Will making

henrylbh

henrylbh

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rrr2015 said:
it does to make it worthwhile since more costs & process involved

don't want to get legal involved if assets & distribution aren't complicated. e.g like saving can setup joint account, cpf got nomination etc
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Don't want a will or trust and don't want to incur legal fee, then do nothing about your estate and let intestate laws to decide if you are fine with intestate laws. Your beneficiary will still incur legal fee to get a Letter of Administration, unless DIY.

Joint accounts and joint cdp and joint house ownership can go to the joint holders without legal fee involved. But if you missed out any assets that are NOT jointly held, your beneficiary will still need to get LOA.

FYI, I got own cdp and trading accounts. My father got own cdp and trading accounts. And we got joint cdp account.

When my father passed away, I couldn't operate the joint cdp account under my own trading account :s22: Just because we failed to open a joint trading account or link the joint cdp account to my trading account as well. Dumb remiser never advised when opening a joint cdp account.

Anyway, I got LOA to act on my father's cdp account and the joint cdp account but decided to leave both accounts in limbo ..... cause the shareholdings are not significant. Every year, there is a dividend of $12 and that goes directly to his bank account which I did not close. It has been like that for more than 4 years already. CDP, like banks, wouldn't know about death of joint holders, if not informed.
 
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blurpandasg2014

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Having a will or no will also difficult, many procedures before monies come out.


Best is to put all ur monies into cpf and nominate, very fast ur beneficiary will get the payout.


Keep ur cash less den 50k or have everything as joint acc
 
reddevil0728

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blurpandasg2014 said:
Having a will or no will also difficult, many procedures before monies come out.


Best is to put all ur monies into cpf and nominate, very fast ur beneficiary will get the payout.


Keep ur cash less den 50k or have everything as joint acc
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why less than 50k?
 
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CrashWire

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rrr2015 said:
it does to make it worthwhile since more costs & process involved

don't want to get legal involved if assets & distribution aren't complicated. e.g like saving can setup joint account, cpf got nomination etc
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Even joint accounts may have issues:

https://singaporelegaladvice.com/law-articles/joint-bank-account-monies-one-owner-dies/
It's always better to put your intent in writing, and for most cases, that means a will. You can always draft a simple one on your own without a lawyer:

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

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henrylbh said:
FYI, I got own cdp and trading accounts. My father got own cdp and trading accounts. And we got joint cdp account.

When my father passed away, I couldn't operate the joint cdp account under my own trading account :s22: Just because we failed to open a joint trading account or link the joint cdp account to my trading account as well. Dumb remiser never advised when opening a joint cdp account.
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Oh! Didn't know such option of Joint CDP and co-exist with your own one. Does bank allows to link two CDPs in one trading account or must be a separate trading account? What about those SSB/T-Bills purchased and I suppose bank can only link to one CDP?
 
reddevil0728

reddevil0728

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CaptainWu said:
Oh! Didn't know such option of Joint CDP and co-exist with your own one. Does bank allows to link two CDPs in one trading account or must be a separate trading account? What about those SSB/T-Bills purchased and I suppose bank can only link to one CDP?
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ya why not. joint and single are separate thing similar to bank account.

ssb can only go into individual
 
rrr2015

rrr2015

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henrylbh said:
Don't want a will or trust and don't want to incur legal fee, then do nothing about your estate and let intestate laws to decide if you are fine with intestate laws. Your beneficiary will still incur legal fee to get a Letter of Administration, unless DIY.
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up lorry already no need to care so much :LOL: but at least do whatever possible
henrylbh said:
Joint accounts and joint cdp and joint house ownership can go to the joint holders without legal fee involved. But if you missed out any assets that are NOT jointly held, your beneficiary will still need to get LOA.
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won't miss if it's significant. if insignificant probably missable :LOL:
henrylbh said:
FYI, I got own cdp and trading accounts. My father got own cdp and trading accounts. And we got joint cdp account.

When my father passed away, I couldn't operate the joint cdp account under my own trading account :s22: Just because we failed to open a joint trading account or link the joint cdp account to my trading account as well. Dumb remiser never advised when opening a joint cdp account.

Anyway, I got LOA to act on my father's cdp account and the joint cdp account but decided to leave both accounts in limbo ..... cause the shareholdings are not significant. Every year, there is a dividend of $12 and that goes directly to his bank account which I did not close. It has been like that for more than 4 years already. CDP, like banks, wouldn't know about death of joint holders, if not informed.
Click to expand...
yeah just hoping MAS or CDP could do more.
 
reddevil0728

reddevil0728

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rrr2015 said:
yeah just hoping MAS or CDP could do more.
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unless there is an impetus to do so, if not i doubt they will.
rrr2015 said:
dont catch what article explaining. like what issues? just ensure its joint alternate account
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Most people assume that if one owner of the joint account passes away, then that other owner will be able to claim all the money in the account. In law, this is known as the “right of survivorship”. In fact, many banks state in their terms and conditions that they have the right to pay out all the monies to the surviving joint account holder.

However, in the event of a legal dispute between the surviving joint account holder and the estate of the deceased joint account owner, things are usually not so straightforward.
 
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