Writing Wills – Not just for the Old and Rich!

After a tiring but fruitful last
week, I decide to take a day off today after National Day holiday. Just like
any other days, I read the Business Times (BT) this morning and come across an
interesting topic – the importance of writing wills and estate planning.
For those who follow Hong Kong TVB
serials you probably remember
 溏心風暴
(Heart of Greed),
featuring family members fighting over assets in court. While will writing is
undoubtedly important, you may wonder if it is relevant to us being just an
average citizen without holding millions of assets.

Below is the extract summary from BT article,
which may allow us to understand better.
Writing a will is not just for the wealthy
Contrary to popular belief, will
writing is not only important to the wealthy. It is also important to selected
groups of people but not limited as follows: 1) small business owners desire continuity
in their business interests, and want to ensure that their interests can be
sold for a good price upon death. 2) For parents with minor children, the
children will require financial support in the event that both parents pass
away before their children grow up. 3) Estate owners who require their assets
to be distributed according to their will, rather than adopting the inflexible interstate
law upon death.
Estates Succession
In Singapore, the Intestate
Succession Act determines how a decease person’s estates will be distributed to
successors. Click website link here for the rules. However please note that these rules do
not apply to Muslims, whose estates are governed by Muslim law and the Syariah
Court.
BT had translated the rules in
layman terms with disclaimer that the translations are not exact and not legal
advice.
Rule 1: If you leave behind a spouse
and no parents or children, your spouse gets everything.
Rule 2: If your spouse and children survive,
your spouse gets half of your assets. See next rule on children.
Rule 3: Your children will get the
other half, split equally among them. If a child is dead, his or her children
(your grandchildren) can claim their parent’s share.
Rule 4: If you leave behind your
spouse, no children, and parents, your spouse gets half and your parents get
the other half.
Rule 5: If you have no children or
no spouse, your parents get your assets split equally among them.
Rule 6: If you have no spouse,
children or parents left, your brothers and sisters get their respective
portions, split equally. If there is a deceased brother or sister with
children, their children will get the share the decease would have got.
Rule 7: If you have no spouse,
children, parents, brothers or sisters or their children left, but your
grandparents are still around, they will split your assets equally.
Rule 8: If you have no spouse,
children, parents, brothers or sisters or their children, or grandparents left,
but you have uncles and aunts, they will get your assets in equal portions.
Rule 9: If you have nobody left to
distribute your money to according to the previous rules, the Government takes
everything. If you leave more than one wife behind, your wives split your
money.
Another Rule: If you have provided
for your child expensive money, gifts or other property or expensive overseas
education say S$200k, or whatsoever you did to support him or her, it will not
be counted when calculating his or her fair share.
CPF Succession
I did a further research on our CPF
succession. The Intestacy laws also apply to our CPF. Please refer to website
here
.
NTUC Income Will Seminar
I had also discovered that NTUC
provide “Will seminar” to public. Click link here.

Meanwhile, have a good laugh …


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One thought on “Writing Wills – Not just for the Old and Rich!

  1. There is only one reason you are behind to make yourself successful writer that is your dedication toward your thinking of mildest also you can earn and learn more in a professional essay way, i would say that you should try out every possible way to contact and make living full life with your loved ones

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