Singaporeans ill-prepared for end of life and incapacitating events
Only 28% of respondents have a finished will.
Singaporean adults need to ensure they are much better prepared for end-of-life events and incapacity, says STEP, the worldwide association for those advising families.
A survey from STEP shows that only 28% out of 495 people surveyed have a finished will and, of those, a significant proportion feel it is not adequate or up-to-date. A further 56% of respondents reported they had no will at all, whilst the remaining 16% said their will was currently under development.
The survey also reveals that 39% have no delegations or directives in place should they become incapacitated, such as lasting powers of attorney.
Of those respondents who have children, just 34% have nominated a guardian in the event of death, which potentially places the children of the other 66% at risk of family disputes and the cost or disruption of court cases.
Furthermore, 62% of those who own businesses do not have a succession plan whilst 65% are unaware of what would happen to their digital assets in the event of their death.
STEP says the numbers show that the ‘it will never happen to me’ mentality is alive and well in Singapore and people should think much more carefully about preparing for end-of-life events and incapacity.
With this, the association is calling for more education, particularly with respect to issues like the impact of digital technology and trusts on the administration and succession to their property. Irrespective of culture, age, occupation and income, death and disability are issues that all adults need to consider if they want to ensure their wishes are carried out.