<![CDATA[Estate Planning]]>

atrecord:
forestcadee:

Hi, hope someone can give me some advice.


My parents have the intention to do the estate planning.
They wish to divide their assets equally among 4 kids.
However, my mum's concern on my 2nd brother as he is
a spendthrift and not healthy. Furthermore, he just got married
with a widow (with 2 kids) whom we do not meet her before.

Wonder if we can included a clause in the will to help him manage the fund?

Thanks.

Confirm can. As long as you can pay, the lawyers managing the estate/will arrangement can for example, set up a trust fund to slowly release the funds to a beneficiary instead of a lump sum. But this is more complex compared to a simple will, so will cost more to arrange.

This is before the inheritance is given out. If give out already and want to help me to manage, then cannot, as that requires his consent. The former no need his consent, as the money is not yet his.

This is not strictly true. If a trust fund is set up for the beneficiary, the money technically belongs to him, but the terms of the trust will determine what sort of control the trustees will have over the funds, and what freedom he has to use the funds.

]]>https://forum.kiasuparents.com/topic/76559/estate-planningRSS for NodeWed, 29 Apr 2026 08:51:11 GMTWed, 10 Sep 2014 07:32:30 GMT60<![CDATA[Reply to Estate Planning on Wed, 10 Sep 2014 06:21:08 GMT]]>

forestcadee:
Hi, hope someone can give me some advice.


My parents have the intention to do the estate planning.
They wish to divide their assets equally among 4 kids.
However, my mum's concern on my 2nd brother as he is
a spendthrift and not healthy. Furthermore, he just got married
with a widow (with 2 kids) whom we do not meet her before.

Wonder if we can included a clause in the will to help him manage the fund?

Thanks.
Confirm can. As long as you can pay, the lawyers managing the estate/will arrangement can for example, set up a trust fund to slowly release the funds to a beneficiary instead of a lump sum. But this is more complex compared to a simple will, so will cost more to arrange.

This is before the inheritance is given out. If give out already and want to help me to manage, then cannot, as that requires his consent. The former no need his consent, as the money is not yet his.

]]>https://forum.kiasuparents.com/post/1379843https://forum.kiasuparents.com/post/1379843Wed, 10 Sep 2014 06:21:08 GMT<![CDATA[Reply to Estate Planning on Thu, 04 Sep 2014 10:35:01 GMT]]>Hi, hope someone can give me some advice.


My parents have the intention to do the estate planning.
They wish to divide their assets equally among 4 kids.
However, my mum’s concern on my 2nd brother as he is
a spendthrift and not healthy. Furthermore, he just got married
with a widow (with 2 kids) whom we do not meet her before.

Wonder if we can included a clause in the will to help him manage the fund?

Thanks.

]]>https://forum.kiasuparents.com/post/1376894https://forum.kiasuparents.com/post/1376894Thu, 04 Sep 2014 10:35:01 GMT<![CDATA[Reply to Estate Planning on Tue, 15 Jul 2014 03:15:10 GMT]]>

starlight1968sg:
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\"...

yalor.

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

]]>https://forum.kiasuparents.com/post/1332416https://forum.kiasuparents.com/post/1332416Tue, 15 Jul 2014 03:15:10 GMT<![CDATA[Reply to Estate Planning on Tue, 15 Jul 2014 01:56:18 GMT]]>

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\"...

]]>https://forum.kiasuparents.com/post/1332307https://forum.kiasuparents.com/post/1332307Tue, 15 Jul 2014 01:56:18 GMT<![CDATA[Reply to Estate Planning on Mon, 14 Jul 2014 14:00:31 GMT]]>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.

]]>https://forum.kiasuparents.com/post/1332059https://forum.kiasuparents.com/post/1332059Mon, 14 Jul 2014 14:00:31 GMT<![CDATA[Reply to Estate Planning on Mon, 14 Jul 2014 00:01:41 GMT]]>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.

]]>https://forum.kiasuparents.com/post/1331345https://forum.kiasuparents.com/post/1331345Mon, 14 Jul 2014 00:01:41 GMT<![CDATA[Reply to Estate Planning on Thu, 10 Jul 2014 11:35:53 GMT]]>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

]]>https://forum.kiasuparents.com/post/1329037https://forum.kiasuparents.com/post/1329037Thu, 10 Jul 2014 11:35:53 GMT<![CDATA[Reply to Estate Planning on Thu, 10 Jul 2014 02:17:36 GMT]]>

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.

]]>https://forum.kiasuparents.com/post/1328578https://forum.kiasuparents.com/post/1328578Thu, 10 Jul 2014 02:17:36 GMT<![CDATA[Reply to Estate Planning on Thu, 10 Jul 2014 02:10:50 GMT]]>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).

]]>https://forum.kiasuparents.com/post/1328566https://forum.kiasuparents.com/post/1328566Thu, 10 Jul 2014 02:10:50 GMT<![CDATA[Reply to Estate Planning on Thu, 10 Jul 2014 02:04:42 GMT]]>

starlight1968sg:
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 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.

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'...

]]>https://forum.kiasuparents.com/post/1328559https://forum.kiasuparents.com/post/1328559Thu, 10 Jul 2014 02:04:42 GMT<![CDATA[Reply to Estate Planning on Thu, 10 Jul 2014 01:54:46 GMT]]>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.

]]>https://forum.kiasuparents.com/post/1328547https://forum.kiasuparents.com/post/1328547Thu, 10 Jul 2014 01:54:46 GMT