Question: Wilfred, if I pass always without writing a Will, is it confirmed that all my assets will be distributed according to Intestate Succession Act? I believe under the Act, my wife gets 50% and my children gets 50%

Question: Wilfred, I asked a lawyer to write a Will for me so that I can bequeath 90% of my estate to my wife and the remaining equally among my children but he charges me at a price that is too expensive. I am a Muslim. Can you help me?

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Question: I have been approached to buy a Universal Life (UL) product for legacy planning. Do you think I should buy the UL?

Answer: Actually you have been approached to buy an insurance product and has nothing to do with legacy planning. Another word for legacy planning is estate planning. Estate planning is not about buying a product. Many salespersons use the excuse of ‘legacy planning’ to push products to their clients without determining whether is it suitable or not.

Question: My wife does not work and she does not have her own CPF money. I make regular contribution to my spouse’s CPF account using the CPF Minimum Sum Scheme Top-up every year to save on taxes. Can I assume that if she makes a CPF Nomination, all her CPF money will go to whoever she nominates?

Question: Wilfred, I’ve maximize the CDA account by giving birth to six children. With the government 1-1 matching, the CDA accounts are worth $144,000. To ensure that this CDA is taken care off upon my demise, I wish to will my CDA to my wife.

Hi Wilfred, I would like to know if children and wife are liable for father/ husband's debts (both bank loans and credit loans)? Both of the children and spouse did not co-sign any debts for him. However, the wife has used some of the savings from household money to pay debts for him. Are we actually considered liable even after his death?

Answer:

The theoretical answer is that you and children are not liable for your husband's debts if you are not the guarantor nor a co-borrower.

The practical answer is that you are still liable. Reasons are:

Question: “I am currently in the industry, but tied to a company in selling their products.

“After almost a year in the industry, I have no doubts that I can perform and earn a decent or rather good salary. However, the thing is that, I would really prefer to do a comprehensive financial plan for consumers out there. I would like to be a financial planning professional, and NOT a GOOD salesperson.

Question:

Wilfred, my mother just died. She has no other assets other than a $10,000 fixed deposit. The bank refused to allow us to make withdrawal saying we need to obtain the Letter of Administration. I asked a lawyer and was quoted a whopping $3000 to get the Letter of Administration! Can you help me to solve this problem?

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Question: My father died recently. My mother was shocked that she needs to pay $12,600 in tax to have my father’s property transfer to herself. I thought estate duty was already abolished. Why my mother need to pay so much in estate duty?

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Question: “I am the only child of my mother and my father is no longer with us. My mother is currently bedridden. I am married with no children. I intend to write a will to give all my property to my mother and my wife in equal shares. However, in the event that my mother shall predecease my wife, I would like the remaining of my given shares to be given to my wife. How shall I articulate the will? - Max”

(The above question was posted by someone on this website HERE but it did not receive a proper reply because it was thought that the question is a legal question. Actually, it is a financial planning question. Here is my two cents' worth reply.)

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Question: "I have a spouse and an age old mother (currently staying with my young brother, who is not married), with no children. My spouse is a PR and a housewife, with not much saving. I have my own HDB flat, under single owner scheme, when I dies, my wife have to sell away the flat, according to HDB rule. I still cannot decide the percentage of giving to both of them. As I do not have children, if i give high percentage to my wife, it will be unfair to my mother, as she brought us up in hardship. If I give high percentage to my mother, when she die one day, my asset will go to my brothers. So I am still in a confuse stage to calculate out the percentage."

Question: “I am not writing my Will because the default distribution under Intestate Succession Act serves my needs. Moreover, I hold my assets as joint account with my wife.” - A married individual with young children.

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