Will making

[qhong61]

Prices will always fluctuate in Sg lol

Mine is at $250 nett

There are many things to note while doing a Will... actually many of the issues mentioned can be avoided if they were advised earlier.

Joint Accounts - bypasses Wills but case to note is this: if your joint account is with e.g. Child A and you pass on without a Will… Child B and C etc can contest in court that the Joint Account is held in Trust, and not for Child A to inherit.

HDB Flats / Private Property –

Depends on the ownership – Sole Name / Joint Tenancy (based on survivorship) / Tenancy in Common (based on percentage agreed – may not be so good for business owners who are personal guarantors for bank loans)

For HDB flats - Tenancy in Common might be tricky. You can’t own 2 HDB flats in Singapore.

E.g. Husband 50%, Wife 50%. Husband passes away and his 50% forms part of his estate for distribution. If he has children, estate distribution becomes Wife 50%, children 50%. (Intestate Succession Act, if without a Will)

Since the house is part of that estate, the children has to sell back their share to their mother if they are already HDB owners themselves. If the children are minors, then have to apply to hold in trust (subject to approval from HDB)

CPF – Goes to nominated person(s) but not via CPF, but cash or bank transfer. Processing time: about 5 weeks. Bypasses the Will. (Nominations are revoked by marriage)

But if the nominees are minors below 21, the funds will be transferred to Public Trustee which you have to pay a fee annually.

Insurance – nominated beneficiaries… bypasses the Will as well. Fuss free way to pass on your inheritance. However one thing to note is if your policy is bought before Sept 2009 and your named beneficiary is your e.g. Ex-spouse, you cannot change the beneficiary without his/her consent (Section 73 trust)

A good will should also encompass a Total Disaster Clause.

Writing your own will is possible but risky… any mistakes made will render it useless and revert your estate distribution back to following the state law of the country.

Those with young kids – writing a Will allows you to name up to 2 guardians in the event that both parents pass on together.

Guardians will be the appointed Trustees for finances and welfare. If parents pass on without appointing guardians, your children (below 21) will be placed in foster homes – strangers, until the court rules kick in, which can take months). And the problem is the court will just appoint any family member whom they think is the best. But if you are still alive, you know for sure you will NEVER place your child in their care.

Anyone in the midst of divorce should do a Will fast… Divorce takes time to finalise (months/years). If anything were to happen before that, your estate will still be distributed to your current wife aka ex-honey.

Best advice to all is find a proper Will consultant that does financial planning too.

Cheers!

U do Will writing?

 

[edwinttt1978]

Given the sudden interest in wills, including suspicious circumstances surrounding the execution of wills, this thread is up for awareness.

 

[Bigoya]

Given the sudden interest in wills, including suspicious circumstances surrounding the execution of wills, this thread is up for awareness.

For those keen to learn more:

 

[henrylbh]

Given the sudden interest in wills, including suspicious circumstances surrounding the execution of wills, this thread is up for awareness.

Looks like LKY's final 7th version of will may be contested.

 

[henrylbh]

I need to apply for letter of administration soon.

Any advice with not easy to deal with 5 siblings and with one going away this week for about a year?

 

[harky]

if i make a Will for insurance, cpf,
those solo nomination (@ insurance, cpf) will be void?

 

[lifeislonggamma]

if i make a Will for insurance, cpf,
those solo nomination (@ insurance, cpf) will be void?

CPF cannot be distributed via a will, as stated here:
https://www.straitstimes.com/forum/letters-in-print/cpf-monies-not-covered-by-a-will

A will cannot be used to override a nomination already made for a given insurance policy, as explained here:

https://singaporelegaladvice.com/la...ibute-life-insurance-proceeds-by-using-a-will

 

[harky]

omg... mean i had to go back redo

CPF cannot be distributed via a will, as stated here:
https://www.straitstimes.com/forum/letters-in-print/cpf-monies-not-covered-by-a-will

A will cannot be used to override a nomination already made for a given insurance policy, as explained here:

https://singaporelegaladvice.com/la...ibute-life-insurance-proceeds-by-using-a-will

 

[dexboi]

Nominations to CPF and Insurance are separately administered by their own. They do not mix with your personal Will. But do note that nominations will be revoked automatically if you marry or divorce.

If you want to specify distributions of individual assets, it will be more difficult to administer, time consuming and costly when the time comes. Best to consult lawyer to draw up your plan.

Otherwise, a simple Will to cover 'everything else' is sufficient for an average person. It will stay with you for life unless you change it.

Below has very good examples. My Will is very similar to their FREE version.

http://singaporeprobate.com/wills/diy-guide-drafting-will-singapore/

 

[qazamy]

6 years later it has increased to c267.50 for a simply Will huh?
http://www.income.com.sg/value-added-services/referral-services/will-writing-services

Got a Will done for $150, and an LOA for $1,500. Is it kenna chopped or is a good deal?

 

[harky]

So Will is basically for those without nominations in specify distributions.
i tot Will is apply to all LOL

Nominations to CPF and Insurance are separately administered by their own. They do not mix with your personal Will. But do note that nominations will be revoked automatically if you marry or divorce.

If you want to specify distributions of individual assets, it will be more difficult to administer, time consuming and costly when the time comes. Best to consult lawyer to draw up your plan.

Otherwise, a simple Will to cover 'everything else' is sufficient for an average person. It will stay with you for life unless you change it.

Below has very good examples. My Will is very similar to their FREE version.

http://singaporeprobate.com/wills/diy-guide-drafting-will-singapore/

 

[cheongmanz]

Tiagong from the lawyer that if your marital status changes after the date when the will was made. That will is not valid anymore.

 

[lifeislonggamma]

Tiagong from the lawyer that if your marital status changes after the date when the will was made. That will is not valid anymore.

Section 13 of the Wills Act, regarding the revocation of a will, only applies if the person changes from 'not married' to 'married'. It doesn't apply the other way round.

 

[henrylbh]

Brought my father to make a will. After questioning from the lawyer, the lawyer refused her service saying my father was not in a position to make a will

 

[henrylbh]

Got a Will done for $150, and an LOA for $1,500. Is it kenna chopped or is a good deal?

Beginning of this month, I applied for LOA. All-in charge $1350.

 

[harky]

how come? what the reason?

Brought my father to make a will. After questioning from the lawyer, the lawyer refused her service saying my father was not in a position to make a will

 

[harky]

hmmm is NTUC the cheapest where i can bring my mom to make WILL for HDB under joint tenancy?

is there a Chinese version WILL? my mom dont know eng.

 

[henrylbh]

hmmm is NTUC the cheapest where i can bring my mom to make WILL for HDB under joint tenancy?

is there a Chinese version WILL? my mom dont know eng.

If joint tenancy, it cannot be willed.

 

[henrylbh]

I asked my lawyer who applied LOA for me in 2009, whether can he make a will for my 90 yo aunty. He replied that he needs my aunt to have medical certification. Told him that's not convenient for my aunt. In the end he gave me the will (foc) to let my aunt find her own witnesses and sign the will.

 

[harky]

ehhhhhhhhhh so i need to check if the flat is joint tenancy or under tenancy in common?

If joint tenancy, it cannot be willed.