Will making

[edwinttt1978]

means the trustee can withdraw money and invest it hor? I don't want the money to erode. Rather park in places like UOB One or OCBC360.

Can park in any of these:

FIRST SCHEDULE

MANNER OF INVESTMENT

PART I
1. In any securities of the Government.
2. In any securities the repayment of the amount received and the interest on which is or shall be guaranteed by the Government.
3. In fixed income securities issued in Singapore by any public authority established under written law.
4. In any interest bearing deposits held in Singapore currency in the Post Office Savings Bank or a bank or finance company in Singapore.
5. In negotiable certificates of deposits denominated in Singapore currency and issued by any bank in Singapore.

PART II
1. In any units, or any shares of the investments subject to the trusts, of an authorised unit trust scheme.
2. In any securities issued by a company (whether incorporated in Singapore or elsewhere) —
(a) which are listed on the Stock Exchange of Singapore; or
(b) for which prices are quoted on the Central Limit Order Book (CLOB) International.
3. In bank bills and trade bills denominated in Singapore currency which —
(a) are endorsed by a bank in Singapore; and
(b) will mature not later than 3 months after the date of the investment.
4. In or upon titles to land in Singapore, such titles being freehold titles or grants in perpetuity or leases (other than mining leases) of which their unexpired term at the time of such investment is not less than 30 years.

PART III
In any fixed income securities of a government outside Singapore having a Triple A credit rating or equivalent given by any of the following credit rating agencies:
(a) Moody’s Investor’s Service, Inc., USA;
(b) Standard and Poor’s Corporation, USA.

 

[edwinttt1978]

I believe a trustee has duty and responsibility and he is unlikely to take any risk on investing. He will simply place the fund in fixed deposits.

Some duties of a trustee under the Trustees Act.

A trustee has a statutory duty to exercise care and skill as is reasonable in the circumstances, having regard in particular to any special knowledge or experience that he has or holds himself out as having. [Section 3A(1)(a)]

A trustee has a general power to make any kind of investment if he were absolutely entitled to the assets of the trust. He may invest any funds in his hands in any manner specified in Part I, II or III of the First Schedule in force immediately before 15th December 2004; and from time to time vary any such investment. [Section 4(1)]

In exercising any power of investment, a trustee shall have regard to the standard investment criteria - the suitability to the trust of investments of the same kind as any particular investment proposed to be made or retained and of that particular investment as an investment of that kind and the need for diversification of investments of the trust. [Section 5(1)]

A trustee shall, before exercising any power of investment, obtain and consider proper advice about the way in which the power should be exercised, having regard to the standard investment criteria. A trustee need not obtain such advice if he reasonably concludes that in all the circumstances it is unnecessary or inappropriate to do so. “Proper advice” means the advice of a person who is reasonably believed by the trustee to be qualified to give such advice by his ability in and practical experience of financial and other matters relating to the proposed investment. [Section 6]

 

[henrylbh]

Anyone familiar with Trust wherein the trustee is an individual like me?

What is the indicative cost of creating such a trust if the trust is on a half share of a HDB flat only, under tenancy in common?

Anyone can shade some light?

I am thinking of getting a lawyer to draw up a Trust on a half share of a HDB flat (tenants in common) wherein I would be the trustee. Not considering a Will as it can be revoked by testator.

I am waiting for HDB's reply on whether they will recognise a Trust in which I briefly described what I had in mind.

TIA.

 

[edwinttt1978]

Anyone can shade some light?

I am thinking of getting a lawyer to draw up a Trust on a half share of a HDB flat (tenants in common) wherein I would be the trustee. Not considering a Will as it can be revoked by testator.

I am waiting for HDB's reply on whether they will recognise a Trust in which I briefly described what I had in mind.

TIA.

Under Section 51(9) of the Housing and Development Act:
"Every trust which purports to be created in respect of any protected property without the prior written approval of the Board shall be null and void."

Thus, not only must HDB recognises a trust, it must give written approval too.

Possible approved express trusts over HDB flats may be granted in favour of
-minor children on death of the parent lessee;
-children with special needs on death of the parent lessee;
-a lessee who loses mental capacity.

 

[martin]

This Article provides very good guidelines when making a will

https://drive.google.com/file/d/0B2sIXwIJBPmWdzJpRXZCU3JIQmc/edit?usp=sharing

2 Simple Will Templates

https://drive.google.com/file/d/0B2sIXwIJBPmWdklCeG5ubW5TVVE/edit?usp=sharing


https://drive.google.com/file/d/0B2sIXwIJBPmWMEpISG8xTTRYTms/edit?usp=sharing

Thanks for sharing this. I too have put this off and thinks its time to do one.

My estate is quite simple. A house co-owned with my wife. Some shares and some bank deposits. Only 1 child. Is a will really necessary?

I looked at the template. I would need to appoint an executor. Must this person be informed? What happens when the executor changes address, must the will be updated ?

After completing the will, it must be registered?

 

[chrysanthemumhealthy]

Hi Martin,


Is a will necessary? - Saves time (in terms of court process) and convenience for family members, and possibly avoid any potential conflict among them (e.g., unexpected passing before parents), in relation to the administration of your estate.

Good to inform executor, who has the choice of renouncing executorship.

Good to register the presence of a will with Public Trustee (which costs $50 now, used to be free), especially for people who are highly secretive about their will. But once registered, it will be good to register every time a new will is done to replace old one to avoid problems of proving old will.

 

[henrylbh]

Whether got will or no, at the end need to engage a lawyer to apply for a grant of probate or letter of administration, unless one knows how to DIY.

If martin is leaving his estate to his wife and child only, I see no need to spend money on a will and may be updating it and hence further cost. Also save the trouble to look for an executor or changing executor later on and thinking whether to register the will. But he must be aware that half the estate, excluding jointly held property and accounts, will be distributed equally between mother and child. But in practice all will go to the mother, even tho there is a co-administrator. He needs to trust that the wife will take care of the child or if the child is of age, he or she will waive the share in favour of the mother. If he has parents in mind, he can open a joint all account with the parents.

 

[snaem85]

Questions about Will / ISA

Hi,

I have the following questions:

1) Does WILLS cover overseas assets? or only local assets?
2) Does INTESTATE SUCCESSION ACT include overseas assets? or only local assets?

Thanks.

 

[chopra]

Hi there are a few will threads in this money mind forum. Your question is peobably nt yet answered, but it would be good if u raise ur qn there to consolidate discussions.

 

[Perisher]

Merged Threads.

 

[wts2013]

Hi,

I have the following questions:

1) Does WILLS cover overseas assets? or only local assets?
2) Does INTESTATE SUCCESSION ACT include overseas assets? or only local assets?

Thanks.

all assets of the estate, however, there might be complications on liquidation of overseas assets, eg the countries' estate duty/other taxes, so best to consult lawyer on this

 

[chrysanthemumhealthy]

in addition to henrylbh's post, it would be good to consider making a will. there is still a difference in court procedure i believe (like if no will, there is underaged children, the court procedure may drag longer and this may possibly lock up much-needed liquidity of the family if for eg, the father/mother is the sole breadwinner or the spouse does not have independent finances to fund the family's expenses - too many factors to consider, so best to consult lawyer if you see the need to).

 

[henrylbh]

in addition to henrylbh's post, it would be good to consider making a will. there is still a difference in court procedure i believe (like if no will, there is underaged children, the court procedure may drag longer and this may possibly lock up much-needed liquidity of the family if for eg, the father/mother is the sole breadwinner or the spouse does not have independent finances to fund the family's expenses - too many factors to consider, so best to consult lawyer if you see the need to).

If your are referring to martin's case, who cares about the difference in court procedures? What matter is the time taken to obtain the doc and cost. Whether got underaged child also doesn't matter. With underaged children, if no will, you only need a co-administrator.

 

[henrylbh]

I am referring to a lawyer to prepare 2 almost identical Wills. The asset is a HDB flat held by A and B in equal share under tenancy in common.

A will to C and B will to D. I am the executor for both Wills.

No other assets are to be included in the Wills. Was told that if there are other assets, besides grant of probate (with Will), a grant of letter of administration (without Will) is needed at the end.

The fee quoted for 2 Wills is $400. Is the fee reasonable?

 

[wts2013]

I am referring to a lawyer to prepare 2 almost identical Wills. The asset is a HDB flat held by A and B in equal share under tenancy in common.

A will to C and B will to D. I am the executor for both Wills.

No other assets are to be included in the Wills. Was told that if there are other assets, besides grant of probate (with Will), a grant of letter of administration (without Will) is needed at the end.

The fee quoted for 2 Wills is $400. Is the fee reasonable?

hahaha, very funny, if u want to make a will, the will shld cover all assets, does not make sense to just cover the hdb asset only, why waste money getting lawyer to write the just for the hdb asset, can write yourself, hahaha

what's the purpose of the will, dun pay for a will and in the end family members end up with more work, dealing with the will plus no will assets, hahaha

 

[SDE4061]

I am referring to a lawyer to prepare 2 almost identical Wills. The asset is a HDB flat held by A and B in equal share under tenancy in common.

A will to C and B will to D. I am the executor for both Wills.

No other assets are to be included in the Wills. Was told that if there are other assets, besides grant of probate (with Will), a grant of letter of administration (without Will) is needed at the end.

The fee quoted for 2 Wills is $400. Is the fee reasonable?

Can you pm me the contact details.
NTUC price is $342.40 for 1 will and $545.70 for 2 wills (outsource to others).
Rockwills price is minimum $363.80 for 1 will and mandatory 1 year minimum custody fee of $85.60.
If someone has better price, please pm me.

 

[bin8lee]

mark~~~~~~~~~~~~~~

 

[philips110104]

Can you pm me the contact details.
NTUC price is $342.40 for 1 will and $545.70 for 2 wills (outsource to others).
Rockwills price is minimum $363.80 for 1 will and mandatory 1 year minimum custody fee of $85.60.
If someone has better price, please pm me.

I want to make a will too, please SIC if someone has better price. Many thanks!

 

[taglia]

LegacyNest

There is a new service to help you write your will, and it costs only $88. The name of the company is LegacyNest (legacynest.com).

Full disclosure, I am part of the team who created this service.

 

[highsulphur]

There is a new service to help you write your will, and it costs only $88. The name of the company is LegacyNest (legacynest.com).

Full disclosure, I am part of the team who created this service.

Any coupon for registration?