savings acct need to setup will?

[buibuisnail]

if this is the incorrect place to post, moderator pls help to move to right forum.

if there's some joint/alt account between my mother & the sibilings

eg mother's name + sibling a name
mother's name + sibling b name

issit a must for the parent to register a legal will with the law firm for
distribution of the $ after he/she pass away?

if yes, where & how much to register? what to bring? who must
be present?

if no, what's the legal implications?

current arrangement is verbally agreed to split the amt in the joint acct

 

[dork32]

when my dad passed on, my sister use his atm card and withdraw until less than $10 in the account. Dont take back also never mind.

 

[denial86]

if this is the incorrect place to post, moderator pls help to move to right forum.

if there's some joint/alt account between my mother & the sibilings

eg mother's name + sibling a name
mother's name + sibling b name

issit a must for the parent to register a legal will with the law firm for
distribution of the $ after he/she pass away?

if yes, where & how much to register? what to bring? who must
be present?

if no, what's the legal implications?

current arrangement is verbally agreed to split the amt in the joint acct

If I recall correctly, a bank manager once told me while I was opening an account with my husband; as long as joint owners, if anything happens to one of the parties, the other has rights to everything in the account as long as they can give the bank proof of death.

It's only in the event of single account under a person and when person dies that it becomes complicated and requires a will.

 

[denial86]

when my dad passed on, my sister use his atm card and withdraw until less than $10 in the account. Dont take back also never mind.

I googled and got this article.

As quoted in the article..

1.It is common practice for family members to withdraw money from the deceased person’s ATM to settle immediate estate needs. This is illegal and the family members who withdraw the money are legally liable to the deceased estate.

dorkdork oops..

 

[wts2013]

if this is the incorrect place to post, moderator pls help to move to right forum.

if there's some joint/alt account between my mother & the sibilings

eg mother's name + sibling a name
mother's name + sibling b name

issit a must for the parent to register a legal will with the law firm for
distribution of the $ after he/she pass away?

if yes, where & how much to register? what to bring? who must
be present?

if no, what's the legal implications?

current arrangement is verbally agreed to split the amt in the joint acct

hahaha, with joint account (either or), legally the money goes to the joint account holder. If your family already got verbal agreement how to split the money among siblings, no need for Will. How many siblings or bene are u talking about?

To avoid complications or dispute, make sure all beneficiaries are aware how the money will be shared/distributed in the presence of your mum, or at least both joint holders are aware how it will be distributed. Are u talking about a big big sum? hahaha

next share u with how and when to withdraw, hahaha

 

[buibuisnail]

If I recall correctly, a bank manager once told me while I was opening an account with my husband; as long as joint owners, if anything happens to one of the parties, the other has rights to everything in the account as long as they can give the bank proof of death.

It's only in the event of single account under a person and when person dies that it becomes complicated and requires a will.

e scenario is applicable for joint acct hor? if alternate i guess it's different?

hahaha, with joint account (either or), legally the money goes to the joint account holder. If your family already got verbal agreement how to split the money among siblings, no need for Will. How many siblings or bene are u talking about?

To avoid complications or dispute, make sure all beneficiaries are aware how the money will be shared/distributed in the presence of your mum, or at least both joint holders are aware how it will be distributed. Are u talking about a big big sum? hahaha

next share u with how and when to withdraw, hahaha

2 siblings but 1 side contributes more. the agreement is made verbally in the presence of my mum but the relationship between all of us esp sibling & mother is taking a downhill. I just worry someone will not keep their side of the bargain, esp when my mum passes on.

 

[edwinttt1978]

if this is the incorrect place to post, moderator pls help to move to right forum.

if there's some joint/alt account between my mother & the sibilings

eg mother's name + sibling a name
mother's name + sibling b name

issit a must for the parent to register a legal will with the law firm for
distribution of the $ after he/she pass away?

if yes, where & how much to register? what to bring? who must
be present?

if no, what's the legal implications?

current arrangement is verbally agreed to split the amt in the joint acct

Verbal agreement such as 'She promised this', 'We agreed that', etc, often becomes the centre of attraction, especially when the amount involved is big. Since memories can fade and financial situations can change, it is always better to put all agreement in writing.

If there is no will, then mum's shares (cash at bank and other personal property) will automatically be distributed according to the law of intestacy (non-Muslim) as follows:
1) if dad is around, then 50% to dad and 50% to children in equal shares,
2) if dad has passed on, then 100% to children in equal shares.

 

[wts2013]

2 siblings but 1 side contributes more. the agreement is made verbally in the presence of my mum but the relationship between all of us esp sibling & mother is taking a downhill. I just worry someone will not keep their side of the bargain, esp when my mum passes on.

oh, how is your mum now, can she make decision now?

Since there are only 2 of you, each holding a separate joint account with mum, and mum already agreed how to split the total money in both accounts between 2 of u, just agree to split the money now into the 2 accounts, can? Or are there complications like money from mum continues to enter each a/c, etc?

 

[edwinttt1978]

I googled and got this article.

As quoted in the article..

dorkdork oops..

It is okay to commit illegal acts as long as the law never ever catches up.
And as long as the law never ever catches up, the acts remain legal.

 

[buibuisnail]

Verbal agreement such as 'She promised this', 'We agreed that', etc, often becomes the centre of attraction, especially when the amount involved is big. Since memories can fade and financial situations can change, it is always better to put all agreement in writing.

If there is no will, then mum's shares (cash at bank and other personal property) will automatically be distributed according to the law of intestacy (non-Muslim) as follows:
1) if dad is around, then 50% to dad and 50% to children in equal shares,
2) if dad has passed on, then 100% to children in equal shares.

sorry u got the link of the law for the above? will it complicate things if dad passed on but only got letter to show he's dead? foreigner with no official death cert, only letter from foreign hospital

if items in say safe deposit box, issit must list down every item pass to who? need take photo as evidence?

oh, how is your mum now, can she make decision now?

Since there are only 2 of you, each holding a separate joint account with mum, and mum already agreed how to split the total money in both accounts between 2 of u, just agree to split the money now into the 2 accounts, can? Or are there complications like money from mum continues to enter each a/c, etc?

currently still ok. money still going into the accounts.

 

[wts2013]

sorry u got the link of the law for the above? will it complicate things if dad passed on but only got letter to show he's dead? foreigner with no official death cert, only letter from foreign hospital

if items in say safe deposit box, issit must list down every item pass to who? need take photo as evidence?



currently still ok. money still going into the accounts.

hmm... if relationships not so good, plus there are other assets in the safe deposit box and money growing, seems potential for dispute later, it is better to have a Will lor, list every item give to who lor. Dad already passed away, dun both liao with the Will made, hahaha

 

[edwinttt1978]

sorry u got the link of the law for the above? will it complicate things if dad passed on but only got letter to show he's dead? foreigner with no official death cert, only letter from foreign hospital

if items in say safe deposit box, issit must list down every item pass to who? need take photo as evidence?



currently still ok. money still going into the accounts.

Singapore's law of intestacy is found here:

http://statutes.agc.gov.sg/aol/sear...titleResults.w3p;letter=I;pNum=2;type=actsCur

Not sure if foreign cert is recognised here.

 

[qhong61]

if this is the incorrect place to post, moderator pls help to move to right forum.

if there's some joint/alt account between my mother & the sibilings

eg mother's name + sibling a name
mother's name + sibling b name

issit a must for the parent to register a legal will with the law firm for
distribution of the $ after he/she pass away?

if yes, where & how much to register? what to bring? who must
be present?

if no, what's the legal implications?

current arrangement is verbally agreed to split the amt in the joint acct

better to include in will ur mum's intention. ur mum need to be at lawyer's office with u or lawyer as witness. charges is abt few hundred depends on how much details. lawyer will register with registry of will.

 

[wts2013]

better to include in will ur mum's intention. ur mum need to be at lawyer's office with u or lawyer as witness. charges is abt few hundred depends on how much details. lawyer will register with registry of will.

hahaha, not necessary to have lawyer, can draft your own Will and make sure signed by 2 independent witnesses, also no need to lodge with registry, hahaha

 

[denial86]

e scenario is applicable for joint acct hor? if alternate i guess it's different?

Sorry what you mean by alternate ar? I've never heard before..

 

[buibuisnail]

Sorry what you mean by alternate ar? I've never heard before..

sorry not sure if i used the right term. 1 is where either party can withdraw the $ inside eg. A & B open acct, so A can take $ without telling B like how some husband run road with the $

1 is where 2 parties open acct, both must be present to do withdrawal, more troublesome for this one. so if the person uplorry can be troublesome

 

[denial86]

sorry not sure if i used the right term. 1 is where either party can withdraw the $ inside eg. A & B open acct, so A can take $ without telling B like how some husband run road with the $

1 is where 2 parties open acct, both must be present to do withdrawal, more troublesome for this one. so if the person uplorry can be troublesome

Oh but both also considered joint account wor.. As long as got 2 person's name, it should work the same way (aka if one dies, the other will still have full access upon proof of death).

 

[henrylbh]

if this is the incorrect place to post, moderator pls help to move to right forum.

if there's some joint/alt account between my mother & the sibilings

eg mother's name + sibling a name
mother's name + sibling b name

issit a must for the parent to register a legal will with the law firm for
distribution of the $ after he/she pass away?

if yes, where & how much to register? what to bring? who must
be present?

if no, what's the legal implications?

current arrangement is verbally agreed to split the amt in the joint acct

You mean mother and her children or mother and her siblings?

Money in joint account will go to the survivor only. Will also no use.

 

[henrylbh]

if items in say safe deposit box, issit must list down every item pass to who? need take photo as evidence?

Items in safe box will be frozen once owner died unless it's in joint name. Joint owner can sapu all without sharing with others. The lawyer with administrator or executor will be present to access the safe box ad item the assets in the safe.

 

[wts2013]

You mean mother and her children or mother and her siblings?

Money in joint account will go to the survivor only. Will also no use.

hahaha, not true, Will can decide who takes the money in the joint account, hahaha