Estate Planning & Family Governance

Client’s Challenge

An affluent family in Singapore with a diverse portfolio of assets and multiple generations involved was struggling with estate planning and family governance. There was no clear succession plan, leading to potential conflicts and uncertainty about the future management of the family’s wealth. The family needed a structured approach to ensure the smooth transition of assets and responsibilities.

Our Solution

Solok Wealth undertook a comprehensive approach to address the family’s needs, focusing on

Detailed Estate Planning

Conducted a thorough assessment of the family’s assets, liabilities and individual goals.
Created a tailored estate plan that included trusts, wills and other legal instruments to ensure the efficient transfer of wealth.
Addressed tax implications to minimise estate taxes and preserve the family’s wealth.

Succession Planning

Developed a clear succession plan outlining the roles and responsibilities of each family member.
Established a governance structure to facilitate decision-making and conflict resolution.

Family Meetings and Retreats

Organised regular family meetings and vacations to foster open communication and unity.
Facilitated discussions to ensure all family members were aligned with the overall vision and goals.

Next-Generation Education & Mentoring

Provided education programs and mentoring for younger family members to prepare them for future leadership roles.
Financial literacy training and workshops were offered to ensure the next generation was equipped to manage the family’s wealth.

Results

The family now has a well-structured estate plan ensuring smooth asset and responsibility transition.
Reduced estate taxes have maximised the wealth available for future generations.
Regular family meetings and a clear governance structure have enhanced family harmony and cooperation.
The next generation is well prepared to take on leadership roles, ensuring the long-term success and continuity of the family’s wealth.