Creating a will

[marineblue911]

Just a qutestion for the folks here.

Usual intestacy law in Singapore is 50% to wife and 50% to children. However, a will can alter this.

Wondering if it is really necessary to give so much to wife (presuming she will remarry at some point) or would it make more sense to give most to the children.

I am trying to see what would be the feel for the learned folks here regarding planning your will. I am kinda inclined to give more the the children as they probably will face huge education costs and even higher living costs in the future.

All comments most welcomed.

Cheers

 

[Equalisation]

Tuan,

Depends on your age.

I am already in my vintage. As such, equal shares for my wife and independant children.

 

[Bigfuck]

See what the old man did lah. Trusts to control all his ill gotten cash, run like a corporation. Trusts shield you from many things.

 

[Unrepented]

I have seen old sinkie grannies with young thai boys also:(

Tuan,

Depends on your age.

I am already in my vintage. As such, equal shares for my wife and independant children.

 

[jw5]

Just a qutestion for the folks here.

Usual intestacy law in Singapore is 50% to wife and 50% to children. However, a will can alter this.

Wondering if it is really necessary to give so much to wife (presuming she will remarry at some point) or would it make more sense to give most to the children.

I am trying to see what would be the feel for the learned folks here regarding planning your will. I am kinda inclined to give more the the children as they probably will face huge education costs and even higher living costs in the future.

All comments most welcomed.

Cheers

Giving more to the kids is a good idea in my view.

You may also want to consider 2 other factors:

1. How they have treated you (Presumably your kids are already young adults)
2. What type of people they are (This can be difficult to ascertain as a husband and father, but not impossible.)

 

[tualingong]

yeah give more to the kids and they ended up spending all on drugs booze or sex.

maybe also MBS.

 

[ray_of_hope]

Just a qutestion for the folks here.

Usual intestacy law in Singapore is 50% to wife and 50% to children. However, a will can alter this.

Wondering if it is really necessary to give so much to wife (presuming she will remarry at some point) or would it make more sense to give most to the children.

I am trying to see what would be the feel for the learned folks here regarding planning your will. I am kinda inclined to give more the the children as they probably will face huge education costs and even higher living costs in the future.

All comments most welcomed.

Cheers

Can I recommend that you get a lawyer who would be prepared to allow you to review your will annually and therefore make any alterations if necessary.
Circumstances do change. Contact a lawyer and ask him whether he would be amenable to such an arrangement and what would be the costs involved.

As to how you wish to divide your money only you can get a feel of how that should be done.

 

[laksaboy]

Just a qutestion for the folks here.

Usual intestacy law in Singapore is 50% to wife and 50% to children. However, a will can alter this.

Wondering if it is really necessary to give so much to wife (presuming she will remarry at some point) or would it make more sense to give most to the children.

I am trying to see what would be the feel for the learned folks here regarding planning your will. I am kinda inclined to give more the the children as they probably will face huge education costs and even higher living costs in the future.

All comments most welcomed.

Cheers

You make the will, you call the shots. In extreme cases, you can give everything to charity, or another trusted relative or friend, or your parents, and leave nothing for your spouse and kids.

 

[wendychan]

Just a qutestion for the folks here.

Usual intestacy law in Singapore is 50% to wife and 50% to children. However, a will can alter this.

Wondering if it is really necessary to give so much to wife (presuming she will remarry at some point) or would it make more sense to give most to the children.

I am trying to see what would be the feel for the learned folks here regarding planning your will. I am kinda inclined to give more the the children as they probably will face huge education costs and even higher living costs in the future.

All comments most welcomed.

Cheers

excuse me but im ROFL....

 

[Bebeque]

You make the will, you call the shots. In extreme cases, you can give everything to charity, or another trusted relative or friend, or your parents, and leave nothing for your spouse and kids.

Agreed. Just consider the following -

a If kids or weefee have not been treating one well, why leave it to them? For most of us who are not born with a silver spoon, whatever we have in financial terms come from our sweat and tears efforts. Why should kids and weefee have an easy time benefiting from our demise? Why not benefit the unfortunates of the world? to accumulate some merits?

b If kids are wastrels, or even if not, the inheritance may turn them into wastrels, especially if they are still young and immature, say below 21. Indeed, one should seriously consider if the kids can handle sudden wealth - would they take the inheritance and just waste it?

By the way, same goes for CPF nominations - if kids are young, the CPF will release the money to the kids at the age of 18!!! At 18, can they know what to do with money, especially if big amounts. Alternatively, nominate someone else who can be trusted to safekeep the money until the kids are old and mature enough to handle the money. Single, divorced parents, especially need to consider such a possibility.

Cheers.

 

[marineblue911]

Good point bro.

My kids are still quite young. Wife is in her thirties. Hence my considerations.

Cheers

Tuan,

Depends on your age.

I am already in my vintage. As such, equal shares for my wife and independant children.

 

[ilovesingapore]

donate some to spca...m e o w ....

young wives, can also leave some money for them lah....why deprive them if you are gone.

after u r gone, no worry about anything anymore....live the best NOW!

 

[ilovesingapore]

if u r lucky, the children will appreciate your inheritance and spend wisely.

if u r unlucky and children spend the money unwisely or gamble away or invest wrongly, all your savings go to waste...sad.

if your young surviving wife remarries and the husband is a gambler, also die...all your savings to your wife will also be eaten up in no time...

in the end...all suffer....you will be crying in your grave..

my mantra now is: live the moment, enjoy the moment, cherish the moment....m e o w ...lol...there is no need to think so much about the future.....

 

[ilovesingapore]

Tuan,

Depends on your age.

I am already in my vintage. As such, equal shares for my wife and independant children.

u r quite wise. but must also give yourself a treat now lah...m e o w ....good morning sunday

 

[marineblue911]

Agreed. Trusts are great for those with lots of moolah and assets. But for a typical family, a real trust cost quite abit to setup and maintain.

However, since my kids are young, the inheritance will still be in a trust, likely controlled by the mother.

See what the old man did lah. Trusts to control all his ill gotten cash, run like a corporation. Trusts shield you from many things.

 

[marineblue911]

Bro, great points. Kids are still young. Its the first will for family. So the will likely will evolve over time. But just want to build a simple framework to work on.

Thks

Giving more to the kids is a good idea in my view.

You may also want to consider 2 other factors:

1. How they have treated you (Presumably your kids are already young adults)
2. What type of people they are (This can be difficult to ascertain as a husband and father, but not impossible.)

 

[marineblue911]

Totally agree. Even 21 is too young. Considering a clause that the estate pay for their education and will only give them full funds only upon 30. Not sure if 30 is too old. Comments?

Agreed. Just consider the following -

a If kids or weefee have not been treating one well, why leave it to them? For most of us who are not born with a silver spoon, whatever we have in financial terms come from our sweat and tears efforts. Why should kids and weefee have an easy time benefiting from our demise? Why not benefit the unfortunates of the world? to accumulate some merits?

b If kids are wastrels, or even if not, the inheritance may turn them into wastrels, especially if they are still young and immature, say below 21. Indeed, one should seriously consider if the kids can handle sudden wealth - would they take the inheritance and just waste it?

By the way, same goes for CPF nominations - if kids are young, the CPF will release the money to the kids at the age of 18!!! At 18, can they know what to do with money, especially if big amounts. Alternatively, nominate someone else who can be trusted to safekeep the money until the kids are old and mature enough to handle the money. Single, divorced parents, especially need to consider such a possibility.

Cheers.

 

[marineblue911]

Bro, agree, once we are gone, actually nothing matters for us. But just trying to do the best regardless if sudden demise happens and kids are left quite helpless and exwife remarries and the kids may have less financial protection with the new family. Yes, I know, I think too much on a Sunday.

As a family, we still try to enjoy life as much as we can.

Hv a great weekend and a great 2013.

if u r lucky, the children will appreciate your inheritance and spend wisely.

if u r unlucky and children spend the money unwisely or gamble away or invest wrongly, all your savings go to waste...sad.

if your young surviving wife remarries and the husband is a gambler, also die...all your savings to your wife will also be eaten up in no time...

in the end...all suffer....you will be crying in your grave..

my mantra now is: live the moment, enjoy the moment, cherish the moment....m e o w ...lol...there is no need to think so much about the future.....

 

[Equalisation]

u r quite wise. but must also give yourself a treat now lah...m e o w ....good morning sunday

Tuan,

How to ? My Cpf money all locked-up by the gahmen !:(

 

[andyfisher]

really ex to setup a trust?
you checked? like actually checked or is this info coming out of ur retarded butt?

dont talk cock like u know.

for peoples interested, go see a lawyer, its not expensive and it is routine.

wen will blur sotongs learn? hahaha

Agreed. Trusts are great for those with lots of moolah and assets. But for a typical family, a real trust cost quite abit to setup and maintain.

However, since my kids are young, the inheritance will still be in a trust, likely controlled by the mother.