Answer: Yes and no. Estate planning is the final stage of comprehensive financial planning. Protection planning on the other hands is meant to ensure your estate is solvent. If you are insolvent, all your estate goes to your creditors unless prior protection planning was done. … [Read more...]
Why I need to have a Will when I have no beneficiary to give when I die?
Answer: You are selfish, self-centered and only think about yourself. There are many people in the world who are destitute. You can always give it to them as beneficiary of your estate. … [Read more...]
Why the distribution according to Intestate Succession Act may not be useful?
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...]
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...]
What happens if I am unable to pay for the hospital bill?
The following is the procedure on what happens if you are unable to pay for the hospital bill: Restructured Hospital Arrears. Hospital will send the patient a reminder Another remainder via telephone and mail Send debt collection agency (licensed ah-long) At any point in time, if the patient express problem paying the hospital bill, other options will be explore such as "restructure" … [Read more...]
What is Private Integrated Shield Plan and Medishield?
All Singaporeans automatically are opted into the Basic Medishield when their CPF account is first opened. This is typically when they start their first job. For those who want a better coverage, they would look at those “enhanced” shield plans called the private-integrated shield plans. Why are they called integrated shield plan? When a person buys a private shield plan, the Basic Medishield … [Read more...]
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