How will my family know about my assets and money if no will after I pass away.

[papercar]

Let's say for example, if I suddenly pass away, and I did not make any will.
I also did not inform my family on how much money I have, which bank they are in, and how many shares I have.

I know Singapore have laws on intestate succession.
My question is, after I pass away, who will be in charge of intestate succession? Is it the government?
How will they know where are my assets and money are, and how will they inform my family.
Or is it my family have to find out themselves, e.g. go and call every bank whether do I have an account with them, contact SGX to see what are the shares I have.

P.S. I know the importance of making a will, and I'm now planning it. it's just that I'm curious, confirm got young people out there like me, haven't think about these things.
Then what will happen if there's no will, and family don't know anything about your assets and money.

 

[BBCWatcher]

The surviving family members will have some detective work to do in that event. They might hire someone to search for assets.

 

[limster]

Will doesn't solve the problem of where your assets are - you are not going to be changing your will constantly while your assets may change all the time.

You could keep an investment journal. I got the idea from Bedokian about using the blog format - because there is a date/time stamp, family members can see how up to date the info is. It's important to document sales/account closures - for example, there may be an old dbs vickers statement lying around, so if my family knows I closed the account long ago, they won't waste time to check if I have anything with dbs vickers.

As a bonus, my investment journal helps me to keep track of my financial independence journey.

 

[ashethen]

I've been thinking about this too.

I will print a list of my accounts and assets and keep the list somewhere they can find

 

[BBCWatcher]

I will print a list of my accounts and assets and keep the list somewhere they can find

Custodian name, address, phone/Web/email, and account number are sufficient. No need to include amounts. (Those will vary anyway.) Do include frequent flyer/guest accounts (sometimes those can be inherited), deposits held with service providers (such as the electric company), e-wallet balances (such as Grab Wallet), possible insurance policy payouts, foreign assets/claims, trademarks/patents/copyrights, pending tax refunds, and any/all other assets potentially having value. Do not include login IDs, passwords, PINs, card details (CVC, expiration date), or anything else that could potentially be used to access the account except through legal probate procedures.

May I suggest something better than paper: the My Legacy Vault.

 

[epigram]

Didn't know government provided this secure document facility. So useful!

 

[henrylbh]

Let's say for example, if I suddenly pass away, and I did not make any will.
I also did not inform my family on how much money I have, which bank they are in, and how many shares I have.

I know Singapore have laws on intestate succession.
My question is, after I pass away, who will be in charge of intestate succession? Is it the government?
How will they know where are my assets and money are, and how will they inform my family.
Or is it my family have to find out themselves, e.g. go and call every bank whether do I have an account with them, contact SGX to see what are the shares I have.

P.S. I know the importance of making a will, and I'm now planning it. it's just that I'm curious, confirm got young people out there like me, haven't think about these things.
Then what will happen if there's no will, and family don't know anything about your assets and money.

Follow me. I have not made any will. If I do, I would prefer a Trust rather than a will.

I kept an excel file (password protected) with more than 10 weeksheets detailing almost all my assets including a worksheet like a daily diary of what I did and where I went Size of file is now 4300kb and it keeping getting larger and larger. Another excel file (also password protected) to keep all my passwords which comes to more than 20 pw. I open the file daily to update as I use to trade in shares. More than 200 trades to date. Just after end of each month, I tally all balances with whatever is the correct monthly balances from external sources. Passwords to the 2 excel files only 2 persons know.

 

[reddevil0728]

Follow me. I have not made any will. If I do, I would prefer a Trust rather than a will.

I kept an excel file (password protected) with more than 10 weeksheets detailing almost all my assets including a worksheet like a daily diary of what I did. Size of file is now 4300kb and it keeping getting larger and larger. Another excel file (also password protected) to keep all my passwords which comes to more than 20 pw. I open the file daily to update as I use to trade in shares. More than 200 trades to date. Just after end of each month, I tally all balances with whatever is the correct monthly balances from external sources. Passwords to the files only 2 persons know.

But a trust cost money to maintain

 

[XiaoJinLing]

I think need to like "investigate" ... what investments he done, his fund movement all that going where everytime then check all the transactions under his name etc... check the accounts... cdp, etc mayb link link link can find the mistress and/or illegalimate children lol

Mayb engage lawyer or something they can find out?

 

[henrylbh]

But a trust cost money to maintain

Lawyer preparing a Trust quoted more than 8k, not counting maintaining it.

 

[henrylbh]

I think need to like "investigate" ... what investments he done, his fund movement all that going where everytime then check all the transactions under his name etc... check the accounts... cdp, etc mayb link link link can find the mistress and/or illegalimate children lol

Mayb engage lawyer or something they can find out?

Investigate no end and imagination no end. What about overseas assets and assets kept by third parties like friends and family members etc. My friend had valuable arts pieces with a good doctor friend for custody. After years, the bloody doctor refused to acknowledge and return. I asked him for doctor's info intending to settle for him, but he said forget it. Wondering how his son going to get his 2 properties in Thailand and one in Australia. I witnessed his will without reading the contents. CPF called me up to go to CPF office for questioning on the nomination etc Bloody hell, I got no share of any of his assets.

 

[limster]

I think need to like "investigate" ... what investments he done, his fund movement all that going where everytime then check all the transactions under his name etc... check the accounts... cdp, etc mayb link link link can find the mistress and/or illegalimate children lol

Mayb engage lawyer or something they can find out?

isn't it better to find out about mistress or illegitimate children before the spouse passes away? If pass away and the secret will leaves all the money to mistress, too late. but if you divorce the spouse before he /she dies, you can get 50%+ on divorce?

 

[reddevil0728]

Lawyer preparing a Trust quoted more than 8k, not counting maintaining it.

Ya lor.
So depends on objective

 

[henrylbh]

isn't it better to find out about mistress or illegitimate children before the spouse passes away? If pass away and the secret will leaves all the money to mistress, too late. but if you divorce the spouse before he /she dies, you can get 50%+ on divorce?

Find out also nothing can be done. The family members know my boss had mistress with 2 kids. What his will nobody knows until he is gone The kids turned up and remained throughout the wake and send off. The obituary made no mention of the illegitimate kids who had to put up another obituary with their names

 

[henrylbh]

Investigate no end and imagination no end. What about overseas assets and assets kept by third parties like friends and family members etc. My friend had valuable arts pieces with a good doctor friend for custody. After years, the bloody doctor refused to acknowledge and return. I asked him for doctor's info intending to settle for him, but he said forget it. Wondering how his son going to get his 2 properties in Thailand and one in Australia. I witnessed his will without reading the contents. CPF called me up to go to CPF office for questioning on the nomination etc Bloody hell, I got no share of any of his assets.

How to check his wills/probate/executor/beneficiary? Dreaming only

 

[limster]

Find out also nothing can be done. The family members know my boss had mistress with 2 kids. What his will nobody knows until he is gone The kids turned up and remained throughout the wake and send off. The obituary made no mention of the illegitimate kids who had to put up another obituary with their names

file divorce so that you will get 50%+ of the assets. if don't divorce and spouse dies, the assets will be distributed according to the will - what if the will leaves everything to mistress?

 

[henrylbh]

file divorce so that you will get 50%+ of the assets. if don't divorce and spouse dies, the assets will be distributed according to the will - what if the will leaves everything to mistress?

It has been many years affairs and the whole office also know. Not so simple to divorce as they must have considered it over 40 or 50 years with more than 10 +2 kids and the husband was still with the wife all the way till death do they part as great grand parents,

 

[luvpraline]

I've been thinking about this matter too. I do not have a will yet because I would like to distribute the same proportion as by interstate succession. But for most of us in the tech savvy generation, our funds are spread out in various places and I'm thinking of how to release the info when something unexpected happens. I do keep a google spreadsheet but unable to find a way to set a password. Anyone knows how to?

Or, it would be very helpful if a website like My Legacy vault can let us set an automatic email/ letter to be sent to our nominated beneficiaries if say, we do not login or respond despite 3 reminders over 3 months? Or something to that effect...

 

[reddevil0728]

I've been thinking about this matter too. I do not have a will yet because I would like to distribute the same proportion as by interstate succession. But for most of us in the tech savvy generation, our funds are spread out in various places and I'm thinking of how to release the info when something unexpected happens. I do keep a google spreadsheet but unable to find a way to set a password. Anyone knows how to?

Or, it would be very helpful if a website like My Legacy vault can let us set an automatic email/ letter to be sent to our nominated beneficiaries if say, we do not login or respond despite 3 reminders over 3 months? Or something to that effect...

Will be good if you can write in to feedback

 

[BBCWatcher]

Or, it would be very helpful if a website like My Legacy vault can let us set an automatic email/ letter to be sent to our nominated beneficiaries if say, we do not login or respond despite 3 reminders over 3 months? Or something to that effect...

Google will do exactly that via their Inactive Account Manager. But that's a 3 month wait. You can also simply say to survivors, "I'm keeping a list of assets in My Legacy Vault." That should work.