Would you also kindly touch on the issue of writing a will? Is it a must to have a will in a family? Isn't it a norm that if something say happen to me, everything will goes to my spouse and kids?
There's a link provided by one of my friends and I am not sure if it's applicable to most of us here in Singapore - http://www.singaporelawraffles.com/will.htm
Maybe you can provide the general viewers of your blog some insights into writing a will.
For a person who dies without a will, the estate will be distributed according to the Intestate Law. If the person has a wife and children, one half will be distributed to the surviving spouse and the other half to the children. However, the actual rules are described in this law.
If a person wants to distribute his (or her) estate in a different manner, he has to write a will. A simple will can be written by any person (without a lawyer) and signed by two witnesses who are not beneficiaries or connected to the will. The will has to be kept in a safe place that can be discovered on death.
A person can write a will and change it at any time. It is a good practice to review the will every few years.
Here is my personal tip. Keep enough money for your own use, such as buying a lifetime annuity, and distribute some of your assets to your children earlier, so that they can make better use of the assets. Do not keep too much to be distributed on death.
Tan Kin Lian
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