Will - Draft out a will from lawyer

[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

[tree nymph]

if the bank account is held in joint name and one party passed away, does it mean that the money under this account is automatically passed to the surviving account holder?


will half of the balance in that account form part of the estate of the deceased and distributed as in the will?

[usaik]

Glad I stumble upon this thread…great information thanks to all. Dh and I have also been thinking of approaching a professional to draft a will for a long time. We do not have much assets as such the purpose of drafting a will is more to make sure our only child be protected should anything happen to both of us. However, we couldn’t agree on who do we want to entrust our child to, to execute the will and more importantly to be the legal guardian.


Anyone here have similar woes?

[jonyfords09]

If the separate identification / description of items to be left clear. For example, "the contents of the UOB bank account 123456" or "property for the 123 known as Bt-Timah." Remember, some things can not be left will be contained in the above post by

[SaSaMum]

I tot a beneficiary cannot act as an executor at the same time?

[ZacK]

correct me if i am wrong… think a beneficiary can be executor but cannot be witness…