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I'm to inherit a freehold landed property in Botanic Gardens currently worth $4.2mil and arnd $1mil cash. Currently I'm studying abroad in UK so I'm not sure what's in hand for sg law on inheritance wealth and if I could bring it over to overseas? (am 21yo but bday not over, so legally still not an adult and im worried there'll be custodian trust issues)
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Hariz Arthur Maloy
06 Feb 2020
Independent Financial Advisor at Promiseland Independent
Hi Joey, extremely sorry for your loss especially at such a young age.
First things first, we do not have inheritance or estate taxes in Singapore. And yes you can bring this money overseas, there will be a few steps you'd need to take before you can move the entire wealth.
I've handled a few inheritance situations recently but not with someone at your age, but I know someone who has and I can consult on this. But the principals stay the same. But first I would recommend you speak to both a legal and tax specialist as well as an integenerational wealth planner/Independent Financial Advisor, and probably best at the same time. Do so both in Singapore and in the UK. We want to make sure you don't flout any legal and tax obligations, if any.
My main focus for many individuals who receive a significant amount of wealth overnight is to firstly not take more risk then they should or are familiar with with the money.
I would apportion a sum into guaranteed income products, a portion into a globally diversified portfolio, a portion into a home in the UK as you will be eventually residing there, a portion for regular charitable contributions on behalf of the estate, and a portion into life insurance to make sure upon your death, you can similarly pass down a bigger sum to the next few generations, tax free.
Basically streams of income meant for different uses in my life. I'd use the income generated yearly to start a business or fund entrepreneurial ventures without touching the capital. Whether or not this is something you desire is another thing, but this is an option.
If you do require someone to consult, I would be glad to provide you with help and introduce you to the best people that I work with.
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Joey Gaeth
06 Feb 2020
BSc Economics at London School of Economics and Political Science
I'll like to add on that there's no debt payable and all my life insurance, medical and hospital cov...
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