The main difference between a simple and a comprehensive Will is that the latter contains a testamentary trust. The following is an outline example of a comprehensive Will for a married person with children who are still minors. A simple Will will not have the items indicated by the asterix *. Please note that this is only for illustration – it is NOT a recommendation. For more information about … [Read more...]
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Lack of Will caused 87 years old grandma to be kicked out of Bedok Reservoir flat
To highlight the importance of financial planning and its relevance to the ordinary man-in-the-street, I want to cite a real life example of a tragic case in which a 87 years old grandmother was forced out of the HDB flat by her grandson. The related newspaper article from Straits Times Man goes to court to get grandma out of his flat. The case is summarized as follows: Mr. Chee Han Meng … [Read more...]
Lasting Power of Attorney
The Office of the Public Guardian will turn live on 1 March 2010. This BIG happening is the latest who-ha among professional financial planners as it will also mean that the much awaited Lasting Power of Attorney under the Mental Capacity Act will also turn live on 1 March 2010. This latest and powerful tool will be added to the arsenal of tools which professional financial planners can use for … [Read more...]
Dead man was asked to pay up income tax 18 years later, trustee stunned
(Two letters referred by this article are appended at IMSavvy link HERE ) There was a case recently in which IRAS requested payment and penalty for income tax owned by a dead man. What’s intriguing is that the man was already dead for 18 years. Fortunately, the family members had documentary proof stored in their storeroom that the tax was already paid just one year after the man died (think: … [Read more...]
Special Needs Trust Company (SNTC)
I attended a talk conducted by the Special Needs Trust Company or SNTC. SNTC is the only non-profit trust company in Singapore set up to provide trust services for the benefit of persons with special needs (PSNs). SNTC is jointly supported by the Ministry of Community Development, Youth and Sports (MCYS) and National Council of Social Service (NCSS). SNTC partners with Insolvency and Public … [Read more...]
Financial Planning Reports used by Fake Planners
Not everybody going to like this blog posting but as usual, it is only my opinion. I know of a number of financial advisers who will write financial planning reports for their prospect. I have seen some of these fake reports. Here are my observations of these fake reports: 1. The prospect did not even read it. It is quite amazing when I asked the client whether did he or she read the report. … [Read more...]
Gambling Addiction 2
Many retirees struggle with gambling addiction. It may be possible to solve this problem with estate planning. In an article, The addiction trap” written by Straits Times’ Senior Correspondent Radha Basu dated 29 August 2009 describes her conversation with a wife of a gambling addict seeking treatment in Institute of Mental Health (IMH). According to the report, Radha Basu wrote “I met a … [Read more...]
What is the process of a person who dies testate / intestate?
A person who dies without a Will is known as dying intestate. The Personal Representative will have to apply to obtain the Letters of Administration (LA). Note that for a person who dies with a Will but with no Executor (e.g. dies, resign, disabled, missing), the process is the same for obtaining the LA but it is called Letters of Administration with Will Annexed. The process of LA as … [Read more...]
What is estate planning?
Estate planning means identifying the best methods for the holding of assets, the transfer and distribution of the estate. Holding of assets: Who shall hold these assets temporarily or permanently? Is such an individual trustworthy, financially savvy, diligent, emotionally competent and possess the expertise to manage these assets? Is such an individual required to seek consent from all vested … [Read more...]
What is a junk Will?
When comes to Will writing, some people either do a DIY Will or get a lawyer to do it. Most of the time the Will is either invalid or is valid but practically useless. Why? A Will is merely a tool. If the tool is used wrongly, it is a rubbish tool. An analogy is like buying an insurance product: If you ask an insurance salesperson for specific product advice, the insurance person can give … [Read more...]
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