“My siblings are already fighting over my properties even though I’m still alive,” my uncle joked, acknowledging the numerous businesses and properties he owns. He stressed the importance of securing a competent lawyer to ensure his assets are distributed fairly. You see, he plans to use his resources to establish a foundation dedicated to supporting vulnerable communities, particularly children who have been abandoned by their parents. This charitable endeavor holds a special place in his heart. He wants to ensure
3 Estate Planning Tools to Utilise Right Now
In Singapore, there’s always a constant strive to earn more money. It’s perfectly understandable considering how high goods and services are priced, and how we want to provide a better future for our family. Some of us take the next step by preserving our wealth and future income through the use of different types of insurance. But only a few go even further to make it all fool-proof with estate planning. What is estate planning all about? And what are
4 Reasons You Need an Estate Plan in Singapore
You live in a leasehold HDB flat, and you don’t possess millions of dollars in assets. By all accounts, you don’t really have much in terms of fortune—the type that is possessed by the crazy-rich scions of wealthy families and the kind that is romanticised in movies and TV shows. So why exactly should you have an estate plan when it looks like it’s going to be a walk in the park disposing of your assets anyway when the time
Businessman loses litigation against kids over gold bars passed on to them
A retired Indonesian-Chinese businessman, Mr Soemarto Sulistio, challenged four of his children to return his wife’s 122 gold bars but lost his lawsuit here in the High Court. The story goes something like that. In 1989, Mr Sulistio and his wife Soemiati purchased gold bars using their joint account at the United Overseas Bank in Singapore. At first, the couples kept the gold bars under both their names. But Mr Sulistio, now 87, signed documents to pass possession to his
What On Earth Is A Fiduciary?
DEFINE Recently, my significant other opened the idea of discussing about whether it is worth getting a fiduciary and a financial adviser. I focused on the former. A fiduciary’s duties and responsibilities goes beyond directing the individual (i.e., beneficiary) to his or her financial goals. The fiduciary acts for or on behalf of the beneficiary in certain circumstances. This is a bond established by utmost confidence and trust. A fiduciary is either a person or an organization who has the