Will? Trusts? Assets? What to do when you before you depart this world? For the young , the middle aged and the seniors.

Ya. The post is sombre la. I've just lost a relative today . R.I.P.


This post is sort of a self reminder for all of us and most importantly me. A few close friends and acquaintances know this , the others don't. I went into hospital twice last December. When i was in there , on the hospital bed i actually told my mum where i has stashed my "will" , together with my list of things i wanna do but couldn't do.... my bucket list. Then she told me : " Choy , don't anyhow say" etc etc.

I explained to her my rationale of writing up my "will" and other stuffs so that :
1) I would have less regrets should i leave the world then.
2) I would know that they would be taken care of as per my asset / beneficiaries allocation.
3) Lesser chances they would contest aka fight aka turn me over in my grave.

I've a will that is going to be valid once i turn 21 , with my lawyer. (Oh ya , irritatingly , below 21 can't do a  legally binding will wor! @#@ , i can run start-ups , but cannot do my own will? I can sign cheques but cannot do a legally binding will?!?) but in the meantime , I've settled my life insurance nominees , cpf monies nominees etc liao. Not say the probate laws of singapore no good or what ah. Just that i feel i wanna do things my way la , esp. if it is one of the last things that would be done should i depart this world.


I'm seriously encouraging all of y'all above 21 to do up your will at a lawyers' , fees you can nego with them , i think it's ok la considering that it's cheaper than a coffin. (this one is true ah , don't scold me) . Those below 21 , write a note, date it , put your thumbprint on it,and keep it safely tucked away in a safe , or somewhere secure , you never know when you need someone to retrieve it. It's gonna come in handy someway. Listing down all your assets , eg. your lego la , your gaming laptop la etc etc and your shares , your car . ( Insurance u have to settle with the insurers la , and cpf with the cpf board).


Also , there are other ways to preserve / disburse your wealth to your descendants or your living loved ones. Example , irrevocable trusts , living trusts , legacy plans.... etc etc , go and research on those , your lawyer / your banker should be able to shed some light on those. Otherwise , go and search for the professionals , they're there for a reason eh?

Oh ya , here's also a song for y'all to listen while y'all are thinking or researching.



Yours Faithfully
Ah Boy.



Image from google. 



Comments

  1. Hi Ah Boy,
    I can't agree more with you on the importance of having a will regardless of age! There's going to be so much intestacy laws, time lag and quarrels over the deceased estates if there's no will in place.

    Also, could you share how much does it cost to get it from the lawyer? Because I do remember from my poly lecturer that it is possible to do up a will on our own in the presence of an independent third party witness. (Although I do suspect it still can cock up if it's not done properly.)

    Nevertheless, I want to commend on your matured thinking which many of us youths never thought about! I must look into drafting out a will as well!

    Best regards,
    Aloysius Lee

    ReplyDelete
    Replies
    1. Hmm... for that actually my granny has it done that way (I.T.P. as witness) , it cost around 200sgd thereabouts... as for my will , it didn't cost as much as i would have expected it to. You can expect around 450 to 600 for most wills ba , depending on the law firm you engage.

      As youths , we should try our best to make the best of what we have and also plan forward. Also , if you're doing up a will , read up or consult your legal professional on executioners etc etc. They should be able to assist you!

      I hope that your journey to financial independence will be fufilling!!

      Cheers
      Ah Boy

      Delete
  2. Hi Ken,

    My condolences. Hope you're taking it well.

    Btw, the movie intouchables is very good. You shld watch it.

    ReplyDelete
    Replies
    1. watched it two days back , in fact i poked uncle rich to watch it . Thanks L.P. , taking it well. Life's a journey , well my relative has moved on to a better place , that's all. :)

      Cheers
      Ah Boy

      Delete

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