Estate Planning
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My will is drafted in a similar manner as yours.
I guess if kids are above age 21, they are adults in legal eyes and thus considered matured to handle finances. -
starlight1968sg:
I think my daughter probably is able to manage but not for my elder son yet. Elder 20 years old son is still 'in the process of making' and leaving him a windfall may spin him into the wrong direction.My will is drafted in a similar manner as yours.
I guess if kids are above age 21, they are adults in legal eyes and thus considered matured to handle finances.
I am quite strict with children's pocket money / spending (perhaps due to my own background). Other than the necessities of 供书教学, most of their 'leisure' money they have to work for themselves. Son is 不羁 by nature and I am still observing where he will be heading.
11 years old son is even younger that I cant see where he will be really heading yet.
Sons usually are...errr...more 'unpredictable'... -
Under my will, i have trustees (?, dont know the term) that look after my money should my kids below age 21.
In a will, your concern (kids under age and thus unable to handle finances) should be taken are of. In the will, it will also take care if one of your beneficiaries passes on, how is his/her portion to be distributed.
Note: CPF monies and some insurance monies (eg fr NTUC Income) are not covererd by the will.
If you are really concern on this matter, perhaps it is better to get your will drafted by a lawyer. The estimated cost is about $500 (a few yrs back). -
starlight1968sg:
Under my will, i have trustees (?, dont know the term) that look after my money should my kids below age 21.
In a will, your concern (kids under age and thus unable to handle finances) should be taken are of. In the will, it will also take care if one of your beneficiaries passes on, how is his/her portion to be distributed.
Note: CPF monies and some insurance monies (eg fr NTUC Income) are not covererd by the will.
If you are really concern on this matter, perhaps it is better to get your will drafted by a lawyer. The estimated cost is about $500 (a few yrs back).
My concern now is actually kids at 21 still cannot manage money.
I need an estate planner coz my Will will include a Trust and Trust matters are something that I am not familiar with. The planner will take care of the will and trust (that I believe will include giving advise of where to park the money while the kids are still not at the right age to inherit. I am thinking of giving them the money in 3 instalments when they hit 25, 30, and 35. Something like that instead of one lump sum at 21.) He will also take care of those Power of Attorney matters for my trustees to act in the event that I am still alive but not in a mental capacity to act (such as coma) scenario. -
There are various parties involved in a trust structure and they perform different roles.
http://en.wikipedia.org/wiki/Protector_%28trust%29
http://en.wikipedia.org/wiki/Trustee -
http://www.straitstimes.com/premium/for ... l-20140714
The writer, Mr Wilfred Ling, has a blog
http://www.ifa.sg/
PS: I know him but not related to him in one way or another. -
We will be meeting a financial advisor to do estate planning. Not sure whether he is the pushy sales person type. Then again, as long as we stand firm in our decision, I guess there is no real concern whether he is pushy or not.
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Jennifer:
We will be meeting a financial advisor to do estate planning. Not sure whether he is the pushy sales person type. Then again, as long as we stand firm in our decision, I guess there is no real concern whether he is pushy or not.
One really has to be very clear and sure in what he wants etc. Otherwise, with a few tactics (consciously or subconsciously), he may easily \"succumb\"... -
starlight1968sg:
yalor.Jennifer:
We will be meeting a financial advisor to do estate planning. Not sure whether he is the pushy sales person type. Then again, as long as we stand firm in our decision, I guess there is no real concern whether he is pushy or not.
One really has to be very clear and sure in what he wants etc. Otherwise, with a few tactics (consciously or subconsciously), he may easily \"succumb\"...
and it is always good to ask for second opinion, esp from the elders.
btw, here is the link should anyone is interested
http://www.greateasternfa.com.sg/gelsfa/index.html
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