Estate Planning

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.

Estate Planning

Postby insider » Thu Jul 10, 2014 9:49 am

Wonder someone can recommend me an Estate Planner who is not pushy (objective kind)?

I used to have a will (self drafted), a simple one that says all my CPF goes to my mum and the other assets go 50% to my husband and balance equally to my 3 kids.

Now my estate is expanding and I am aging. Seeing that my siblings are also aging and so begin to think deeper and so the division of non-fixed assets get more complicated.

My current thought now is to consolidate all my non-fixed assets and divide them roughly into:

25% to my husband
25% equally to my kids
25% equally to my siblings
15% to my mum
10% to charity.

Taking into considerations that my husband is 10 years older than me and kids are still young, I don't intend to let them inherit one lump sum if I were to die prematurely. Hubby is still quite sharp now but I dont know what may happen later (China woman?). Giving kids a lot of money when they are not matured enough to manage may do more harm than good for them over the longer run. So, my thought goes into setting up Trusts for husband and kids.

I have a Financial Advisor whom I know for more than 30 years and he can also do estate planning and 90% of my insurance are purchased via him. However, somehow my gut feel is that it is better to find a new one for this purpose as this particular one may have some conflict of interests in giving me the best advice.

I am looking high and low for a good impartial Estate Planner but am concerned that I may get the wrong one and ended myself with a super sales type personality.

Anyone can share your experience in this area please?

insider
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Re: Estate Planning

Postby starlight1968sg » Thu Jul 10, 2014 9:54 am

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.

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Re: Estate Planning

Postby insider » Thu Jul 10, 2014 10:04 am

starlight1968sg wrote: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'...

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Re: Estate Planning

Postby starlight1968sg » Thu Jul 10, 2014 10:10 am

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).

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Re: Estate Planning

Postby insider » Thu Jul 10, 2014 10:17 am

starlight1968sg wrote: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.

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Re: Estate Planning

Postby Coolkidsrock2 » Thu Jul 10, 2014 7:35 pm

There are various parties involved in a trust structure and they perform different roles.

http://en.wikipedia.org/wiki/Protector_(trust)
http://en.wikipedia.org/wiki/Trustee

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Re: Estate Planning

Postby starlight1968sg » Mon Jul 14, 2014 8:01 am

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.

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Re: Estate Planning

Postby Jennifer » Mon Jul 14, 2014 10:00 pm

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.

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Re: Estate Planning

Postby starlight1968sg » Tue Jul 15, 2014 9:56 am

Jennifer wrote: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"...

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Re: Estate Planning

Postby Jennifer » Tue Jul 15, 2014 11:15 am

starlight1968sg wrote:
Jennifer wrote: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

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