“There is no friendship, no love, like that of the parent for the child.”
Henry Ward Beecher
One of the greatest worries for parents is what would happen to their children if an unforeseen event meant that they were no longer around. It is these unthinkable events that we need to carefully plan for to ensure that our children would be cared for. As Australian expats in Singapore, this is particularly important and can be easily arranged.
There are two important steps that Australian expats with children under 18 in Singapore need to consider. These simple steps will ensure that your children are cared for by those in your life that you trust to do so.
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. The Temporary Guardians ensure that the children are cared for while they wait 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, consider friends or family living locally, and don’t nominate your ‘helper’ or anybody 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.
The next step is the nomination of the Permanent Guardians.
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 standalone legal document that is 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. These documents would need to be brought 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 Fee-Based Financial Planner with Australian Expatriate Group, division of Global Financial Consultants Pte Ltd providing specialist financial advice and portfolio management services to international and local professionals in Singapore. Jarrad Brown is an Authorised Representative of Global Financial Consultants Pte Ltd – No: 200305462G | MAS License No: FA100035-3
Australian Expatriate Group is licensed by Global Financial Consultants in Singapore, with a team of Australian-trained, experienced and qualified, allowing us to provide specialist advice to Australians living abroad.
To learn more about how we may be able to help you, please contact us:
✆ +65 8282 5702
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General Information Only: The information on this site is of a general nature only. It does not take into account your individual financial situation, objectives or needs. You should consider your own financial position and requirements before making a decision.
*Please note that Jarrad Brown is not a tax agent or accountant and none of the content outlined here should be taken as personal advice. You should consult your tax agent and financial adviser to review your current personal finances and financial goals to consider whether this strategy is appropriate for you.