CPF Questions

[starlight318]

I got my will done at a law firm near my workplace for about $200. Very fast did it during lunch break.

 

[henrylbh]

If not much monies also make a will? A bit waste of everybody time isn't it? Ppl want monies of the dead usually unless they want to keep the dead person clothes blanket shoes etc for remembrance so quarrel who shall get which item?

Will or no will, a lawyer is still needed when deceased has say more than $5k in a bank in the deceased sole name.

Making a will is an additional upfront cost and more cost if the will need to be amended. LKY amended his will 6 times With will, the deceased defines how his estate is t distributed. Otherwise, the estate will be distributed according to the interstate provisions.

Note that, there can still be contest with or without will among the beneficiaries or interested parties.

 

[Okenba]

2. I put percentage to ensure intestate act does not act out. For myself, wife 98%, parents 1%, sister 1%. The 1% 1% becomes 50/50 when wife is not around. You reminded me to add my children in lol. I have to update it.

Curious, what might this look like now with your kids? (And how old are they?)

 

[CrashWire]

There was a documentary done on this before. The lonely dead no ppl turn up the funeral operator will do some good deed fork out monies give the dead a decent end which I presume burn to ashes and a place for the urn in Mandai Crematorium.

There's a few parties who might donate:

https://www.todayonline.com/singapore/more-needy-seniors-signing-free-funeral-services

If not much monies also make a will? A bit waste of everybody time isn't it? Ppl want monies of the dead usually unless they want to keep the dead person clothes blanket shoes etc for remembrance so quarrel who shall get which item?

You can create one for free here to avoid dying intestate:

https://www.moneyowl.com.sg/wills/

 

[Value.Matrix]

Curious, what might this look like now with your kids? (And how old are they?)

Most likely wife 90%, parents 3%, sister 1%, kids 6%. So when it splits, becomes 30%, 10%, 60% (to kids). Need a legal guardian who you can trust.

Which explains why a lot of planning have to be done.

 

[starlight318]

Will or no will, a lawyer is still needed when deceased has say more than $5k in a bank in the deceased sole name.

Making a will is an additional upfront cost and more cost if the will need to be amended. LKY amended his will 6 times With will, the deceased defines how his estate is t distributed. Otherwise, the estate will be distributed according to the interstate provisions.

Note that, there can still be contest with or without will among the beneficiaries or interested parties.

Not sure if true but I think having a will make the whole process faster n also will incur less legal fees to settle the estate stuff.

 

[henrylbh]

Not sure if true but I think having a will make the whole process faster n also will incur less legal fees to settle the estate stuff.

What process are you referring to? With or without a Will, the process takes about the same time and cost to get the probate or letter of administration.

If you are familiar and comfortable with the intestate law of distribution, no need to make a Will. But if you have bright ideas in distributing your assets, the ideas may change, like LKY, and you need to incur cost to amend the Will. Your named executor may pass on or turn senile before you uplorrry. Many things can happen after a Will is made and hence changes to Will are common occurrences, like beneficiaries become unworthy etc. Life is not so simple. We have read in papers that the whole family may even go together.

 

[sohguanh]

Will or no will, a lawyer is still needed when deceased has say more than $5k in a bank in the deceased sole name.

If you read my post what if zero and only a few hundreds (as that is my dad case) ? No or little monies no one interested to contest unless they contesting the dead person clothes, blanket, shoes etc

 

[qhong61]

If you read my post what if zero and only a few hundreds (as that is my dad case) ? No or little monies no one interested to contest unless they contesting the dead person clothes, blanket, shoes etc

We are talking abt got money

 

[henrylbh]

If you read my post what if zero and only a few hundreds (as that is my dad case) ? No or little monies no one interested to contest unless they contesting the dead person clothes, blanket, shoes etc

If it near zero means you been outliving your assets and a burden to others while you still breathing. Some of the older generation with no retirement planning has the mentality that their lives are the responsibility of their children and grandchildren, if not the government.

 

[sohguanh]

If it near zero means you been outliving your assets and a burden to others while you still breathing. Some of the older generation with no retirement planning has the mentality that their lives are the responsibility of their children and grandchildren, if not the government.

Not wrong becuz when they young they feed the children. Now children can earn monies no need feed back? Or classic reason you owe children a living for bringing them into this world?

For those run road parents no feed children when they young I can understand children now grown up don't feed back.

So end of day don't have children they are the source of misery and unhappiness for both parties. Anthrax sings Misery loves company and I am your no.1 fan... Yeah I listen heavy metal then hard rock then soft rock becuz it sings out my feeling.

 

[reddevil0728]

Not wrong becuz when they young they feed the children. Now children can earn monies no need feed back? Or classic reason you owe children a living for bringing them into this world?

For those run road parents no feed children when they young I can understand children now grown up don't feed back.

So end of day don't have children they are the source of misery and unhappiness for both parties. Anthrax sings Misery loves company and I am your no.1 fan... Yeah I listen heavy metal then hard rock then soft rock becuz it sings out my feeling.

actually quite true leh. children didn't ask to be born whether is it intended or accident

 

[zeroX26]

If it near zero means you been outliving your assets and a burden to others while you still breathing. Some of the older generation with no retirement planning has the mentality that their lives are the responsibility of their children and grandchildren, if not the government.

Sounds like my in-laws, the gfn FIL.

 

[henrylbh]

actually quite true leh. children didn't ask to be born whether is it intended or accident

Younger generation must plan to be self sufficient when old age. Don't add burden to the children who would also be struggling with their life with spouse and kids.

I already planned to finish all my assets by 90+ except the flat. If lucky to live longer, the flat may have to go. If beneficiaries lucky, I go before 90. Upper most in the mind are health and state of mind.

 

[reddevil0728]

Younger generation must plan to be self sufficient when old age. Don't add burden to the children who would also be struggling with their life with spouse and kids.

I already planned to finish all my assets by 90+ except the flat. If lucky to live longer, the flat may have to go. If beneficiaries lucky, I go before 90. Upper most in the mind are health and state of mind.

don't disagree. hence the parents should also not expect from the kids

 

[billiejoe]

If after 55, u still working as per normal. Can u transfer ur oa contribution to sa to earn 4% interest? Just asking.

 

[reddevil0728]

If after 55, u still working as per normal. Can u transfer ur oa contribution to sa to earn 4% interest? Just asking.

Do you mean after FRS set aside?

 

[d9_lives]

Not wrong becuz when they young they feed the children. Now children can earn monies no need feed back? Or classic reason you owe children a living for bringing them into this world?

For those run road parents no feed children when they young I can understand children now grown up don't feed back.

So end of day don't have children they are the source of misery and unhappiness for both parties. Anthrax sings Misery loves company and I am your no.1 fan... Yeah I listen heavy metal then hard rock then soft rock becuz it sings out my feeling.

For your own sake, lose this kind of mindset.
Be responsible in planning for your own retirement, don't be a burden to anyone.

I sense deep resentment from you.

You're similar to my colleagues.
In every drinking session, without fail, they would complain about their kids, spouses and how their lives are ruined.
The next day...hey @d9_lives, you don't understand that kids are bundle of joy, you'll regret it.

Lolz...no! I love my money, freedom, sleep and 4-6 overseas trips.

Obviously, it's crabs in a bucket, sinkies pawn sinkies, misery loves company or whatever sorry assess mentality you can name it.

 

[royalmix]

If after 55, u still working as per normal. Can u transfer ur oa contribution to sa to earn 4% interest? Just asking.

Once you hit >55, you can no longer transfer own oa to own sa! But you can still VC or contribute from employment into 3 accounts

Now people are investing their OA in Tbills, earn more interest and still liquid! All other options make your OA monies illiquid!

 

[BBCWatcher]

If after 55, u still working as per normal. Can u transfer ur oa contribution to sa to earn 4% interest? Just asking.

Once you hit >55, you can no longer transfer own oa to own sa! But you can still VC or contribute from employment into 3 accounts

Another option is that you may be able to transfer your OA dollars into a qualified family member's SA or RA. And/or vice versa.