Wills vs Intestacy law

[pleeted]

have a few qns from about wills/intestacy law.

1) do one need a will if one is satisfy with the intestacy law distribution?

2) how does it work when one passed away? all assets including hdb/cpf/bank/investment will be automatically frozen?

3) if one have various insurances, banks and investment account that the shares are in cdp and scb custodian, but did not inform the dependent. may i know is the dependent able to dig these information out and inherit accordingly?

plz advise.
thanx.

 

[henrylbh]

If you don't leave info with beneficiaries, not all assets can be discovered even if you have a will.

You should also consider the cost of having and not having a will and which one will take longer time to distribute the assets.

For HDB flat in joint name and CPF with nominee, the distribution is very fast as the HDB and CPF will take the initiative to inform the beneficiary.

 

[MisterLim001]

have a few qns from about wills/intestacy law.

1) do one need a will if one is satisfy with the intestacy law distribution?

2) how does it work when one passed away? all assets including hdb/cpf/bank/investment will be automatically frozen?

3) if one have various insurances, banks and investment account that the shares are in cdp and scb custodian, but did not inform the dependent. may i know is the dependent able to dig these information out and inherit accordingly?

plz advise.
thanx.

1) intestacy law are for muslims, so got will or not no difference. if you have HDB, depend on whether there is a JT owner of TIC owner with the deceased. if there is a JT owner, intestacy law no effect, HDB go directly to surviving JT owner. if it is TIC owner, the shares held by the deceased will be divided according to intestacy law.

if non muslim, most assets will according to will. except for HDB if there is a surviving JT owner. in this instance, JT owner will take over the HDB ir-regardless of what the will states. for CPF, if there is nominee, monies from CPF will go to the nominee. if no nominee, then split according to will. if no will, then split according to Singapore law.

2)when a person die, police depart/hospital will update all other govt authorities, thus CPF and HDB will know if someone die. for banks/pte istitutes, they won't know unless NOK inform them with will and death cert

3)if the dependant does not know what/how much assets that decease has, have to engage lawyer to check it out. lawyer will write to banks, CDP, whatever institute to investigate.
PS depandant have to investigate himself too to cover any blindspots that lawyer may miss out, dependant is inheriting the assets after all right?

 

[pleeted]

thanx 4 all de replies.
may nid 2 consider on wills to save the hassle.

i have additional qns on wills.
1) does the wills have to be stored in wills registry and wad is the actual benefit to store the wills in wills registry?

2) does wills have this feature whereby when one pass away, the beneficiaries will be informed automatically so dat they can inherit?

3) with regards to 2 witnesses, does wills registry or any other place which we can find "trustable" witness instead of looking for our own?

4) if one is currently single and plan to marry later, can one draft a will using terms and arrange in precedence similar to intestate act? e.g. 40% spouse, 40% parents and 20% children? reason for asking so dat 1 might nt need to review the wills often.

5) any1 who managed to write their own wills and do all the process themself? am contemplating whether to consult a lawyer on dis.

thanx.

 

[slurpy0099]

http://forums.hardwarezone.com.sg/eat-drink-man-woman-16/diy-will-4765456.html#post90028970

 

[edwinttt1978]

thanx 4 all de replies.
may nid 2 consider on wills to save the hassle.

i have additional qns on wills.
1) does the wills have to be stored in wills registry and wad is the actual benefit to store the wills in wills registry?

2) does wills have this feature whereby when one pass away, the beneficiaries will be informed automatically so dat they can inherit?

3) with regards to 2 witnesses, does wills registry or any other place which we can find "trustable" witness instead of looking for our own?

4) if one is currently single and plan to marry later, can one draft a will using terms and arrange in precedence similar to intestate act? e.g. 40% spouse, 40% parents and 20% children? reason for asking so dat 1 might nt need to review the wills often.

5) any1 who managed to write their own wills and do all the process themself? am contemplating whether to consult a lawyer on dis.

thanx.

Simple answers:

1) No. Benefit: to enable selected people to make searches.

2) No.

3) No. But any 2 witnesses can be found in a law firm.

4) No. Any wills made when single are automatically void when married, unless such wills are made in comtemplation of marriage ( i.e marrying to Ms Tan Ah Mei of NRIC S1234567Z).

5) Okay to DIY for simple wills; best to seek professional help for complex wills.

 

[limster]

I've mentioned that there is a book in our national libraries written by local author on will writing with sample simple wills.

Since borrowing from library is free, just borrow and read the book and see whether its suitable

 

[slurpy0099]

I've mentioned that there is a book in our national libraries written by local author on will writing with sample simple wills.

Since borrowing from library is free, just borrow and read the book and see whether its suitable

Can share the title

 

[MisterLim001]

thanx 4 all de replies.
may nid 2 consider on wills to save the hassle.

i have additional qns on wills.
1) does the wills have to be stored in wills registry and wad is the actual benefit to store the wills in wills registry?

2) does wills have this feature whereby when one pass away, the beneficiaries will be informed automatically so dat they can inherit?

3) with regards to 2 witnesses, does wills registry or any other place which we can find "trustable" witness instead of looking for our own?

4) if one is currently single and plan to marry later, can one draft a will using terms and arrange in precedence similar to intestate act? e.g. 40% spouse, 40% parents and 20% children? reason for asking so dat 1 might nt need to review the wills often.

5) any1 who managed to write their own wills and do all the process themself? am contemplating whether to consult a lawyer on dis.

thanx.

1) Information for Testators | IPTO - Insolvency and Public Trustee's Office
wherever you keep the will, please keep the executor and beneficiaries informed of the will's whereabouts. they won't auto know if you don't tell them

2)only for CPF/HDB which will inform NOK when you die, banks and pte institute won't inform you. thus NOK or beneficiaries will have to approach lawyer to check whether you have will or not

3)check with a lawyer lah

4) if you are single, there is no way you can say "40% to spouse, 40% to children" etc. you single leh, not married yet. lawyer would want your beneficiaries' IC no and name. no name and IC, how to give to future spouse and children. keyword is FUTURE.
Thus in Singapore law, if you single and have a will, your will is consider void once you get married and you have to write a will again. once divorced/widowed, your current will made during the married is then considered void again and then you have to write will again.

5)from what I understand, a lawyer has to endorse it


PS: please go and consult a lawyer or search for info online

 

[wts2013]

"5) any1 who managed to write their own wills and do all the process themself? am contemplating whether to consult a lawyer on dis."

My friends did it themselves using templates they obtained. It is very simple unless you have complex distribution rules.

You dun need a lawyer, but read up first to make sure u dun write terms/words which are ambiguous or not recognised by law, but using a template shld be save.

Make sure u date it and sign, and sign by 2 witnesses.

 

[NiteX2]

1) Information for Testators | IPTO - Insolvency and Public Trustee's Office
wherever you keep the will, please keep the executor and beneficiaries informed of the will's whereabouts. they won't auto know if you don't tell them

2)only for CPF/HDB which will inform NOK when you die, banks and pte institute won't inform you. thus NOK or beneficiaries will have to approach lawyer to check whether you have will or not

3)check with a lawyer lah

4) if you are single, there is no way you can say "40% to spouse, 40% to children" etc. you single leh, not married yet. lawyer would want your beneficiaries' IC no and name. no name and IC, how to give to future spouse and children. keyword is FUTURE.
Thus in Singapore law, if you single and have a will, your will is consider void once you get married and you have to write a will again. once divorced/widowed, your current will made during the married is then considered void again and then you have to write will again.

5)from what I understand, a lawyer has to endorse it


PS: please go and consult a lawyer or search for info online

4) not correct. A will is not voided upon divorce, in fact the ex spouse is still entitled to her share in the event sth happens to the testator
5) lawyer doesn't need to endorse a will though it's best to seek professional help to ensure you get all the areas covered

On a sub note, while beneficiaries are unable to be notified immediately upon the death of testator, the testator is able to nominate a will/trust company as executor so that they save the trouble of having their dependants finding out and closing all the accounts which is very time consuming

 

[MisterLim001]

4) not correct. A will is not voided upon divorce, in fact the ex spouse is still entitled to her share in the event sth happens to the testator
5) lawyer doesn't need to endorse a will though it's best to seek professional help to ensure you get all the areas covered

On a sub note, while beneficiaries are unable to be notified immediately upon the death of testator, the testator is able to nominate a will/trust company as executor so that they save the trouble of having their dependants finding out and closing all the accounts which is very time consuming

serious? any links, because from what I understand, it is void once divorced. I read it from ST

 

[wts2013]

serious? any links, because from what I understand, it is void once divorced. I read it from ST

He is right, divorce does not void the will. That's why u must review your Will periodically for amendments/update.

 

[anfielder]

1) intestacy law are for muslims, so got will or not no difference. if you have HDB, depend on whether there is a JT owner of TIC owner with the deceased. if there is a JT owner, intestacy law no effect, HDB go directly to surviving JT owner. if it is TIC owner, the shares held by the deceased will be divided according to intestacy law.

if non muslim, most assets will according to will. except for HDB if there is a surviving JT owner. in this instance, JT owner will take over the HDB ir-regardless of what the will states. for CPF, if there is nominee, monies from CPF will go to the nominee. if no nominee, then split according to will. if no will, then split according to Singapore law.

Intestacy law applies for non-muslims. Muslims are governed by Muslim law.

 

[limster]

Intestacy law applies for non-muslims. Muslims are governed by Muslim law.

Good that there are knowledgeable people here. There have been so many threads about will writing and a lot of misinformation.

Information about wills is not difficult to acquire. Just go down to National Library and borrow the book for free or buy it for S$25. Like I mentioned, the book has sample simple Wills.

See previous thread:

http://forums.hardwarezone.com.sg/money-mind-210/writing-will-4663995.html
Estate Planning Made Easy (Select Books: The Asian Book Specialist - Bookseller, Publisher and Distributor)

If still not comfortable after reading the book to DIY, then no choice, for your peace of mind, go and get a lawyer.

 

[henrylbh]

serious? any links, because from what I understand, it is void once divorced. I read it from ST

I think that applies only to cpf nomination but not will.

 

[henrylbh]

Good that there are knowledgeable people here. There have been so many threads about will writing and a lot of misinformation.

Information about wills is not difficult to acquire. Just go down to National Library and borrow the book for free or buy it for S$25. Like I mentioned, the book has sample simple Wills.

See previous thread:

http://forums.hardwarezone.com.sg/money-mind-210/writing-will-4663995.html
Estate Planning Made Easy (Select Books: The Asian Book Specialist - Bookseller, Publisher and Distributor)

If still not comfortable after reading the book to DIY, then no choice, for your peace of mind, go and get a lawyer.

Even going to lawyer doesn't guarantee the validity of the will until the testator dies and there is a contest.

Recently in the news a will drawn up by a lawyer was rejected because the will was lacking of something.

 

[MisterLim001]

Even going to lawyer doesn't guarantee the validity of the will until the testator dies and there is a contest.

Recently in the news a will drawn up by a lawyer was rejected because the will was lacking of something.

actually the main issues is when there is a contest to a will that makes the entire process tedious

 

[wts2013]

Even going to lawyer doesn't guarantee the validity of the will until the testator dies and there is a contest.

Recently in the news a will drawn up by a lawyer was rejected because the will was lacking of something.

ya, the Will was not signed by 2 witnesses, how cld a lawyer made such stupid mistake!

 

[MisterLim001]

ya, the Will was not signed by 2 witnesses, how cld a lawyer made such stupid mistake!

dafug? the will was rejected becos of that? the lawyer is sleeping?