For those with dies with no Will, assets are distributed according to Intestate Succession Act. If you like how the assets are distributed according to Intestate Succession Act, you are in trouble because the Intestate Succession Act hardly does anything for you other than to ruin your family. Why? The Intestate Succession Act only take cares of how your assets are distributed into percentages. … [Read more...]
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Can you describe how Will writing is done?
Related question: Is it true that only lawyers can advice and write Wills? You do not need to engage a lawyer to write your Will. In fact, by my experience, that is probably not advisable. Anyone can write their own Will provided they know how to do it. It is better to engage professional Will writers who specialised in writing Wills. A lawyer does not necessarily possess the specialized … [Read more...]
Why can’t I do estate planning myself (DIY estate planning)?
Frankly speaking you are already doing some sort of DIY estate planning yourself. When you hold joint accounts with your spouse, you are already doing estate planning. When you buy a house jointly with your wife, you are already doing some estate planning. When you buy insurance to provide for your dependents’ needs, you are already doing estate planning. The problem is that this way of doing … [Read more...]
What is the difference between joint-tenants and tenancy-in-common?
For assets held as joint-tenants, upon the demise of one party, the surviving party inherits the entire asset automatically and thus becoming the sole owner of this asset. Assets held as joint-tenants do not form part of the estate. For tenancy-in-common, upon the demise of one party, the surviving party do not inherit the demised party’s share of the asset. Also the share of the demise party … [Read more...]
What are the tools used for estate planning?
The tools used for estate planning are: Wills, Living Trusts, Testamentary Trust, Lifetime Transfers, Corporate Structures, Buy-Sell Agreements, Insurance Wrappers (or sometime called Portfolio Bonds) and Lasting Power of Attorney (under Mental Capacity Act 2008). Please note that these are tools. Tools are meant to solve a problem and it is a means, not an end. If tools are used incorrectly, … [Read more...]
What is an “estate”?
When a person dies, all his assets are collectively called the “estate.” However, not all assets in the estate are distributed in the same manner. For personal owned assets like saving accounts, fixed deposits, unit trusts, shares and properties, SRS balances, investment made via CPFIS, these assets are distributed according to the Intestate Succession Act (if there was no Will) and the Wills … [Read more...]
Why Estate Planning is Essential for a Family Unit?
Estate planning is critically important for a family person especially those who have young children. An estate plan determines the manner in which your assets are to be distributed on death of either spouses. Since the probably of death is 100%, estate planning is not optional. If you don’t plan, the State has a default plan for you which are pampered with flaws: * If your children become … [Read more...]
