Will writing and CPF nominee.

[TROLLER]

[Serious] Any resources on will writing?

Planning to write my own. Anyone got any resources to share?

 

[TROLLER]

Bumping for visibility

 

[T H I N K]

There is a new website offering will writing services. U can read the info there, plus there is a sample will u can download. I use it for reference to improve my own will. Not using the services offered there.

If u want to understand about will writing, it does provide some info, u can also attend free 1 hour talk organised by NTUC Income.

Here is the website: legacynest.com

 

[qhong61]

Planning to write my own. Anyone got any resources to share?

U need 2 witnesses and an executor. CPF is not covered under will. Need nomination.

 

[Perisher]

There were a few threads regarding will writing before.

http://deluxeforums.hardwarezone.com.sg/money-mind-210/will-making-3331123.html
http://deluxeforums.hardwarezone.com.sg/money-mind-210/reasonable-charges-wills-lpa-5036618.html
http://deluxeforums.hardwarezone.com.sg/money-mind-210/setting-up-will-5246522.html

 

[TROLLER]

Thanks everyone, will read up.

Yah I just attended the ntuc talk yesterday. Thinking of diy myself.

 

[ahjunlah]

A simple will by lawyer i think only cost $2xx..

Why risk it by diy-ing? You save alot from it?

Sent from using GAGT

 

[OngHuatHuat]

Is it important to write a will at 30 plus years old?
If there is no will, how long family members take to access my assets and how they distribute the assets? Any of you never nominate anyone for your cpf?

Common examples of assets:
CPF, houses and shares/bonds.

 

[maple96]

Is it important to write a will at 30 plus years old?
If there is no will, how long family members take to access my assets and how they distribute the assets? Any of you never nominate anyone for your cpf?

Common examples of assets:
CPF, houses and shares/bonds.

U can write a will if u are above 21 and of sound mind. Now u can write your own will using OCBC Will Generator free of charge, link here https://www.ocbc.com/personal-banking/lifegoals/willgenerator/#/

Read the FAQ

A written will does not cover CPF, HDB,joint bank accounts, some insurance policies with nomiations (the most common assets). Generally all other assets come under the Will or Intestate succession act if no will.

U should make a CPF nomination so monies will be distributed asap free of charge (except for sale/transfer of singtel shares/). CPF nomination does not cover CPFIS-OA/SA investments – these come under the Will or Intestate succession act if no will.

To avoid high legal/admin costs and delay in distribution of your estate, it is better to have a will, especially if u dun want your assets distributed in accordance with the Act.

 

[OngHuatHuat]

U can write a will if u are above 21 and of sound mind. Now u can write your own will using OCBC Will Generator free of charge, link here https://www.ocbc.com/personal-banking/lifegoals/willgenerator/#/

Read the FAQ

A written will does not cover CPF, HDB,joint bank accounts, some insurance policies with nomiations (the most common assets). Generally all other assets come under the Will or Intestate succession act if no will.

U should make a CPF nomination so monies will be distributed asap free of charge (except for sale/transfer of singtel shares/). CPF nomination does not cover CPFIS-OA/SA investments – these come under the Will or Intestate succession act if no will.

To avoid high legal/admin costs and delay in distribution of your estate, it is better to have a will, especially if u dun want your assets distributed in accordance with the Act.

Thanks for the reply.


One of the reasons why I don't have a will is because I do not want my mum and wife to know too much.

 

[existential_reality]

If not mistaken if there is no will your wife can claim majority of the assets not sure about time period for the assets to be distributed.

If I recall my lawyer has a copy of my will which my wife/parents will reach out to if anything happens but I also keep a copy at home, if you are using a free service maybe you can keep a copy in a sealed letter to be open if things happen?

Not yet done anything with my cpf.

Is it important to write a will at 30 plus years old?
If there is no will, how long family members take to access my assets and how they distribute the assets? Any of you never nominate anyone for your cpf?

Common examples of assets:
CPF, houses and shares/bonds.

 

[Prof. Utonium]

In my 20s.

Intend to do so by end of this year once I finalized my assets.

Any policies with nominations please make one. It is much simpler and faster for your family.

Had made new nominations to my policies and CPF recently. Keep all your policies in a box for ease of finding.

I make known my box whenever I travel for extended period.

Without a will, it can greatly inconvenient your dependants after your passing and it might cost them money.

 

[OngHuatHuat]

Thanks for the reply, I think I gonna make a proper one once I clear most debts.

First thing to do is to get the nominee of my insurance policies and cpf done.

If not mistaken if there is no will your wife can claim majority of the assets not sure about time period for the assets to be distributed.

If I recall my lawyer has a copy of my will which my wife/parents will reach out to if anything happens but I also keep a copy at home, if you are using a free service maybe you can keep a copy in a sealed letter to be open if things happen?

Not yet done anything with my cpf.

 

[maple96]

It is a good practice to inform your bene of your will and where it is kept.

What my friend do: whenever the couple is going overseas, she will leave the will and policies, etc in a place at home and inform her son (bene).

 

[BBCWatcher]

One of the reasons why I don't have a will is because I do not want my mum and wife to know too much.

There's no such requirement. Obviously somebody ought to know about the existence of your will when the time comes, but that somebody need not be your mother or your wife. It could be the Wills Registry.

There are several online services that'll automatically take action if you don't seem to be alive. Google's "Inactive Account Manager" is one way, although it's a little too slow for these purposes. There's a long list of "digital afterlife" services available here, and there are several others not on that list such as ifidie.org and deadmansswitch.net.

 

[paul02]

Up's for informative thread.

 

[henrylbh]

To avoid high legal/admin costs and delay in distribution of your estate, it is better to have a will, especially if u dun want your assets distributed in accordance with the Act.

With or without will, legal cost about the same. Save the cost of will if one is fine with intestate distribution.

I applied for letter of administration and it cost me $1350 all in and the estate is settled within a year including sale of property from date of death.

Most important, must have nomination on CPF. Otherwise, it goes to public trustee and there would be some delay and cost. With nomination, the nominee/s will be informed within a month to make application to collect money.

 

[henrylbh]

For shares held by cdp, it's a little troublesome. For shares under CPFIS, the custodian agreed to transfer shares to my cdp.

 

[BBCWatcher]

With or without will, legal cost about the same. Save the cost of will if one is fine with intestate distribution.

The OCBC Online Will Generator is free. It and the "digital afterlife" services help assure that all your assets are cataloged and known to your survivors. It's quite common to have unclaimed property otherwise, especially if your wealth spans jurisdictions.

Most important, must have nomination on CPF. Otherwise, it goes to public trustee and there would be some delay and cost. With nomination, the nominee/s will be informed within a month to make application to collect money.

Yes, and there are some "tricks" here. For example, if you have a spouse and two children then you can do something like this:

99.98%: spouse
0.01%: child #1
0.01%: child #2

Why would you do that? Well, it's an easy way to make sure that your spouse inherits practically everything by default but, in the event he/she should predecease you (or concurrently die), the surviving children will split your CPF assets. Ordinarily you wouldn't/shouldn't name a minor child as a CPF nominee since there are public trustee charges involved, but this'd be a reasonable way to make a single CPF nomination and not have to worry about it much thereafter.

 

[BBCWatcher]

Relatedly, it's a good idea to have an Advance Medical Directive.

I also really, really hope everybody reading this post pledges all their organs (or their whole body) under MTERA, going beyond HOTA. If you're a foreigner then HOTA doesn't apply to you, and it's also important that you make a MTERA organ donation pledge. It's really easy to do -- a simple MTERA form, a couple witnesses, mail it in, tell your loved ones, and you're all set.