Saturday, January 16, 2016

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.