A 15-point self-check before starting wealth planning in Singapore

A self-check before starting wealth planning in Singapore is a readiness review the family completes on its own before approaching any financial institution or service provider. Its 15 questions cover residency and tax residence, assets and cash flow, succession documents, business and reporting, and the division of roles among professionals. It does not tell you what to buy or which structure to set up; it only helps you confirm whether the facts are clear, the documents are complete and it is clear who is responsible. Any question you cannot answer is where the planning starts.

How to use this list

Three principles: answer person by person — residency, tax residence and beneficiary arrangements are all assessed for each family member, not for "the family" in general; rely on documents — each item names the documents that prove it, and a verbal explanation does not count as done; date your answers — status, days spent in a country, policies and nominations all change, so record the date each item was checked to make the annual review easier.

Family, residency and tax residence (Items 1–4)

1. Is each family member's nationality, status and tax residence clear

Test: you can write down, for each person, their nationality, immigration status (such as EP or PR), tax residence and the basis for it. For foreigners, Singapore commonly applies tests such as staying or working in Singapore for 183 days or more in the previous calendar year (IRAS); the mainland treats a person as a resident individual based on domicile or a stay of 183 days or more. It is normal for the three to differ. Read: Residency and tax residence.

2. Do you plan to relocate, when, and who goes first

Test: the order and timing of relocation are written into the plan, with an estimate of when each person's tax residence may change. If the main applicant moves first, the children follow with the school term and the parents come later, the family can spend several years with members tax resident in different places, and both the allocation and the filings need to adjust accordingly. The steps for residency applications are covered on the sister site hnwi.sg.

3. Is anyone a US person or connected with the US

Test: confirm for each person whether they are a US citizen, green card holder or US tax resident, and whether they hold US assets. US persons are subject to FATCA, and Singapore financial institutions report separately under the Singapore–US intergovernmental agreement (IRAS). Read: CRS and cross-border information exchange.

4. Is anyone a politically exposed person or a family member of one

Test: whether you, your spouse, children, parents or close associates hold or have held a prominent public function. If so, Singapore banks must obtain senior management approval, verify source of wealth and source of funds, and step up ongoing monitoring (MAS Notice 626), so allow extra time to prepare documents.

Assets, funds and cash flow (Items 5–8)

5. Where are the assets, and what are the top three concentration risks

Test: draw up a balance sheet by region, currency and class (operating assets, financial assets, real estate, insurance policies) and name the top three concentration risks — for example, shares in a single company, property in a single city or a single currency. Read: Asset allocation framework.

6. Can the source of every sum you plan to invest be documented

Test: every sum can be matched to documents such as salary records and tax returns, dividend resolutions, share or property sale contracts and bank statements, with an unbroken chain. You should also be able to explain your source of wealth (how your overall wealth was built up) in outline. Where funds involve mainland China, outbound investment and foreign exchange rules must be followed; see Cross-border family questions.

7. What are your cash-flow needs over the next 2, 5 and 10 years

Test: list the amounts and timing of education, home purchases, retirement, medical costs, capital injections into the business and known liabilities, and separate what must be available at any time from what can be locked up for the long term. Long-term lock-up tools (such as policies with surrender charges, or closed-end funds) should only hold money you are certain you will not need.

8. Which currencies do you need to pay in

Test: which currency tuition, living costs, retirement and medical costs are each paid in, and how much of each currency is needed and for how long. Singapore deposit insurance covers only Singapore-dollar deposits and is capped; foreign-currency deposits are not covered (SDIC; for the cap, see The wealth tool landscape), so the safety margin for multi-currency cash must be assessed currency by currency.

Policies and succession documents (Items 9–11)

9. Do the policyowner, life assured and beneficiary of existing policies match your goals

Test: list each policy's owner, life assured, beneficiaries or nominees, and the place of issue. A Singapore insurance trust nomination can name only a spouse and/or children, and the nominator cannot change it unilaterally; under a revocable nomination, assigning the policy revokes the nomination (LIA guide, Mar 2026). Check again after marriage or other family changes.

10. Do you have a valid will, and which jurisdictions' assets does it cover

Test: a Singapore will must be made by a person aged 21 or above, in writing and signed before two witnesses; a witness should not be a beneficiary or a beneficiary's spouse, or the gift to that witness may be void (Wills Act; MoneySense); CPF savings are not covered by the will. For assets in mainland China, Hong Kong or other countries, confirm whether there is a separate local will. Read: Succession and family governance.

11. Have you signed an LPA or an equivalent incapacity document elsewhere

Test: a person aged 21 or above with mental capacity can sign a Singapore LPA appointing donees to make decisions if they lose capacity; it must be witnessed and certified by an LPA Certificate Issuer (MSF/OPG). If someone loses capacity without an LPA, the family must apply to the court for Deputyship. Business owners should also check who would take over share voting and account operations on incapacity.

Business and reporting (Items 12–13)

12. Do business shareholdings, guarantees and succession arrangements conflict with the family plan

Test: set out who holds the business shares, whether any are held by nominees, whether the founder has personally guaranteed business debts, and who takes over if a key person dies or loses capacity. A personal guarantee is a hidden liability on the family balance sheet, and buy-back and succession clauses in the shareholders' agreement should be consistent with the will and trust arrangements.

13. Are CRS self-certifications completed according to actual tax residence and kept up to date

Test: self-certifications for all financial accounts and cash-value policies match the conclusion of Item 1 and have been updated after any change in status or residence. Cash-value insurance contracts are within the scope of CRS reporting, and companies and trusts are looked through to their controlling persons (IRAS CRS e-Tax Guide, fifth edition).

Professionals and annual review (Items 14–15)

14. Who is responsible among the lawyer, tax adviser, bank, insurer and trustee, and how do they work together

Test: put each professional's responsibilities, deliverables and communication channels on one page, and appoint a coordinator. A common split is that the lawyer handles wills, trusts and shareholding documents; the tax adviser handles residence tests and filings in each jurisdiction; banks and insurers handle accounts and policies; and the trustee administers the trust. A model for professional collaboration on specific solutions is available on the sister site hnwsolution.com.sg.

15. Who is responsible for the annual review

Test: there is a named owner and a fixed date for the review, which covers at least each member's days in each country and tax residence, CRS self-certifications, policy nominations, the will and LPA, drift in the asset allocation and the cash-flow plan. Major events such as marriage, the birth of a child, relocation or the sale of a business should trigger a review early. Read: Implementation process.

Once these 15 items are done, conversations with financial institutions and professionals will be more efficient and more accurate. This list is not personal advice; if you would like it interpreted for your own situation, you can register your needs through the contact details on this site.