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Old 22-06-2014, 07:43 AM   #61
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I am alone with only one offspring.

Is there really a need for a Will when by law everything will go to my offspring?

Is application letter of administration or probate cheaper and faster to settle the estate?

In 2011, I got letter of administration for $1,800.
If u had read the article I posted, why make a will, the answer is no, unless u dun wish all your estate to go to your only offspring.
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Old 22-06-2014, 07:50 AM   #62
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I am alone with only one offspring.

Is there really a need for a Will when by law everything will go to my offspring?

Is application letter of administration or probate cheaper and faster to settle the estate?

In 2011, I got letter of administration for $1,800.
It'll go to wife and child. No wife then child fully inherit your assets. No really need a Will but make your nomination in CPF.
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Old 22-06-2014, 08:05 AM   #63
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I am alone with only one offspring.

Is there really a need for a Will when by law everything will go to my offspring?

Is application letter of administration or probate cheaper and faster to settle the estate?

In 2011, I got letter of administration for $1,800.
You may want to include your parents. If you died without will, it pass to your children and partners

Just remember to change when they are not around
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Old 23-06-2014, 01:36 AM   #64
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If u had read the article I posted, why make a will, the answer is no, unless u dun wish all your estate to go to your only offspring.
I am fine that all my estate going to my only offspring. My father is already 87 years old and unlikely to outlive me. Anyway, I have provided for his monthly allowance by nominating him to get part of my CPF that will last him about 8 years as well as a joint account with him that will that will last another 5 years or total 13 years or till he is 100

Hence, a Will is not necessary for me. Generally, most of us will need to incur legal fee to obtain letter of administration (when there is no will) or grant of probate (when there is a will). My issue is which is cheaper and faster to obtain and to realise the estate.

Last edited by allways; 23-06-2014 at 01:39 AM..
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Old 23-06-2014, 07:18 AM   #65
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I am fine that all my estate going to my only offspring. My father is already 87 years old and unlikely to outlive me. Anyway, I have provided for his monthly allowance by nominating him to get part of my CPF that will last him about 8 years as well as a joint account with him that will that will last another 5 years or total 13 years or till he is 100

Hence, a Will is not necessary for me. Generally, most of us will need to incur legal fee to obtain letter of administration (when there is no will) or grant of probate (when there is a will). My issue is which is cheaper and faster to obtain and to realise the estate.
If CPF and bank account is all u have, it will be very easy for him to obtain the funds. Actually there is no need to pay legal fees if there is no will, if u know what to do. It is very easy to know what to do. When my dad passed away, I just check CPF and related websites what needs to be submitted to get the authorities to remit the money to u. No lawyer or legal fees.
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Old 23-06-2014, 04:50 PM   #66
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If CPF and bank account is all u have, it will be very easy for him to obtain the funds. Actually there is no need to pay legal fees if there is no will, if u know what to do. It is very easy to know what to do. When my dad passed away, I just check CPF and related websites what needs to be submitted to get the authorities to remit the money to u. No lawyer or legal fees.
Not so simple like what you said, even if CPF and bank account is all you have.

If bank balance exceed $5k (unless it is a joint account), you will need letter of administration or grant of probate to close the account.

If CPF got no nominee, you will also need letter of administration or grant of probate. If got CPF nominee, you dont even need to do anything or inform them. They Board will write to nominee/s automatically within a month.

If got CPF investment account, it will not go to nominee but to the estate.

Last edited by allways; 23-06-2014 at 05:07 PM..
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Old 23-06-2014, 06:10 PM   #67
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Not so simple like what you said, even if CPF and bank account is all you have.

If bank balance exceed $5k (unless it is a joint account), you will need letter of administration or grant of probate to close the account.

If CPF got no nominee, you will also need letter of administration or grant of probate. If got CPF nominee, you dont even need to do anything or inform them. They Board will write to nominee/s automatically within a month.

If got CPF investment account, it will not go to nominee but to the estate.
haha, thanks for sharing with us. U answered your own queries. So u already know what to do and already done it to make it easy for your dad. Easy or difficult depends on what homework your have done and what had been done prior to death. I've done all the homework and make it easy prior to death. Good luck to u.
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Old 23-06-2014, 11:05 PM   #68
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No my query has not been answered.

Which is cheaper and faster process to settle the estate - Letter of administration or grant of probate, taking into account that the letter will include cost of preparing a Will?
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Old 24-06-2014, 11:43 PM   #69
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for the sentence "If CPF got no nominee, you will also need letter of administration or grant of probate." is it true? thought the Sunday Times article mentioned that the rule governing CPF monies operate independently of the either the grant of probate? or you still need letters of administration for the moneys to be distributed under intestacy laws?

hmmm, for a cost comparison, think it very much depends on the lawyers you approach?
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Old 23-01-2015, 06:22 AM   #70
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Old 23-01-2015, 06:25 AM   #71
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Actually you do need a lawyer to write a Will as it is a legal document and any ambiguity cannot be clarified by you when the time comes to use it. We are a specialist Will writing outfit and our Wills are written by lawyers and at a reasonable price too due to our unique business model.

Do check out our website: xxx]will writing singapore[/url]

And our FAQ on Will Writing:xxx]Will Writing FAQ - will writing singapore[/url]
Who right?


From today's Sunday Times.



What's missing from your plan?

To-do list: Make a will, get insured, appoint proxy decision-maker, name CPF beneficiaries


Some folks who contemplate retirement make the mistake of thinking it's all about the money and nothing else.

Sure, financial planning for your golden years is vital. You want to continue living in much the same style to which you've become accustomed.

But there are other important issues that should not be overlooked.

For instance, it is crucial to write a will, and also to nominate who should receive your Central Provident Fund (CPF) savings when you die.

Both these steps prevent unnecessary hassle for others when the time comes.

It is also important to think about giving someone a lasting power of attorney in the event that you lose your mental capacity.

Also, even though you would have stopped working, your insurance policy needs to continue and becomes even more important with the loss of income.

Lastly, retirees tend to find themselves with a lot of time on their hands and uncertain about what to do with it. Or the lack of routine in their lives may leave them at a loss.

Many organisations, such as the Council for Third Age (C3A), run events and activities for seniors. C3A promotes active living, with a focus on life-long learning and promoting senior employability.

Here are some of the big issues that those facing retirement should address:

Just saving money is not enough

1 Insurance

Ms Joanne Yeo, head of product and funds development at AIA Singapore, says that it is never too late to start protecting yourself.

"We recommend making this a priority, especially if you do not have any insurance," she says. This ensures if you fall ill or anything unforeseen happens, your family will be financially prepared.

Mr Gerard Ee, chairman of C3A, says Medisave and MediShield are national health-care saving schemes designed to help Singaporeans with the burden of hospitalisation expenses and selected outpatient treatment.

He adds: "Seniors who would like additional and better coverage for better financial security should speak to financial consultants to understand their options, and get a family member's opinion when making an investment in insurance products."

Ms Cindy Huang, master financial consultant and wealth manager at Prudential Singapore, says that depending on each individual's needs, buying short-term term insurance may be more suitable than a long-term plan.

For those who already have insurance plans, it is also important to regularly review their insurance portfolio to ensure they are still relevant to their needs.

However, as you get older, the likelihood of poor health increases, which means premiums for protection plans are typically higher for those buying them at an older age.

And as an older person, you may also already have pre-existing health conditions. Depending on the type of coverage, insurers may either increase the premiums in exchange for full coverage or they may choose to exclude coverage on certain conditions.

An Aviva spokesman says: "Having some coverage is better than none at all. If you are reconsidering insurance because you feel the premiums quoted are too high, we urge you to consider how you might pay $5,000, $10,000 or even $50,000 in medical bills - and this can happen any time and recur at unpredictable frequencies.

"Ultimately, the cost of insurance premiums is far more manageable and predictable than unexpected expenses you would face in the event of hospitalisation, major illnesses or disability."

For those who are concerned about minor pre-existing conditions, Aviva Singapore offers moratorium underwriting, which means that no health declaration is required and certain pre-existing conditions will be covered after an absence of symptoms, treatments or medication for five years.

While certain conditions apply and not every pre-existing condition is eligible, this can still be beneficial for those with less serious pre-existing conditions trying to obtain full coverage.

2 Making a will

A will is a legal document where personal wishes are set out.

Prudential's Ms Huang says that writing a will is important as part of holistic planning.

She adds: "This ensures that your property and other personal possessions will be passed on to your loved ones in a manner of your wish or choice. It also provides one with peace of mind and reduces any undue worry, stress or arguments among the people you may have left behind."

There is a common myth that only a lawyer can help you write a will. Actually, anyone can do it and register it with the Insolvency and Public Trustee's Office.

The will should spell out the names of the people you entrust with the responsibility of taking charge of your assets and the proper distribution to the beneficiaries.

Those who do not have a will run the risk of their savings or estate not going to the people they would have wanted them to go to.

3 CPF nomination

However, monies in the CPF cannot be included in a will. To direct your CPF savings to the beneficiary of your choice, you will have to make a nomination.

If you do not do so, your money will be distributed to your family according to intestacy laws.

For example, if you leave a spouse and three children, half of your savings will go to your spouse, and the other half will be split equally among your children.

For singles who have not made any nomination, the money will be shared equally between their surviving parents.

Your CPF monies will go to the Government in the absence of a spouse, children, siblings, grandparents, an uncle or an aunt.

However, if you make a nomination, you can choose to leave everything to your spouse, or to your children, and even include your parents.

For Muslims, however, with no nomination made, CPF funds will be distributed differently, in accordance with the Inheritance Certificate, which can be obtained from the Syariah Court.

If Muslim CPF members make a nomination, the nominees are fully entitled to the savings bequeathed to them.

4 Lasting power of attorney

Unlike a will, which comes into effect only after you die, a lasting power of attorney (LPA) allows you to appoint a proxy decision-maker to act on your behalf if you lose mental capacity. The LPA will be revoked upon death and the will, if made, will come into effect.

LPAs can be made to appoint proxy decision-makers for personal welfare matters, which include where you should live and day-to-day care decisions. You can also appoint a decision-maker for property and affairs matters, which relate to decisions about property and insurance.

According to the Office of the Public Guardian, there are 3,200 applications to register LPAs as at January this year.

It costs $50 for Singaporeans and permanent residents to register a standard LPA. The standard LPA gives broad powers to your proxy decision-maker or donee. This form can be self-completed.

To register an LPA that allows you to specify restrictions and instructions on the powers of your appointed decision-maker will cost $200. You will also require the services of a lawyer to help you indicate your requirements.

C3A's Mr Ee says: "One can lose one's mental capacity at any time and at any age. The risk increases as one grows older. The LPA allows one to protect one's interests by indicating his personal, considered choice of a proxy decision-maker - someone he trusts to be reliable, competent and capable to act and make decisions on his behalf should he lose the mental capacity.

"The LPA can only be executed when one still has mental capacity to act. By planning ahead, it alleviates the stress and difficulties faced by their loved ones."

Similarly, Mr Richard Magnus, chairman of the Public Guardian Board, notes that Singaporeans have responded positively to the LPA as a planning instrument.

He says: "We also acknowledge that making an LPA is a personal choice, involving careful considerations in appointing someone they trust to decide and act on their behalf if they should lose their mental capacity."

songyuan@sph.com.sg

Last edited by Yellowfin; 23-01-2015 at 05:35 PM..
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Old 23-01-2015, 08:10 AM   #72
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Actually you do need a lawyer to write a Will as it is a legal document and any ambiguity cannot be clarified by you when the time comes to use it. We are a specialist Will writing outfit and our Wills are written by lawyers and at a reasonable price too due to our unique business model.

Do check out our website: will writing singapore

And our FAQ on Will Writing: Will Writing FAQ - will writing singapore
Don't try to pull a fast one here. My long time buddy who's a lawyer, already told me there's no need to engage a lawyer for will writing. One of the key things is to ensure signatures of 2 independent witnesses to sign off the will.

Last edited by Yellowfin; 23-01-2015 at 05:36 PM..
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Old 23-01-2015, 08:58 AM   #73
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Don't try to pull a fast one here. My long time buddy who's a lawyer, already told me there's no need to engage a lawyer for will writing. One of the key things is to ensure signatures of 2 independent witnesses to sign off the will.
Or you could just read the book on will-writing which is available for free from National Library.

After reading the book, you will have a clearer picture whether or not you need to engage a lawyer, or whether you can simply adapt the template in the book for your usage.
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Old 23-01-2015, 09:19 AM   #74
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My wife and I did up our first from a template. Guess it's time to read up more to see our existing will requires any refinement.
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Old 23-01-2015, 09:28 AM   #75
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Formal wills are strongly recommended if you have problems with mental capacity and
lots of stuff to bequest (properties in sg and overseas, personal items etc), and
lots of beneficiaries (overseas families, secret and open lovers),

Other than that, a will may not even be necessary.
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