Copyright law varies greatly in different areas. United States copyright law is probably very different from what you're dealing with in Singapore. Here, there's an organization called "Volunteer Lawyers for the Arts" to help artists with issues like this, at no charge. There might be a similar organization there.
Whichever path you take, you should be sure to have everything you agreed on spelled out very clearly in writing before beginning the job.
Certain portrait images that have universal appeal can bring the artist a lot of money in the "after market". Some images, however, really have no potential appeal other than to the family commissioning the portrait. You'll need to have an idea which category this project falls into before you start.
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