Thursday, October 22, 2009

Writing a will

Dear Sir
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.

REPLY
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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4 comments:

Anonymous said...

Having a will will also enable the court to distribute your assets faster.

If you have group insurance policies, they can only be paid out once the will has be executed.

Having a will is part of good financial planning.

October 22, 2009 8:57 AM
Anonymous said...

Hi,

May I add that we could inform the public Trestee office that we have made a new will by completing a form and send it to them.

This will enable the Executor to search and know that there is a will kept somewhere.

One may visit www.ipto.gov.sg to see the details.

October 22, 2009 5:59 PM
Anonymous said...

"...and distribute some of your eassets to your children earlier.."

A now "vegetable" (89yo) had distributed one private shop house to a son. He sold it out and forget her mother who is badly need health care fund now and future.

Fortunately, the "vegetable" has a child who is a nurse (70 yo). She does not own property of her mother !

October 23, 2009 10:56 AM
Anonymous said...

Mr Tan, What do you mean by distributing some of your assets to your children earlier? Will you spoil your children by givng them money that not earned by them? How can you, as parents, nake that they do not suquander away your money? Thanks.

October 24, 2009 5:52 PM

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