facebookAny suggestions on how to allocate my assets in the event of my death? Technically if I live a long full life, I shouldn't be leaving it for my parents since they are more likely to go before me? - Seedly

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Anonymous

14 Oct 2020

Insurance

Any suggestions on how to allocate my assets in the event of my death? Technically if I live a long full life, I shouldn't be leaving it for my parents since they are more likely to go before me?

Signed a whole life plan with my insurance agent recently, and I need to return my 'will' to him basically... But who then do I leave this money for? I'm single, and don't plan to have kids. How/Who do people usually allocate their assets?

Discussion (6)

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Elijah Lee

14 Oct 2020

Senior Financial Services Manager at Phillip Securities (Jurong East)

Hi anon,

I'm guessing that whole life policy is for whole life CI cover. As you have stated, you don't intend to have kids and thus death coverage is not mandatory.

Here's a suggestion that might or might not resonate with you.

If you don't intend to leave it behind to anyone after you have lived a full and long life, you may consider setting up a charitable trust or a foundation, that can be used to help the greater good, such as for the advancement of education, or research. This will be funded by your estate, and you'll want a trustee/trust company/group of trustee to administer and execute.

It's not my area of expertise but you may consider it to administer a scholarship or a busary for future needy students, as an example.

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Jiayee

14 Oct 2020

Salaryman at some company

If there's no one else but your parents, why not? You can change your nominations, right? You can change it after you get married or something.

Also, your words made me wonder:

If you have no dependents, do you really need that insurance coverage?

Insurance is for people who do not want their loved ones to suffer financially when they die or become a financial burden due to disability/illness.​​​

Pang Zhe Liang

14 Oct 2020

Lead of Research & Solutions at Havend Pte Ltd

This will require long-term life planning. For example, will you be staying single forever? And will...

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