living in Australia or elsewhere.
When considering who to nominate as the permanent guardians, it’s a good idea to consider friends or family living locally, and not to nominate your ‘helper’ or anybody’s who’s employment would cease should something happen to you. The Court of Protection will have the ultimate say and the appointment can be made by a Letter of Temporary Guardianship.
Secondly, it is important that you nominate Permanent Guardians for the children also.
The Permanent Guardians will be those who would look after your children on an ongoing basis. They can be appointed by your Will or a legal document lodged. It’s important that if the Permanent Guardians are not living in Singapore, that they have the necessary copies of ID and other documents for the children, as they would need to bring them to Singapore to be able to take the children with them.
Planning for the unforeseen is an important element of financial planning, and our children should not be overlooked. Ensure that you seek professional advice for your estate planning and guardianship needs and ensure that your loved ones are cared for.
To Your Financial Success!
Jarrad Brown is an Australian-trained and qualified Independent Fee-Based Financial Adviser with Australian Expatriate Group of Global Financial Consultants Pte Ltd providing specialist financial advice and portfolio management services to international and local professionals in Singapore.
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Jarrad Brown is an Authorised Representative of Global Financial Consultants Pte Ltd – No: 200305462G | MAS License No: FA100035-3
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