While it’s not a topic that we like to dwell on much, getting our family’s financial future sorted out is an absolute priority for international families living in Singapore, especially when there are important issues to consider like what would happen to our kids if anything happened to us? We spoke to Daniel Purchon and his assistant Emma James from AAM Advisory (their team of knowledgeable advisors are well versed in the financial needs of families and are our go-to resource when we need solid, reliable and practical advice) to get their top tips to ensure your family’s future is a secure and well organised one.
Wills and guardianship
While it may be a topic that mamas don’t even want to think about having your final will in order needs to be top of the priority list. Making sure you have temporary and permanent guardians appointed to take care of your precious little ones is the first stop. A simple Letter of Guardianship is perfect for appointing your children’s guardians and means your kiddos will avoid being taken into care by local authorities should the worst happen (not that we think it will mamas!). Best of all they’re completely free to put in place — all you need to do is drop Emma an email for more details!
Having enough funds to meet your family’s current and future financial needs (beyond who’ll be paying for the next meal out with the kids!) should be second on a mama’s admin list, and getting the right advice is an absolute no-brainer. Daniel regularly advises on insurance issues, and can assess how much coverage a mama’s brood actually needs (he definitely recommends double checking any old overseas life insurance policies you may have as sometimes you won’t be covered if you no longer reside in the country where you took out the plan). We’re even told that some insurers are offering a 25% discount on life insurance policies if you sign up before the end of June… woo hoo!
While the sheer cost of schooling is enough to make any parent break out into a cold sweat, AAM can ease the pain by providing information on exactly how much you need to be saving to afford junior’s university education, and how to use tax efficient savings accounts when squirreling away the pennies. You can even get your hands on a copy of their free expat guide – just drop Emma an email below – which is filled with super helpful tuition fee data for top international schools and universities!
Whatever your nationality, if you or your husband have ever spent time working in the UK you may very well have some pensions left over in a UK pension fund. If that’s the case, Daniel offers a free pension tracking service to help you track down any hidden dollars or pounds you may have left behind (because often these forgotten savings may be worth more than you think!) and help you take control of those savings. Psst… did you know UK pensions may be taxed 55% upon death, mama? However if you no longer live in the UK, it’s quite simple to prevent this and ensure 100% of your savings pass to your family!
So if you’re keen to ensure that your family finances are in check, look to Emma or Daniel to get you sorted mama – Daniel can also assist with retirement planning, trust planning, investments and international mortgages too!