Will - Draft out a will from lawyer

[hquek]

hi daisyt,


Going to the lawyer will mean he take care of the nitty gritty bits. But remember you got to update your will every so often.

My personal feel is that if yours is a non-contestible thing (eg only 1 child) and unlikely anyone will contest, you can consider doing it the DIY way. It’s probably those who have tonnes of money and many offspring who are likely to fight then will need a lawyer’s expertise.

But it’s good to get a will done nonetheless, else I heard that that distribution of assets after one’s passing may be held up due to admin work etc.

[daisyt]

Hi hquek, if property cannot be willed, and both joint tenants died and no will are made by both parties, so how?

[hquek]

daisyt:

Hi hquek, if property cannot be willed, and both joint tenants died and no will are made by both parties, so how?

The 'intestacy' law apply. So the beneficiary of the last assumed) surviving owner will get the property. In case of hubby and wife, I think the older of the 2 assumed to die first.

I believe generally if no kids, then estate goes to spouse and parents (equal portions). If there are kids, then estate goes to spouse and kids (in equal shares). If unmarried, then estate goes to parents and siblings.

Having a will keeps out the mozzies (blood suckers i say) relatives who claim they have an interest. And setting one up will ensure for instance that a young child don't come into money immediately and learn to fritter money away.

[daisyt]

Spoken to a lawyer found on the website from 24by7 mum, a simple will charging $250.

[Gecko]

You don'treally need a lawyer. A simple will:


1st Para
Revole all your former wills and similar documents (eg a codicil) where ever made.

2nd Para

Appoint an executor and trustee of your will. If you are kiasu, appoint a replacement should he/she dies before you.


3rd Para

Set our who you want to give things to (ie beneficiaries). Like para 2, if you want to be kiasu, you can name \"replacements\" should your beneficiary die before you.

How do you want to distribute your property? Individually or by percentage?

If individually, Identify/describe the item you want to bequeath clearly. For example \"the contents of bank account number 123456 at UOB\" or \"property known as 123 Bt Timah\". Remember, some things cannot be bequeathed via a will as set out in the post above. Add a catch all phrase at the end to cater for stuff you may have forgotten. For eg\"any remaining property to xxx\"

A simplier way would be divide by percentage eg \" 75% to my wife ....\"

Essentially thats it.

You sign the will. Have 2 witnesses. Make sure they are NOT your beneficiaries.

If the will is not in English, make sure you identify the language that it was interpreted intoand the Name of the interpreter and some identification eg NRIC

Gecko

PS did I miss something out?

[daisyt]

Some facts to share with you all.


CPF funds and proceeds of insurance policies devolve upon
beneficiaries nominated under the CPF rules or in the insurance policy. They
therefore cannot be given away in your will. If there is no nomination for
CPF, the CPF fund/shares and interest will devolve in accordance with
Intestate Succession Act and not in accordance with the Will.

Joint property (e.g. joint tenancies in real property) may pass to
a surviving joint owner automatically on the death of the other joint
owner(s). For all bank accounts, it depends on the bank mandate. Again, you
cannot will these assets away.

[duriz]

My Mom had her will drafted aboout 20 years ago. Cost was S$250. I am the executor and one of the beneficiaries but not one of the two witnesses required. You can go to a Notary Public for that (witnesses), and if the lawyer has that department in their office, even better. Can draft and sompa altogether in the same office.

[Sun_2010]

daisyt:

Some facts to share with you all.


CPF funds and proceeds of insurance policies devolve upon
beneficiaries nominated under the CPF rules or in the insurance policy. They
therefore cannot be given away in your will. If there is no nomination for
CPF, the CPF fund/shares and interest will devolve in accordance with
Intestate Succession Act and not in accordance with the Will.

Joint property (e.g. joint tenancies in real property) may pass to
a surviving joint owner automatically on the death of the other joint
owner(s). For all bank accounts, it depends on the bank mandate. Again, you
cannot will these assets away.

so for nominations for CPF- If put 98% DH , 1% DD and 1% DS. That way should both DH and me kick the bucket at the same time, the money can still go to DD and DS only ...

Why i want this- :?
One the money will be held in trust till kids reach the legal age if there is no nomination or the nominee is not alive
two eliminates any one else making claims as heirs

Any advice ???

:?:

[mwchua]

Correct me if I am wrong - I thought distribution of bank balances fall under the will, i.e. it can be willed away.


The following are subjected to specfic nominations made & not subject to will:

- CPF: As per CPF nomination;
- NTUC Income policies: As per policy nomination
- Property: If under joint tenancy, then to surviving owner.

The rest of movable & immovable assets all should all fall under the will. Pls help to advise if my understanding is correct.

Thanks

[Gecko]

mwchua:

Correct me if I am wrong - I thought distribution of bank balances fall under the will, i.e. it can be willed away.


The following are subjected to specfic nominations made & not subject to will:

- CPF: As per CPF nomination;
- NTUC Income policies: As per policy nomination
- Property: If under joint tenancy, then to surviving owner.

The rest of movable & immovable assets all should all fall under the will. Pls help to advise if my understanding is correct.

Thanks

Correct I think.

Except for 1 thing that I am not sure: ie. where there is no CPF nomination.

Can't recall whether it can be \"willed away\" or whether it comes under our intestate succession laws. :?

Gecko