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18-03-2013, 01:48 PM
(This post was last modified: 19-03-2013, 09:39 PM by Temperament.)
Quote:Also, I'm struggling to find a 100% trusted person as executor so I keep putting this off. Anyone has any advise on finding a suitable executor?
[/quote]
Ah......! This perennial question is in everyone's mind i suppose. You just have to use your best judgement of character or characters to choose your executors. If you really can't, you can let an Institution or Bank or Estate Management coy to do it. But it's not cheap/year; so unless your assets are large and complicated, it's not worth it.
In fact, i am trying to impress my only son he must learn how to invest and about money management if not he will not receive anything from us "directly" in future. Provided that is if we have something to leave behind for him.
So far so good.
Amen.
NB:-
Your wife can be your executor and you your wife. On the other hand, touch wood.......
WB:-
1) Rule # 1, do not lose money.
2) Rule # 2, refer to # 1.
3) Not until you can manage your emotions, you can manage your money.
Truism of Investments.
A) Buying a security is buying RISK not Return
B) You can control RISK (to a certain level, hopefully only.) But definitely not the outcome of the Return.
NB:-
My signature is meant for psychoing myself. No offence to anyone. i am trying not to lose money unnecessary anymore.
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18-03-2013, 01:53 PM
(This post was last modified: 18-03-2013, 01:56 PM by egghead.)
(18-03-2013, 01:22 PM)steven Wrote: transfer single CDP account to use joint CDP account.
[Source: CDP - Retail --> Applications/Updates
a joint cdp account require a joint brokerage account to link both together.
steven, thanks! This is new information for me
(18-03-2013, 01:48 PM)Temperament Wrote: Ah......! This perennial question who is in everyone mind i suppose. You just have to use your best judgement of character or characters to choose your executors. If you really can't, you can let an Institution or Bank or Estate Management coy to do it. But it's not cheap/year; so unless your assets are large and complicated, it's not worth it.
In fact, i am trying to impress my only son he must learn how to invest and about money management if not he will not receive anything from us "directly" in future if we have something to leave behind for him.
So far so good.
Amen.
Therein lies my problem, I don't have big enough assets to justify engaging estate management company. 
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18-03-2013, 02:06 PM
(This post was last modified: 18-03-2013, 02:07 PM by steven.)
Quote from http://createwealth8888.blogspot.sg/2010...art-2.html
I always thought that we will need millions of dollars to set up a private Trust for our young kids. This is what I have found and an email reply:
Our Trust set-up starts from S$3,000, depending on the complexity.
Please feel free to contact me to discuss further.
http://www.rockwills.com
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18-03-2013, 02:13 PM
(This post was last modified: 19-03-2013, 10:00 AM by Temperament.)
(18-03-2013, 01:53 PM)egghead Wrote: (18-03-2013, 01:22 PM)steven Wrote: transfer single CDP account to use joint CDP account.
[Source: CDP - Retail --> Applications/Updates
a joint cdp account require a joint brokerage account to link both together.
steven, thanks! This is new information for me
(18-03-2013, 01:48 PM)Temperament Wrote: Ah......! This perennial question is in everyone's mind i suppose. You just have to use your best judgement of character or characters to choose your executors. If you really can't, you can let an Institution or Bank or Estate Management coy to do it. But it's not cheap/year; so unless your assets are large and complicated, it's not worth it.
In fact, i am trying to impress my only son he must learn how to invest and about money management if not he will not receive anything from us "directly" in future if we have something to leave behind for him.
So far so good.
Amen.
Therein lies my problem, I don't have big enough assets to justify engaging estate management company.
Same, same for most of us.
But you can appoint your child (if only one then no siblings complications) as one of the executors if he comes of legal age. In fact you can write in your will, who should have priority of order to be your executor/s or all of them have the same priority.
And please remember your appointed executor/s have the right to refuse to act as one when the time has come. Even though, by then you can't see anymore.(aka in Heavens) So, always have provision to see to this problems, in case it happens.
Now, please remember i am a layman trying to advise another layman.
i think i have talked too much already as a layman.
Shalom.
(18-03-2013, 02:06 PM)steven Wrote: Quote from http://createwealth8888.blogspot.sg/2010...art-2.html
I always thought that we will need millions of dollars to set up a private Trust for our young kids. This is what I have found and an email reply:
Our Trust set-up starts from S$3,000, depending on the complexity.
Please feel free to contact me to discuss further.
http://www.rockwills.com
Yes! Setting up a Trust may not be expensive but yearly maintenance and management fees may not be cheap (even though the trust may not increase in value). But if the child or children none are interested in investment & assets management, only spending; then a Trust is better even though it is quite expensive. An Estate slowly dissipates rather then disappears overnight is lesser of the hard choice to make. imo.
WB:-
1) Rule # 1, do not lose money.
2) Rule # 2, refer to # 1.
3) Not until you can manage your emotions, you can manage your money.
Truism of Investments.
A) Buying a security is buying RISK not Return
B) You can control RISK (to a certain level, hopefully only.) But definitely not the outcome of the Return.
NB:-
My signature is meant for psychoing myself. No offence to anyone. i am trying not to lose money unnecessary anymore.
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18-03-2013, 03:46 PM
(This post was last modified: 18-03-2013, 03:52 PM by hyom.)
(18-03-2013, 01:22 PM)steven Wrote: (18-03-2013, 01:12 PM)egghead Wrote: For me, most of my assets (properties, bank accounts) are joint with my wife; and she is also nominated for my CPF. The only thing that remains and not covered (I think) is SRS and CDP shares.
Also, I'm struggling to find a 100% trusted person as executor so I keep putting this off. Anyone has any advise on finding a suitable executor?
transfer single CDP account to use joint CDP account.
[Source: CDP - Retail --> Applications/Updates
a joint cdp account require a joint brokerage account to link both together.
For those who owns a US brokerage account with money residing in US, it is even more important to use a joint account. This is because of estate taxes for amounts exceeding USD60k. Unfortunately, a joint account is still no protection for the family if both husband and wife die together in an accident.
Another thing about joint accounts is that it only makes sense if both husband and wife share the same good financial habits. It is not fair if one party is a saver and the other a spender. So, if you are thrifty Germany, make sure your wife is not a spendthrift Greece. Divorce is not a cheap option in Singapore because the Woman's Charter is unfairly skewed against men. Better keep separate accounts if you got a "Greek" wife.
------------------------------------
Trust yourself only with your money
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(18-03-2013, 03:46 PM)hyom Wrote: (18-03-2013, 01:22 PM)steven Wrote: (18-03-2013, 01:12 PM)egghead Wrote: For me, most of my assets (properties, bank accounts) are joint with my wife; and she is also nominated for my CPF. The only thing that remains and not covered (I think) is SRS and CDP shares.
Also, I'm struggling to find a 100% trusted person as executor so I keep putting this off. Anyone has any advise on finding a suitable executor?
transfer single CDP account to use joint CDP account.
[Source: CDP - Retail --> Applications/Updates
a joint cdp account require a joint brokerage account to link both together.
For those who owns a US brokerage account with money residing in US, it is even more important to use a joint account. This is because of estate taxes for amounts exceeding USD60k. Unfortunately, a joint account is still no protection for the family if both husband and wife die together in an accident.
Another thing about joint accounts is that it only makes sense if both husband and wife share the same good financial habits. It is not fair if one party is a saver and the other a spender. So, if you are thrifty Germany, make sure your wife is not a spendthrift Greece. Divorce is not a cheap option in Singapore because the Woman's Charter is unfairly skewed against men. Better keep separate accounts if you got a "Greek" wife.
Hi hyom,
Ha! Ha!
Don't play, play. Suka, Suka just divorce. (Pardon me i use Singlish)
A German or Greek wife doesn't matter for some. Remember the Beatles:- "I give her all my love That's all I do And if you saw my love You'd love her too."
i am old enough to know what Beatles say in their song is true, at times.
In fact, many times.
WB:-
1) Rule # 1, do not lose money.
2) Rule # 2, refer to # 1.
3) Not until you can manage your emotions, you can manage your money.
Truism of Investments.
A) Buying a security is buying RISK not Return
B) You can control RISK (to a certain level, hopefully only.) But definitely not the outcome of the Return.
NB:-
My signature is meant for psychoing myself. No offence to anyone. i am trying not to lose money unnecessary anymore.
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(18-03-2013, 03:46 PM)hyom Wrote: For those who owns a US brokerage account with money residing in US, it is even more important to use a joint account. This is because of estate taxes for amounts exceeding USD60k. Unfortunately, a joint account is still no protection for the family if both husband and wife die together in an accident.
Another thing about joint accounts is that it only makes sense if both husband and wife share the same good financial habits. It is not fair if one party is a saver and the other a spender. So, if you are thrifty Germany, make sure your wife is not a spendthrift Greece. Divorce is not a cheap option in Singapore because the Woman's Charter is unfairly skewed against men. Better keep separate accounts if you got a "Greek" wife.
I am not an expert in divorce legal procedure, but I do know Singapore is definitely not too bad, even within Asia.
“夏则资皮，冬则资纱，旱则资船，水则资车” - 范蠡
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Having recently administered the estate of a loved one, I would like to share some practical tips.
1. Typically, the deceased might leave behind 3 types of assets, i.e. cash, property and stocks.
2. Cash - If the cash in kept in a bank as a joint account, the surviving account holder will be able to give instructions to transfer out the money.
3. HDB flat - Typically, the flat will be under joint ownership. Surviving party need only present death certificate plus HDB title deed to transfer ownership. If you appoint HDB's lawyers to do it for you, it will cost less than $100.
4. Stocks - If stocks are kept with CDP, they will need the letters of administration / probate to release the shares.
5. To apply for the letters of administration (DIY), one can go to the subordinate courts' website to download the necessary documents. For me, it took around 5 trips to Crimsonlogic and SGD800 or so in filing fees. I believed I probably saved several thousand in lawyer fees.
6. The subordinate courts will handle cases for deceased's assets up to SGD3 million only.
7. To conclude, if there is no dispute among beneficiaries of the estate, a will might not be necessary.
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(19-03-2013, 07:18 AM)HitandRun Wrote: Having recently administered the estate of a loved one, I would like to share some practical tips.
1. Typically, the deceased might leave behind 3 types of assets, i.e. cash, property and stocks.
2. Cash - If the cash in kept in a bank as a joint account, the surviving account holder will be able to give instructions to transfer out the money.
3. HDB flat - Typically, the flat will be under joint ownership. Surviving party need only present death certificate plus HDB title deed to transfer ownership. If you appoint HDB's lawyers to do it for you, it will cost less than $100.
4. Stocks - If stocks are kept with CDP, they will need the letters of administration / probate to release the shares.
5. To apply for the letters of administration (DIY), one can go to the subordinate courts' website to download the necessary documents. For me, it took around 5 trips to Crimsonlogic and SGD800 or so in filing fees. I believed I probably saved several thousand in lawyer fees.
6. The subordinate courts will handle cases for deceased's assets up to SGD3 million only.
7. To conclude, if there is no dispute among beneficiaries of the estate, a will might not be necessary.
Thank you for your valuable sharing. - Very practical. i like it.
Still, i think a will is very necessary because it's exactly nobody wants an estate to have any mishap. Without a "fool/full-proof will", anyone can throw a spanner into your estate. Maybe, a distant relative, a creditor who can hire a lawyer to claim your estate. Imagination???
Just one question; i suppose time is on your side if not using a law firm is still necessary?
WB:-
1) Rule # 1, do not lose money.
2) Rule # 2, refer to # 1.
3) Not until you can manage your emotions, you can manage your money.
Truism of Investments.
A) Buying a security is buying RISK not Return
B) You can control RISK (to a certain level, hopefully only.) But definitely not the outcome of the Return.
NB:-
My signature is meant for psychoing myself. No offence to anyone. i am trying not to lose money unnecessary anymore.
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(19-03-2013, 10:24 AM)Temperament Wrote: Just one question; i suppose time is on your side if not using a law firm is still necessary? It took me around 1.5 to 2 months from the time I decided to DIY till the letters of administration was granted. For my friend, it took him around 3 months when he engaged a lawyer. Each time I file the papers, it took up to 1 hour, due to the time spent on queuing up and filing.
If a statutory declaration is required, it is also very convenient at Chinatown Point (where Crimsonlogic's service bureau is located), due to the large number of law firms located there.
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