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.
Hi Mr Tan,
ReplyDeleteA relative of mine passed away years ago. Only recently, his family members realized he actually has a lot of Wheellock shares. However, no will is done to decide who will be the beneficiary. What needs to be done so the family members will be able to take ownership of the shares with the less hassle and without having to spend money in engaging a lawyer?
I hope you can share your views on this matter.