I firmly believe, as a family wealth consultant, that everyone needs a Will.
In Singapore, anyone aged 21 and above, and of sound mind, can write a Will. You have several options: leave your estate to the state under the Intestate Succession Act (ISA), draft a Will yourself, or work with a lawyer to prepare one.
Although I’ve been a licensed estate planner for just 20 months, I feel fortunate to have already helped nearly 50 investors—ranging in age from 21 to 83—with their estate planning needs. Each story, each family, brings its own lessons.
Yet, there’s one group I feel particularly close to: parents of minors—children under 21. As a parent myself, I know that deciding on a suitable guardian for my children—should my spouse and I no longer be here—is a question that keeps me awake at night. Honestly, it’s a consideration that outweighs even how I wish to distribute my assets. It’s also about choosing the right trustee for my assets, someone who can guide my children financially until they’re ready to make decisions themselves. In those moments, my children’s safety, happiness, and environment matter more than anything else.
I believe this is also something that concerns my investors who are parents of minors.
Why does this matter so much to me?
Understanding the roles
In Singapore law, a guardian has legal responsibility for a child’s care and welfare until they turn 21. A trustee, on the other hand, is tasked with managing assets on behalf of a beneficiary, according to the terms of a trust.
I often explain the distinction to my investors in Mandarin:
一個管錢，一個管人
(One manages the money, the other manages a person.)
Yet most parents I work with instinctively choose the same person for both roles. When I ask why, their simple answer is almost always: “We trust that person.”
I understand. Trust is everything. It’s also the first and most important consideration in my own Will. But this is where my professional—and parental—instinct kicks in: I cannot help but ask my investors to think a little deeper. My concern is that, by choosing a single person, they might overlook other crucial factors—conflicts of interest, competing priorities, or the sheer burden placed on one individual.
The skills needed to care for a child differ vastly from those required to manage finances. I have seen it in my own life, and I have seen it in my clients’ lives. It becomes even more complex when the child and the assets are not your own. What if the guardian has never been a parent? The responsibility could be overwhelming. Even if someone is capable in both areas, is it fair—or necessary—to place them in such a demanding position?
A Chinese saying comes to mind:
一人難撐樹，眾人共育花
(One person cannot support a tree alone; many people nurture the flowers together.)
While I respect my investors’ wishes and choices, I am not simply an order-taker. It is both my professional and personal responsibility to raise these questions. As a parent—and as their family wealth consultant who understands their values, beliefs, and needs—I put myself in their shoes and ask: would I make the same choices if I were in their position?
When I have done my part, and my investors have taken the time to consider their options thoroughly, I can rest easy. I have fulfilled my responsibility—not just as their family wealth consultant and estate planner, but as someone who cares about their family as much as I care about my own.
