I'm seeing my relative & friends going away for good. The sad reality is that we are all getting old & you never know when your time will come:(
So I have made my will.
I would like to share my experience to help others who want to do the same.
There are 2 things you should consider making:
1) A will
2) A lasting power of attorney
A will is where you list your assets & who among your friends & relatives will get the $$ after your are gone.
Keep in mind that your CPF cannot be covered by a will. You MUST make a nomination via the CPF office. Failure to do so will mean that the PAP will get all your hard earned $ when you pass away.
It cost me $300 to $400 hundred in lawyer fees to make a will.
The other thing you should consider is making a "lasting power of attorney". If you don't die but are unable to take care of yourself e.g. have a stroke & can't talk, become brain damaged,.. Your caregiver needs the power from "a lasting power of attorney" to act on your behalf. A "lasting power attorney" will authorise someone to make decisions on your behalf e.g. sell you home, use your bank account,..etc
I know of a couple where the husband suffered a stroke & the wife cannot sell the home to downgrade for the $$ because the house is under the husbands name.
The cost of "a lasting power of attorney" is under $1,500. You need a lawyer to draft one out & he will submit it to the office of the guardian. The guardian is a gov't body who acts as an honest third party to make sure that the details of your "lasting power of attorney" are on record. It takes longer to prepare, submit & get a power of attorney recorded. The process may take a few months. The delay is at the guardians office because they scrutinise ALL the requests for "power of attorney" in Spore go through this office. They can be very fussy about the details
So I have made my will.
I would like to share my experience to help others who want to do the same.
There are 2 things you should consider making:
1) A will
2) A lasting power of attorney
A will is where you list your assets & who among your friends & relatives will get the $$ after your are gone.
Keep in mind that your CPF cannot be covered by a will. You MUST make a nomination via the CPF office. Failure to do so will mean that the PAP will get all your hard earned $ when you pass away.
It cost me $300 to $400 hundred in lawyer fees to make a will.
The other thing you should consider is making a "lasting power of attorney". If you don't die but are unable to take care of yourself e.g. have a stroke & can't talk, become brain damaged,.. Your caregiver needs the power from "a lasting power of attorney" to act on your behalf. A "lasting power attorney" will authorise someone to make decisions on your behalf e.g. sell you home, use your bank account,..etc
I know of a couple where the husband suffered a stroke & the wife cannot sell the home to downgrade for the $$ because the house is under the husbands name.
The cost of "a lasting power of attorney" is under $1,500. You need a lawyer to draft one out & he will submit it to the office of the guardian. The guardian is a gov't body who acts as an honest third party to make sure that the details of your "lasting power of attorney" are on record. It takes longer to prepare, submit & get a power of attorney recorded. The process may take a few months. The delay is at the guardians office because they scrutinise ALL the requests for "power of attorney" in Spore go through this office. They can be very fussy about the details