I gave this suggestion to attendees at my educational talk.
1. Write a will. It will help your family to sort out your financial affairs when you pass away.
2. If you are not sure about your final intention, you can write an interim will now and replace it with a new will later, if your circumstances change. A will can be revoked by a new will.
3. If you do not write a will, it is all right. Usually, the family members will decide on how to distribute the assets through mutual agreement.
4. If there a dispute among the family members (without a will), the estate can be distributed according to the Law on Intestacy.
More importantly, an elderly parent should involve your family members early, in managing the assets, i.e investments and properties. This allows the family members to identify the assets and manage them easlily, following the death of the parent.
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09/16 - 09/23
- China stocks are too expensive
- Choose the right fund
- Educate the customers
- Need for financial discipline
- Longevity insurance - What are the Options?
- Life annuity pays out more
- Does an independent adviser give better value?
- Purchase additional insurance
- Write a will
- Distribute your assets early
- Reaching age 55
- Coverage under Medishield and hospitalisation plan
- Selecting a Shield plan
- Avoid over-lapping insurance policies
- Pooling of risks
- Insure against big losses
- People are living longer
- Funds with Low Upfront Charge
- Diversification and liquidity
- Retirement Planning
- Education in Singapore.
- Questons on Life and medical insurance
- Questions on Investing in funds
- Questions on Overseas property
- Questions on Life Annuity
- Talk to teachers on Managing your Finances
- Waive legal fees of $45,000
- Simple facts about life annuity
- Future bonus of NTUC Income
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