Knowing what his dad wanted underscores the importance of having legacy conversations early
Estate planner Bernard Chan shares his experience of how his father’s wishes were respected, not through a traditional will, but through proactive planning, including an Advance Care Plan (ACP). When his father was hospitalized for a terminal lung disease in 2017, he had already made his healthcare preferences known through the ACP, outlining his desire to pass away peacefully at home without prolonged medical treatments. This foresight made the final days more meaningful and eased decision-making for the family.
Bernard Chan, who specializes in estate planning, advocates for early action in legacy planning, especially when healthy. He practiced what he preached by creating his own ACP and Lasting Power of Attorney (LPA) in 2022, taking steps to ensure his family wouldn’t face difficult decisions in the event of a loss of mental capacity. Despite being well-versed in legacy planning, it was only after his father’s death that he recognized the need for these documents.
Chan explains that while wills and CPF nominations outline the distribution of assets after death, the LPA and ACP are crucial to manage a person’s affairs if they lose the mental capacity to make decisions during their lifetime. These documents help avoid conflicts among family members and ensure that healthcare preferences are respected, providing clarity in times of emotional distress.
Despite growing awareness, only 19% of people in Singapore have an LPA, according to a recent survey, though the number is increasing, particularly among those over 50. Chan encourages early discussions about legacy planning to avoid the emotional strain that can result from delayed decisions. Through the process, he believes families can bond over shared values and ensure that personal wishes are honored beyond material wealth.
