| Home > Let's Buzz > IM$avvy Chatter > Tax Planning and Estate Planning |
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| WLim |
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| New User Posts: 2 | I'm interested to have my Will written. Any cheap and good service to recommend? | ||
| Son Of Light |
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| Veteran Posts: 172 Location: Yishun | Write it yourself, then ask 2 plp whom are not going to benefit from the will to sign as witness. | ||
| WLim |
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| New User Posts: 2 | This is indeed a cheap way  How do we ensure that it will be legally admissible? | ||
| Son Of Light |
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| Veteran Posts: 172 Location: Yishun | A few steps. 1: Write it clearly, using commanding words, do not use words like 'wish' or 'hope'. 2: Revoke all previous wills. 3: Take care of everything and everyone. 4: Leave a clause to take care of everything leftovers. 5: Find 2 witness to sign, then sign yourself. 6: Date it. 7: Photo-copy it. 8: Declare it to your friends and relatives. | ||
| dess |
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| Member Posts: 5 | How do i make sure that the will are in safe keeping? As in after I write it, should the witness be the one keeping it? After I die, who should take this will out to declare my will? | ||
| Son Of Light |
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| Veteran Posts: 172 Location: Yishun | 1: Have a few copy, keep then somewhere everyone knows. 2: Anyone can keep it. 3: Anyone with the will. | ||
| Son Of Light |
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| Veteran Posts: 172 Location: Yishun | 1: Have a few copy, keep then somewhere everyone knows. 2: Anyone can keep it. 3: Anyone with the will. | ||
| Hailstorm |
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| Member Posts: 19 | There are a couple of financial instituitions in SG which has simple "templates" online that you can use, for free. This is mainly assuming if your asset divisions are simple. However, while it can cost couple of hundreds to do a will with a lawyer (i was quote $250 by a reputable firm), the benefits is able to get some advice on the little known intricacies of how the law works so that you know what needs on need not be in a will. e.g. can you will your share of your house to anyone? (Ans: Depends on your ownership tenancy structure) | ||
| katsigner |
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| Member Posts: 7 | In actual fact, before you write your will, you'll need to walk yourself through a series of death - your death I mean... How you want your assets to be distributed depends on your desire wish and human factors... In the eyes of law, it's straight forward and easy when comes to executing your will through a letter of probate via an executor you nominate... It's the human factor you'll need to seriously consider so as to avoid any dispute such as contestibility of your will... To understand what happens to a person's death, you need to know what are the legals procedures you'll need to know and understand... It'll render pointless if you just write a will w/o knowing how your will works after your untimely death... When a person is dead, upon registering his death with the registries, all banks in Singapore will be the second to learn about his death besides his immediate family... They will freeze his money within 6 hours... If a person dies w/o a will, is said to have died intestate... His estate will be distributed via the provisions of the Intestate Succession Act according to the Government Law of Singapore, meaning your assets will be equally distributed to your next of kin and there's a long list of who to get should the person's next of kin is not ard... The family has to apply for a Letter of Administration, usually through a lawyer... The process usually takes about 6-12 months depending the person has made any nomination in his CPF, has any outstanding debts etc... If he hasn't made any nomination with the CPF board, CPF will take a year to process before releasing the money despite the Succession Act in place... Hence, it's strongly recommend to make your nomination with the CPF board as soon as you can before anything unfortunate happens... If a person dies with a will before death,, is said to have died testate... The nominated executor/trust will have to apply a Grant of Probate to execute the deceased's estate according to his wishes documented in his latest will after probate... Again, this has to be done through a lawyer and it usually takes 6 months before the executor can execute the will... This is to allow the authorities to check whether the will is the latest will... During this period, if no one contest against the will, the executor will carry out the deceased's wishes accordingly to his will... Please do take note, having a will doesn't mean you can over-right everything... you can't over-right the nominations you've made in your CPF and all your insurance policies under NTUC as well as those policies nominated under Section 73... To state your will, especially for insurance policies, you need to specifically state down the policy number and how much proceed you're distributing.... This is call policy ownership arrangement... Do remember, upon death, only proper claimants can claim up to 150k of insurance proceed when the will is in probate.. Meaning to say, if you've any policies in force, your immediate family can make up to 150k of insurance proceed immediately after your death... This is especially very advantageous for your family to overcome some financial difficulties especially on final expenses upon death... The insurance nomination act is in force since 1st Sept 2009, henceforth, you're able to nominated your beneficiaries under Section 49M or 49L... Section 49L is trust nomination, meaning to say a trust is created and usually nomination is irrevocable, applicable for immediate families only as beneficiaries... Muslims can only nominated under Section 49L under their Muslim laws... You'll need the beneficiaries and trust's consents to revoke the nomination before you can re-nominate... Section 49M is a revocable nomination and you can nominate how you want your proceeds to be to any legal entity... The only difference between S49L and 49M is that S49L protects your proceeds against creditors (similar to S73), S49M does not... Please take note that 100% of your insurance proceeds have to be nominated... The insurance nomination act makes things much clearer for nomination and provides flexibilities for policyowners to nominate their proceeds not strictly to S73 which is in the past... You can now nominate your beneficiaries accordingly just like your will, however you'll need to inform the insurer that you've made a will, otherwise, the proceeds will go accordingly to your nominations... Certain human factors you need to consider is family dispute, how you want your assets to be equally distributed w/o any repercussions after your will is executor, especially in property... If you're under tenacy-in-common, there might be an issue... You might want to consider policy ownership arrangement to resolve this issue... At this point of time, I'd strongly recommend you to think about the factors involve in making a will prior to get it legalised by a lawyer... You'll need 2 witnesses to acknowledge your will and a executor/trust to carry out your wishes... Hope this helps... | ||
| wuming79 |
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| New User Posts: 2 | Hi, can we will anything to foreigners? Example, if wife is a foreigner and her parents are in overseas. | ||
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