SG Budget Babe
Asked by Anonymous
Asked on 14 Aug 2018
Thank you for your blog. It has guided me though my university days and now into the working world :)
Top Contributor (Nov)
Without a will, your parents' assets will get stuck.
I would say that they need to understand that if they don't decide who gets their stuff when they are no longer around, then the government will decide. Do they want to leave such an important personal matter in the hands of the government? I would think not. That should be reason enough to at least make a will.
Do you mean you writing your will, or getting your parents to write one?
I was telling my parents that I was thinking of writing a will, and their immediate reaction was, 'ARE YOU SICK????'
Jokes aside - regardless of who's writing the will, you can let your parents know about horror stories of assets being fought over when someone passes away.
Hi, before planning to do a Will, need to understand more on your family structure and what are the concerns you and your parents have.
At my side, we have a monthly complimentary seminars on Will Writing presented by Lawyer and it is advisable to attend to find out more if really keen to draft a Will, thank you.
Show them articles of disputes and folks fighting over assets once someone has passed away. Lots of such articles on our local media.
Thank you! I'm glad my blog ramblings have helped you :)
I think there are 2 ways which we breach the topic although it's really a sensitive one.
It's important to openly discuss your motives - when you bring up writing a will, it’s vital you explain why you’re broaching the subject. Make it clear that you and your siblings are not bringing this up to define what you will gain. This has nothing to do with you. Your motivation should be focused on honoring your parents wishes, as well as maintaining harmony in the family during a difficult time. The only way you’re going to be able to do this is if your parents have defined their wishes in a legal will.
It's also important to be sensitive. The prospect of writing a will means your parents have to realistically consider their own death, as well as talk about their finances. These are two unpleasant topics! It’s important to be sensitive and empathetic when you have this conversation. If your parent seems really uncomfortable, then don’t push it. Instead, bring up the subject every few weeks, or every few months. Gradually opening the door to this conversation can slowly make them feel more comfortable and open to talking about it.
As a parent in the early 50s, I would not consider this as my priorities. However, it did struck me when I started reading articles of siblings fighting over assets in court.
Such waste of money and effort because there wasn't any verbal or written direction from the elders. Before this I consider it as a taboo, now it is more of rationality.
Top Contributor (Nov)
Firstly, we need to understand what happens when we die without a valid Will in Singapore. For moveable assets, it will be distributed according to the Intestate Succesion Act: https://www.blog.pzl.sg/intestate-succession-act-singapore/
However, in order for the Intestate Succession Act to have effect, the next-of-kin will need to go through the administrative process: https://www.blog.pzl.sg/the-administrative-process-on-dying-without-a-will-in-singapore
Here is the problem:
. What if there are some assets that are not accounted for?
. What if the estate ends up with an unintended beneficiary?
. What if some random people contest the distribution?
. What if money is required urgently?
There are many questions and situations to jeopardise the entire administrative process. Try talking to them with the help of a professional or to attend talks by the government body or private organisations to allow them to understand the importance of a Will.
Here is everything about me and what I do best.
MoneyOwl provides a free will writing service. You might want to explore that.
Hi Anon, I totally understand that broaching the topic of preparing a will to your parents might seem like an uphill task.
If your parents are family-oriented and always want the best for their kids, perhaps it would just be the lack of awareness around what a Will can do for the family and the process which they should acquire more legal knowledge on, I am sure they would then understand its importance.
My firm does regular complimentary seminars encompassing legal topics like Wills. Let me know if it is of interest to you and your family, I would be happy to let you know of our next one. All the best!
Explain that Wills are not for the deceased but for the living.
Would they wish that which your heart is broken, at the same time you have to fight off sharks and companies trying to get a share?
Consider maybe your parents wanted a simple funeral, but someone who thinks they know better will fight you tooth and nails. All because of no instructions on the form of a simple Will.
You should be able to think of something that will make sense to your parents using this template.
If no Will, if you wish for XYZ, you may not get it because of ABC will insist otherwise.
Better still, now there's the free will writing online? Check it out and let us know.
Would need to better understand your family situation. You can always show them news articles about disputes after the parents pass away?
Sometimes it is difficult to convince your family to do something until they hear it from someone else too, and in this case, maybe a professional estate planner or bringing them to seminars about this could help them see it in a different perspective. Also, there must be a concern you identified with regards to dying without a will that made you feel that it is important to do so. Did you try bringing it across to them on the implications or problems if theres no will? :)
Give them example of people fighing over parents' assets when they pass on. Tell them (media blast them) the benefits. A lot has to do with rationale reasoning
This is a really good question. I am thankful that my parents are financially educated enough to write their will a few years ago (and make me the executor when I just turned 21).
You can convince them with the following benefits of writing a will:
It helps them with their retirement planning - most ppl don't know how much liquid assets they actually own and the money is locked up in the house. Writing a will means taking stock of whether they have enough for their retirement.
It prevents any 'lost' money upon death. Every year, a lot of inactive accounts get frozen by banks. Who would want their hard earned money to be taken away after death?
-While horrer stories of families fighting over property may be less likely with smaller families, it is still better to be safe