Making A Will

With rising costs and increased learning needs, financing our children's education is no longer a simple walk in the park. Discuss with other parents about how they are managing their finances to cope with their expenses.

Making A Will

Postby osim » Mon Apr 01, 2013 11:53 pm

What is the best way to do a Will?

Is it better to go direct to lawyer or do it via Will Writer? Which is cheaper or more reliable? Are Will Writers professionally liable?

If a Will is made and registered with the IPTO (public trustee) already, how frequent can you make an update and do the updates need to be done by the same lawyer or can I do my own update since I am allowed to write my own Will in the first place.

Would appreciate any input from anyone who has done this before.

osim
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Re: Making A Will

Postby hquek » Tue Apr 02, 2013 9:58 am

It depends on how much money you have and how complex your estate is. if it's complex, better consult a lawyer. If it's simple, just do one yourself. there are templates on the internet you can use. So long as you have 2 witnesses to sign (they don't even need to know the contents of the will, just sign name plus ic only).

Note1: some things you can't will away. Property under joint tenancy (private or hdb the same) - ownership will auto go to the surviving joint owner (if both die, then yes, can will away). CPF - I believe in this case nomination overrides all (unless nomination was made prior to marriage/birth of child), but I can be wrong.

Note2: in event of hubby and wife die together (eg in accident) and the time of death is unknown, it is assumed that the older one will die first. I'm just being very morbid.

Things you can include in your will (this is not exhaustive):
1. specific items to go to who - eg diamond necklace go to A, watch go to B.
2. what happens if one die, what happens if both hubby and wife die, what happens if beneficiary die (eg parents are beneficiary)
3. can include something to charity.

Wills can be updated as often as you like. if you are worried, I believe there is a registry that helps keep track of which version is the latest - I'm not sure if they store the actual will.

But in my case, I don't think there will be any fight (nothing to fight for mah), so i just keep it at home. I'm not sure what goes on after death but understand that with wills, it'll be easier (faster and cheaper) for my beneficiaries to get the estate vs having the official trustee settle my estate. So me and hubby got ours done in a hurry years back.

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Re: Making A Will

Postby heyhoe » Tue Apr 02, 2013 10:10 am

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.

heyhoe
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Re: Making A Will

Postby osim » Tue Apr 02, 2013 10:35 am

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.

osim
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Re: Making A Will

Postby heyhoe » Tue Apr 02, 2013 10:45 am

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.

heyhoe
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Re: Making A Will

Postby hquek » Tue Apr 02, 2013 10:49 am

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. :P Even if I were to pass them the document, I am not confident THEY will find it.

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Re: Making A Will

Postby osim » Tue Apr 02, 2013 11:19 am

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 :).

osim
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Re: Making A Will

Postby hquek » Tue Apr 02, 2013 11:35 am

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.

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Re: Making A Will

Postby cherrygal » Tue Apr 02, 2013 1:47 pm

heyhoe wrote: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

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Re: Making A Will

Postby heyhoe » Tue Apr 02, 2013 2:08 pm

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.

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