When I was in my mid-20s, the last thing on my mind was estate planning. To be honest, I thought it was something only the super-rich or older folks had to worry about—people with mansions, businesses, or a lot of property. Me? I was just trying to figure out how to save, invest, and not spend my entire paycheck on bubble tea and holidays.
But then something happened that changed my perspective. A close friend of mine passed away unexpectedly. He was young, just a few years older than me, and hadn’t planned for anything. His family was left scrambling to figure out his finances—bank accounts, CPF, insurance payouts—and it caused a lot of unnecessary stress during an already painful time.
That experience made me realise something important: estate planning isn’t about how much money you have or how old you are. It’s about protecting the people you care about and ensuring your values and wishes are respected, no matter what happens.
So, if you’re in your 20s or 30s and think estate planning isn’t for you, I’m here to tell you otherwise. It’s not just for the elderly or the rich—it’s for anyone who wants to take care of their loved ones and be responsible for their future.
Let’s break it down.
What Is Estate Planning, Really?
Estate planning isn’t as complicated or intimidating as it sounds. Simply put, it’s about making decisions now about what happens to your money, possessions, and responsibilities if you’re no longer around.
It covers things like:
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Writing a will: Deciding who gets what and naming someone to manage your estate.
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Nomination forms: Ensuring your CPF savings and insurance payouts go to the right people.
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Lasting Power of Attorney (LPA): Choosing someone to make decisions for you if you become unable to do so.
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Appointing guardianship: If you have kids or dependents, this is about deciding who will take care of them.
In short, estate planning gives you control over what happens when life takes an unexpected turn. It’s not about being morbid—it’s about being proactive and responsible.
Why Millennials in Singapore Should Care About Estate Planning
Let’s get real—Singapore isn’t cheap. Many of us have loans, insurance policies, savings, or even HDB flats by the time we hit our late 20s or early 30s. You might not realise it, but you probably already have an “estate.”
Here’s why you should start planning:
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Your loved ones deserve clarity. If something happens to you, your family shouldn’t have to stress about figuring out your finances or who gets what. Estate planning makes things clear and straightforward.
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CPF and insurance aren’t automatic. Did you know your CPF savings don’t automatically go to your family? Without a CPF nomination, the money goes to the Public Trustee’s Office, which can delay payouts. The same applies to insurance policies.
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You’re not invincible. I hate to say it, but none of us are. Accidents and illnesses don’t discriminate based on age. Planning ahead isn’t about expecting the worst—it’s about preparing for it, just in case.
Step 1: Start with a Will
I know, the idea of writing a will sounds so… serious. But it’s actually quite simple. A will is just a legal document that says who will inherit your assets and who will manage your estate.
Here’s what you need to include:
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Your assets: This includes your bank accounts, investments, property, and even sentimental items like jewellery or family heirlooms.
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Your beneficiaries: Who gets what? Be specific—you don’t want arguments or misunderstandings later.
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An executor: This is someone you trust to carry out your wishes. It could be a family member, a close friend, or even a lawyer.
Writing a will in Singapore isn’t expensive. You can engage a lawyer or use an online service if your estate is straightforward. The important thing is to get it done.
Step 2: Nominate Your CPF and Insurance Beneficiaries
In Singapore, your CPF savings don’t automatically go to your next of kin. You need to make a CPF nomination to ensure the money goes to the people you want it to.
The same goes for your insurance policies. Check your policy documents and make sure you’ve named the right beneficiaries. This step takes less than 10 minutes and can save your loved ones a lot of hassle.
Step 3: Consider a Lasting Power of Attorney (LPA)
This one is often overlooked, but it’s so important. An LPA allows you to appoint someone you trust to make decisions for you if you become mentally incapacitated—for example, due to an accident or illness.
Think of it as a safety net. If something happens to you, the person you’ve appointed can manage your finances or make medical decisions on your behalf. Without an LPA, your family might have to go through a lengthy and costly court process to gain control over your affairs.
Step 4: Plan for Your Digital Assets
We’re living in a digital age, and your estate isn’t just about physical or financial assets anymore. Think about your online accounts—email, social media, e-wallets, even cryptocurrency if you have it.
Who will manage your digital presence if you’re no longer around? Make a list of your digital assets and passwords, and include instructions for how they should be handled. You can store this securely with your will or share it with a trusted family member.
Final Thoughts: Estate Planning Is About Love and Responsibility
Let me tell you this—estate planning isn’t about how much money you have or how old you are. It’s about being responsible and taking care of the people you love.
When you plan your estate, you’re not just protecting your assets—you’re giving your family peace of mind. You’re making sure they don’t have to deal with unnecessary stress or confusion during an already difficult time.
I know this isn’t the most exciting topic to think about—it’s definitely not as fun as planning your next holiday or scrolling through Carousell. But trust me, it’s one of the most meaningful things you can do for yourself and your loved ones.
Start small. Write a will. Nominate your CPF beneficiaries. Think about who you’d want to make decisions for you if you couldn’t do it yourself. These small steps can make a big difference down the road.
And if you’re feeling overwhelmed, don’t hesitate to ask for help. Whether it’s talking to a lawyer or consulting a financial advisor, there are people who can guide you through the process.
At the end of the day, estate planning isn’t about preparing for death—it’s about living with purpose and peace of mind. You’ve worked hard for what you have. Now’s the time to make sure it’s protected and used in a way that reflects your values and care for the people you love.
You’ve got this. Start today.