What will happen to the estate or monies if both parents suddenly pass away?

henrylbh

Arch-Supremacy Member
Joined
Mar 9, 2004
Messages
15,777
Reaction score
702
Ha ha married for almost 18 years or for at least 18 years.
 

Prof. Utonium

High Supremacy Member
Joined
Feb 12, 2009
Messages
33,899
Reaction score
3,866
I have gone through 2 letter of administration (cause there was no will), one with co-administrator. I also have gone through one with grant of probate (will with me as executor and beneficiary). The process is easy. Just choose the lawyer(if don't know how to DIY) and the fee you willing to pay. Fee ranges from above 1k to above 2k. If estate is simple and less than 50k, go public trustee who will also levy a tiered charge. If beneficiary don't care or interested in the estate, the representative can do what he likes including makan the estate. The court is not concerned after issuing the probate :)

I myself have no will :)

It is easy and the fees not expensive TBH, but if TS is one that keeps his documents all over the place then it is time consuming. I had to call various insurance agency/agents to confirm if plans still valid etc. :s22:

So 1st step I would encourage organize his documents. One of my friend's parents whenever they have to travel back to CN for business, will pass a box of documents to their son in case anything happens.

Will is only useful to prevent "arguments", but if the siblings are close usually no such issue. Just divide or drop if sibling is not keen.
 

highsulphur

Great Supremacy Member
Joined
Aug 16, 2011
Messages
65,528
Reaction score
31,145
If one child beneficiary only, forget about will. Will cost money and at end probate also cost money. No will, only probate cost money. With or without will, both probate is about same charges. But is husband wife with no child, better think of a will as not whole estate is going to surviving spouse according to intestacy law.
This is not true from what i heard. The cost of the will + executing the will be more than getting a probate when a will does not exist.
 

highsulphur

Great Supremacy Member
Joined
Aug 16, 2011
Messages
65,528
Reaction score
31,145
Making a will can be free too. There are many templates available online. Ocbc has a will generator
 

henrylbh

Arch-Supremacy Member
Joined
Mar 9, 2004
Messages
15,777
Reaction score
702
This is not true from what i heard. The cost of the will + executing the will be more than getting a probate when a will does not exist.
How right can you be from what you heard only. What I said is what I have personally through lawyer, applied for grant of probate once and grant of letter of administration twice. More to come :)

Generally most of us are not familiar to DIY probate. The legal fee for both types of probate is about the same. Cost of will depends, if any, depends on complexity. The will can be invalid if there are missteps. But no guarantee that lawyer will not go wrong through negligence. One such a case was reported in the press.
 

highsulphur

Great Supremacy Member
Joined
Aug 16, 2011
Messages
65,528
Reaction score
31,145
How right can you be from what you heard only. What I said is what I have personally through lawyer, applied for grant of probate once and grant of letter of administration twice. More to come :)

Generally most of us are not familiar to DIY probate. The legal fee for both types of probate is about the same. Cost of will depends, if any, depends on complexity. The will can be invalid if there are missteps. But no guarantee that lawyer will not go wrong through negligence. One such a case was reported in the press.
https://singaporelegaladvice.com/law-articles/probate-fee-guide-singapore/
 

Multiversal

Arch-Supremacy Member
Joined
May 6, 2020
Messages
18,569
Reaction score
5,313
That is covered already. I have been married for almost 18 yrs now so i think i know my wife pretty well that she will care for both new and current kids that she will have. Dont have parents anymore, so not much there to be worried as well. So far, only the wife and kids are the ones that needs to be taken cared of .
According to the law, if there is no WILL, your wife will get half the estate, and the children the other half, and between them, they will dived it equally. So, it's wife, 1/2, the 18 year old child 1/4 and the 14 year old child 1/4.

If the older child is going to go on a shopping spree..........hmmm.

What I would do is to WILL everything to my wife, and the children may only get the estate upon her death. This way, you ensure that if you are not around, your wife will be taken care of, and I believe she will use the money to take care of the kids. No money will end up with Shopee or Lazada.....at least not without going through their mother/your wife..
 
Last edited:

henrylbh

Arch-Supremacy Member
Joined
Mar 9, 2004
Messages
15,777
Reaction score
702
Ha ha for non-contentious probates, google and you can find cheaper than what is mentioned in the Guide.

My first LOA was $2k excluding disbursements (about $500) and my second LOA was $1250 including disbursements.

My lawyer friend who does not handle such matters referred me to her lawyer friend. That lawyer quoted me $3.5k.

Then I went to my personal friend's lawyer. Because of my friend, the lawyer gave me a friendly quote of $5k :)
 

henrylbh

Arch-Supremacy Member
Joined
Mar 9, 2004
Messages
15,777
Reaction score
702
According to the law, if there is no WILL, your wife will get half the estate, and the children the other half, and between them, they will dived it equally. So, it's wife, 1/2, the 18 years old child 1/4 and the 14 year old child 1/4.

If the older child is going to go on a shopping spree..........hmmm.

What I would do is to WILL everything to my wife, and the children may only get the estate upon her death. This way, you ensure that if you are not around, your wife will be taken care of, and I believe she will use the money to take care of the kids. No money will end up with Shopee or Lazada.....at least not without going through their mother/your wife..
Then the wife will also have to made a will.

What is the wife fell for a love scam or a con man?
 

Multiversal

Arch-Supremacy Member
Joined
May 6, 2020
Messages
18,569
Reaction score
5,313
Then the wife will also have to made a will.

What is the wife fell for a love scam or a con man?
In my earlier reply, I wanted to comment about that but decided not to, but since you bring this up, I would say:

1. As the older child is already 18 years old, I believe his wife is in her 40s. At that age.......what should I say? I think it is unlikely that she will be able to find a man to marry her, especially with 2 big kids tagging along. If he is a 50 year old man, I think he might find a vietbu to marry and not a 40 something year old woman with two kids. OK, you can disagree with me, but I am only stating my opinion.

2. Assuming that she somehow found someone....a scammer......then what is the use of a WILL? If she is so gullible, so naĂŻve, so easy to con, then she could just as well be conned to alter her WILL.
 

henrylbh

Arch-Supremacy Member
Joined
Mar 9, 2004
Messages
15,777
Reaction score
702
My close friend's friends, husband and wife were conned by their one and only son. The son disappeared to Australia. And my close friend had to bring food to the couple now and then.
 

pchan2018

Junior Member
Joined
Jul 11, 2018
Messages
96
Reaction score
19
It is easy and the fees not expensive TBH, but if TS is one that keeps his documents all over the place then it is time consuming. I had to call various insurance agency/agents to confirm if plans still valid etc. :s22:

So 1st step I would encourage organize his documents. One of my friend's parents whenever they have to travel back to CN for business, will pass a box of documents to their son in case anything happens.

Will is only useful to prevent "arguments", but if the siblings are close usually no such issue. Just divide or drop if sibling is not keen.

Thanks.. I have all my assets and insurance plans consolidated in one document so it should be easy for them to know our current balances and active insurance. The only problem that they may have is openning my password protected xls file :) i think creating a will should sort all these out...
 

pchan2018

Junior Member
Joined
Jul 11, 2018
Messages
96
Reaction score
19
In my earlier reply, I wanted to comment about that but decided not to, but since you bring this up, I would say:

1. As the older child is already 18 years old, I believe his wife is in her 40s. At that age.......what should I say? I think it is unlikely that she will be able to find a man to marry her, especially with 2 big kids tagging along. If he is a 50 year old man, I think he might find a vietbu to marry and not a 40 something year old woman with two kids. OK, you can disagree with me, but I am only stating my opinion.

2. Assuming that she somehow found someone....a scammer......then what is the use of a WILL? If she is so gullible, so naĂŻve, so easy to con, then she could just as well be conned to alter her WILL.

You guys are funny... i think as long as i have done my due diligence or me and my wife has done our due diligence on ensuring whoever is left hopefully will have access to the funds, im ok on that. As to what they will do after im gone with those monies is upto them. at least probably and hopefully will not be taken against me anymore when i show up in the pearly gates..
 

pchan2018

Junior Member
Joined
Jul 11, 2018
Messages
96
Reaction score
19
My close friend's friends, husband and wife were conned by their one and only son. The son disappeared to Australia. And my close friend had to bring food to the couple now and then.
Thats sad to hear.. for my case, i think we've brought up our kids to be good citizens (hopefully) and still currently teaching them the value of money. Difference between wants and needs, started to expose them to some investment instruments, etc...
 

Multiversal

Arch-Supremacy Member
Joined
May 6, 2020
Messages
18,569
Reaction score
5,313
My close friend's friends, husband and wife were conned by their one and only son. The son disappeared to Australia. And my close friend had to bring food to the couple now and then.
Bad gene from somewhere up the line. It got passed down to their son.
 

JustDoLor

Senior Member
Joined
Dec 6, 2016
Messages
1,478
Reaction score
51
Grant of Probate vs Grant of Letters of Administration. Confused?

If you have a will, only the appointed executor(s) need to engage and meet a lawyer to apply through courts a Grant of Probate.

If you don’t have a will. All the beneficiaries need to meet in front of the lawyer (sign some document) and agree among themselves who will be or appointed someone else as the administrator(s). The lawyer apply through the courts a Grant of Letters of Administration. Distribution will be based on intestate succession act.
Now, if you don’t have a will, what happen if all your beneficiaries is just kids? I am not sure about this.

Since I don’t have the answer for my previous question, I think it will be better if you make a will. In this case, you can appoint the executor/guardian in your will.


Read HWZ Forum Rules!
 
Last edited:

henrylbh

Arch-Supremacy Member
Joined
Mar 9, 2004
Messages
15,777
Reaction score
702
Banks?

If bank it depends on amount and each bank have different guideline.

I handled mine without LOA since it is low amount. Only death cert required.

If local trading accounts I can't comment, since I don't park any cash inside or hold any tickers. But if we are talking about overseas account, then by right by left just don't get caught.

For HDB, it should be the name under it but if both passes on then NOK. If wife and husband, then will go to kids. If no kids then parents/siblings. However IIRC, if kids are minor then there would be slight complications. I can't recall the exact solution since I enquired about it 4 years back. But of course will require both LOA and probate.

Regardless, best to set up a will to remove all trouble. It is a f*cking hassle and emotional ride if there is no will. Speaking from experiences.
Sad to say that all three posts of yours are misleading.

Whether executor or administrator, both will have face the task of getting the probate and administering it. Also need to incur cost before recovering from the estate.
 

Prof. Utonium

High Supremacy Member
Joined
Feb 12, 2009
Messages
33,899
Reaction score
3,866
Sad to say that all three posts of yours are misleading.

Whether executor or administrator, both will have face the task of getting the probate and administering it. Also need to incur cost before recovering from the estate.
???

Which part?

edit: If banks as mentioned by you too is <$5k hence I settled mine with death cert.

For HDB, may need to input into schedule of assets+LOA/Probate.

For insurances IIRC, for DPS I didn't provide LOA/Probate. Only 1 company group insurance which I had to submit as part of the documents.
 
Last edited:

henrylbh

Arch-Supremacy Member
Joined
Mar 9, 2004
Messages
15,777
Reaction score
702
???

Which part?

edit: If banks as mentioned by you too is <$5k hence I settled mine with death cert.

For HDB, may need to input into schedule of assets+LOA/Probate.

For insurances IIRC, for DPS I didn't provide LOA/Probate. Only 1 company group insurance which I had to submit as part of the documents.

Too many to point out :)

The very first one 'HDB will settle. Probate required'

If HDB is under joint tenancy, nothing need to do. Don't even need to inform HDB :) (I did nothing for months and HDB got to send reminder after reminder). Automatically HDB will contact the surviving joint owner to transfer sole ownership to the surviving owner for an admin fee of less than $100. The surviving owner need to resolve loan, insurance etc. if any. HDB under joint tenancy is not covered by Will, if any and letter of administration (without Will) serves no purpose.

If deceased is sole owner or flat is under tenancy in common, a probate required Then there is a question of eligibility etc
 
Important Forum Advisory Note
This forum is moderated by volunteer moderators who will react only to members' feedback on posts. Moderators are not employees or representatives of HWZ. Forum members and moderators are responsible for their own posts.

Please refer to our Community Guidelines and Standards, Terms of Service and Member T&Cs for more information.
Top