Making A Will

[osim]

Thanks heyhoe,


How much did you pay for the lawyer? Was quoted $200-300 for standard Will. Additional clause is around $53. I think standard clause is really basic. Not that I have a complicated case but I think small small instruction like how you want to die, funeral type, etc, details on what to give to who for residual assets, won’t they all add up to many clauses and cost a lot.

Thanks hquek,
It is good to give a copy of your Will to your Will Executors and important to appoint 2 of them (just in case one bye bye and you did not update your Will) and request them to do this favor for you before putting their names. My sis also got me to be her executor and give me 1 copy. She wrote her own and she lives in the US. Come to think of it, I better get her to register hers with the IPTO.

Your input is useful.

[heyhoe]

Sorry, I can’t remember exactly but it should be around $200 - $300 for a simple will. Thus, I think the quote that you get seems reasonable.


As for additional clause, perhaps you can get a few quotes and compare with the lawyer.

[hquek]

actually if you diy, you can put in as many clause as you wish. I don't think the courts will quibble if it sounds legal-speak or not. I spent money on that formal will - but can't recall how much.


I view the will as settlement of financial matters. the other stuff like what type of funeral will be decided by who's left - having a will is to let them know, but for me is not important.

Yup, have to let executors know before appointing them - I have 2, one from each side. But it's our siblings so we just \"btw, anything happen to us both, you take care of my kids hor.\" Say more to them and I will really feel morbid.

Thanks for the advice, but I think my family situation is ok - let the ones who are left have a treasure hunt. Figure when I pass on, my place will be searched and turned upside down. not too difficult to find as long as they take the trouble to clear up my place. Even if I were to pass them the document, I am not confident THEY will find it.

[osim]

hquek, your relatives are so good, willing to taking care of your kid's if.... (sorry).


I asked my sis and though she said yes but I can tell she was really scared to take the responsibility. So I never assign anyone though I really wish someone would wholeheartedly take up the 'offer'. But my kids now in their teens, quite independent so hope all is well for the years to come till they reach 21 :).

[hquek]

hee, I’m blessed I guess. dun worry, I’m usually ok with morbidity - but still don’t want to dwell too much on it.


Yes, actually one point the lawyer asked us to consider is when the kids can get hold of the estate. Some parents stipulate like their kids can only get their hands on the estate after 25 years old - ie when the kids are more independent and have worked. It’s more worrying when kids are small and this worry will be lesser when the child grows up.

[cherrygal]

heyhoe:

Ours was just a simple will but we got it done thru the lawyers.


Besides our only property and CPF, our main reason was to ensure that our children are well taken care of by either one of our trusted siblings should something unfortunate happen to us.

Did you have to seek permission from that relative before putting his/her name down as the guardian / trustee for the kids? I want to add this clause too in case the pple I don't like end up with my kids if we choi choi...

Normally if no will, which side will they give the kids to? Father's side or mother's side? I will flip if my kids end up with my husband's weird bro... eeewww

[heyhoe]

Hi cherrygal,


Yes, consent is a must.

I thought I’m the only one that is particular on who my kids ended up should something happen. Choi!

For your info, we chose 2 guardians - one from each family side.

[osim]

heyhoe:

Hi cherrygal,


Yes, consent is a must.

I thought I'm the only one that is particular on who my kids ended up should something happen. Choi!

For your info, we chose 2 guardians - one from each family side.

Trustees must be able to manage the funds well. If they don't do properly, kids can sue them, example if they don't disburse funds timely and sufficiently for their needs and any other reasons that made life difficult for them.

Anyway as long as we start talking about will and insurance, all the choi choi situations start to get mentioned.

BTW, how does the IPTO register your Will. They give you some kind of registration number, then you paste on your will, or what? They don't keep a copy so how to prove the copy you have is the valid one.

[Canvas]

I made a will b4 marrying DH and I paid the lawyer $250. It was a simple will and the lawyer said I could do one myself using the same format the next time (old wills are void when you marry)just need to find 2 witnesses. Now that I have 2 kids I am going to rewrite a new will and will probably also attach pictures of my jewelry etc. As for the executor, I informed since you will need the NRIC number etc. DH is using an online template but it looks very vague & good thing he showed it to me first, he actually wrote 100% to his brother and 50% to each child and I was shocked. My dh thinks too much, what he thought is in the event that I died,and the kids also died then his bro gets everything. SIAO! You don’t put in this way I feel. Online templates can be quite misleading, I am using my own to make sure it is clear as crystal.

[hquek]

How can it be 200% le? Everything must add to 100%. Umm, tell DH no need to think so much, if he want to incorporate all this, it can be done, just add clauses. In event of death of 1,2,3, then the estate shall be divided into… This will complicate wills and I think lawyers should then be consulted. Don’t scarly choi choi happens and your kids get nothing (unless that was original intent).


Yes, each time there is change in family composition, should update will.