Will Central Singapore

23/07/2024

𝐃𝐨𝐧'𝐭 𝐨𝐯𝐞𝐫𝐩𝐚𝐲 𝐭𝐨 𝐰𝐫𝐢𝐭𝐞 𝐲𝐨𝐮𝐫 𝐖𝐢𝐥𝐥!

💸 It can cost up to $500 to do it at a law firm

Why do your Valid Will with us:
✅ Save Legal fees for your loved ones
(may costs $10,000 or more)

✅ Free-of-Charge 45 mins Consultation

✅ Dedicated Will Writing Associate

✅ Hand-delivered to you

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06/02/2023

A man who unexpectedly died in a traffic accident left no will behind, prompting his mother to launch court action, seeking ownership of a flat in Tanjong Pagar where she had been living with him.

Grandmother and grandson took to court to fight over the deceased's HDB flat in Tanjong Pagar worth S$450,000 and other assets including about S$181,000.

05/02/2023

Her parents bought the property with her money. When her mother died, she was not named as a beneficiary in the will.

3 financial related things to do before you die:
1) Have an open discussion with all stakeholders about how you will be allocating your estate
2) maintain an updated & clearly stated Will (yes you can, and should review your will every few years)
3) Build a trust as long as you have more than $50 of assets to distribute. (Yes you can start a trust from $50 of assets and it prevents ugly contest like this article after death)

24/09/2022

🖋 48% of Singaporeans don’t have a Will
🖋 63% lack understanding on how to effectively pass down generational wealth.

(Article from The Straits Times, 20 August 2022)

18/09/2022

(Will you be one of the Rich and Abandoned)

Singapore is having a continuous increase in private wealth per adult, as well as the increase of aged population.

Many financial instruments provide for withdrawals and after-death. But what happens when you lose mental capacity in old age and are no longer able to manage your personal and financial affairs?

Will your family members & loved ones turn you into one of the rich and abandoned?

12/09/2022

King Charles has inherited the Duchy of Lancaster Estate valued at over $750 million.

He will not have to pay inheritance tax for the estate due to a 1993 rule by the UK government to guard against the royal family's assets from being wiped out if two monarchs were to die in a short period of time.

The estate generated over $27 million of income for the Queen last year.

12/09/2022

A joint account is a common instrument used to hold monies & investments between two persons. While it can allow the last surviving owner to inherit the proceeds; there are cases where other survivors of a deceased have contested the proceeds of a joint account.

This is why we have been encouraging clients to write in specific instructions on the distribution of their joint account in their Will.

01/09/2022

Xiang Yun said: "Over the years, I've seen that life is fleeting and anyone can be caught off guard. So it's time to make choices while you're still healthy, which is what I did."

As she ages and her mortality becomes apparent, Xiang Yun isn't beating around the bush when it comes to death.In an Instagram post last Friday (Aug 26), Xiang Yun shared her decision to write her will and grant a lasting power of attorney (LPA)....

21/08/2022

48% of Singaporeans surveyed do not have a Will despite its simple procedure.

63% lacked understanding in wealth transfer, and 59% feel estate & wealth planning is a source of stress.

01/07/2022

Madam Christina Khoo died without a will, which means her son and husband would each be entitled to one-half of her estate.

Yes, there's how crucial a will is.

The 16-year-old is the legal son of the killer, Paul Leslie Quirk. Read more at straitstimes.com.

17/06/2022

The body of the 72-year-old man who lived alone and believed to be dead for a few days, was found by police in his flat at Towner Road.

There is also a worrying trend towards one-person households: about 15 per cent, or 208,000 of resident households in Singapore as of 2020. In 2019 alone, the police issued 51 appeals for next of kin, with most of the deceased above the age of 65.

​So what happens to your assets in Singapore if you die alone at home?

image: Shin Min Daily News

16/06/2022

A person who dies without leaving a will is called an intestate person.

The Intestate Succession Act is designed so that close relatives can inherit estates of an intestate person under the rules of intestacy.

However two issues commonly arise:
1) Relationships change: you may be fine now with your assets going to your close relatives, but upon your demise decades later, the same good relationships may not exist.

2) After demise, without a valid will, the court may take a longer time to complete the probate procedures and it can impact the life of your loved ones depending on you.

Do note that this Act doesn't apply to the estate of Muslims.

12/06/2022

Ultimately there is only so much the law and agencies can help in your estate planning.

Ensuring your beneficiaries with needs get the resources they need is a personal responsibility which with help, would not be a big headache for you.

09/05/2022

Always appoint your beneficiaries as estate executors via a will as much as possible.

Tan Siong Choon became the sole administrator of his brother’s estate in 2013. For the next several years, he spent more than half a million dollars of his sibling’s assets for personal use. His offences only came to light when his niece took him to court in late 2019

SINGAPORE — When Tan Siong Choon’s older brother died in a traffic accident, the other man’s daughter agreed to relinquish her rights to administer his estate and deal with his assets.

09/05/2022

This move would effectively seal the last loophole for real estate asset in Singapore for the retail investors unless you meet the 3 conditions stated.

This is why we advocate a variable financial trust which is liquid, subjected to lesser regulatory requirements and zero taxes payable. Plus it is transferable to your next generation at ease.

With effect on May 9, Additional Buyer’s Stamp Duty (ABSD) of 35% will apply on any transfer of residential property into a living trust.

08/05/2022

From May 29, ICA will issue digital birth and death certificates and do away with physical copies. It will also be digitalising and simplifying the registration process
All parents will be able to register their child's birth online. Once a medical practitioner certifies a death online, the death will be automatically registered. The certificates will feature a QR code linked to an ICA system for verification purposes.

SINGAPORE — From May 29, parents will no longer need to physically register and collect their child's birth certificate as the Immigration and Checkpoints Authority (ICA) does away with physical birth certificates.

19/04/2022

Do not waste your life waiting, worrying, or wishing for things to change.

11/04/2022

One woman, who was the surviving joint owner of a HDB flat with her father, had to give up ownership after the Court of Appeal ruled that the man did not intend the flat to go to the daughter. She was ordered to sell the flat, be accountable to her father's estate for all income and losses relating to the property, and pay the legal costs of $40,000.

You Might Not Inherit a Property Even If You Are A Joint Owner