My dad passed away earlier this year. It was unexpected and my family was totally unprepared for his demise. Like many Singaporeans, my father did not plan his estate distribution and left without a Will. So we had some problems trying to close his bank saving accounts.
Intestate Succession Act
In the absence of a will, your assets will be distributed according to the Intestate Succession law. The rules are rather inflexible and sometimes, your estate might not be allocated according to your wish. That is, your money might not go to the people whom you feel need it most. For example, if your wife and children are financially independent, you might want to provide for your elderly parents instead.
Under the Act, in the absence of a will, your estate will be distributed according to the below:
1) Spouse only: 100%
2) Spouse and child: 50% Spouse and child
3) Spouse and parents: 50% Spouse and parents
4) Brothers and sisters only: 100%
5) Grandparents only: 100%
6) Uncles and aunts only: 100%
7) Government: 100%
Plan ahead to avoid conflicts
Having a will can certainly minimize unnecessary complications after you have passed on. It is about being responsible to your loved ones and ensuring that the people you care about receive your money in the manner you want them to.
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