What Happens To Your Finances When You Die In Singapore?

Technically speaking, all the monetary value that the deceased left behind belongs to his or her estate. This estate includes bank accounts, investments, and properties. The only exceptions are the assets held in the trust and the individual’s CPF money.

All the assets will be frozen once a person passes away. The professional assigned to go through the departed’s Will is known as an executor. An executor is usually a family lawyer or a trusted relative. He or she applies to be granted probate, which is a court order empowering the executor to settle all the remaining assets.

Say that the deceased did not make a legitimate Will and has an estate of about S$50,000. The surviving family members may go to the Public Trustee for them to divide the assets according to the Intestate Succession Act.

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This is why it is recommended to write your own Will while you are still alive. In fact, a straightforward online tool that can help you with that is called the WillMaker. It costs about S$89.

WILL YOU BE LIABLE FOR THE DECEASED’S DEBTS?

After the funeral costs are sorted out, the executor will liquefy the estate to pay off the deceased’s outstanding debts. Outstanding debts encompass the unpaid taxes, mortgages, credit card bills, utility bills, and so on. When the court is satisfied with all the debt payments, the remaining assets can be distributed to the beneficiaries according to the Will.

You are fortunate to know that the surviving family members are not legally responsible for the debts left behind by the deceased in Singapore. A surviving family member will only be held liable for the debts, if they have a joint loan account with the deceased.

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Now, let us move on to the HDB flat left behind. HDB homeowners have a signed a mandatory insurance known as the Home Protection Scheme (HPS). This insurance protects families from losing their HDB flats in the event of death, total permanent disability, and terminal illness. HPS insures members up to age 65 or until the housing loans are paid.

Sources: 1 & 2

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This Affordable Cooking Platform Offers Cooking Sessions That Caters to Different Needs

If you’ve ever attended a cooking class, you’d notice that it typically involves an instructor teaching one dish to the entire class and you barely have any interaction with your classmates.

Wishing there was an affordable cooking platform where you could learn how to cook anything you desire, in a small group of participants whom you can freely talk to and share homemade dishes with? Local cooking platform Living Menu is running a Culinary Exchange, which is essentially a cooking session that facilitates the exchange of dishes from diverse culinary cultures and caters to different needs of people from all walks of life. You could be cooking with a Russian tourist who wants to showcase their national dish and learn about local food culture at the same time, a 70-year-old grandma who wants to share her family recipe and learn about food that’s popular with millennials, or a 30-year-old banker who just wants to pick up some cooking skills.

From only $29 per 3-hour session, ingredients for your dish will be provided and washing up isn’t required! In each session, there is a world of different experiences to fulfil your needs:

Endless learning opportunities

Unlike typical cooking classes with a pre-determined list of dishes to learn, you decide on the dish you want to cook at Living Menu. Prior to attending the session, participants would’ve already decided on a dish to cook, which means you’ll get to learn and taste a variety of dishes in one session. If you’re unfamiliar with the dish you want to attempt, you can even bring a recipe to the session and the resident chef will guide you, provide cooking tips, help you create a dish you can be proud of and boost your confidence in your cooking.

Freedom to experiment with recipes

Whether you have basic or advanced cooking skills, Living Menu’s stylish cooking studios are well-equipped with kitchenware, giving you all the freedom to unleash your imagination. When you’re cooking at home, sometimes you’ll find yourself having to shop for seasoning you’ll barely use just to test out a new recipe which ends up costing a lot. Living Menu solves this problem with pantries that are fully stocked with all the essential herbs and spices for your cooking needs, saving you money and time on grocery shopping!

Meet new people

The Culinary Exchange is also a great way to socialise and make new friends through the common language of food. Cooking sessions are held in an intimate group of up to 5 participants, so you can watch how others prepare their dishes. You’ll also get to know fellow participants and hear the stories and inspirations behind their dishes. As they say, strangers are just people who have yet to become your friends.

Discover food from different cultures

 Pandan Muah Chee

From Singaporean, Vietnamese, to Portuguese and even Fusion, get to know dishes from diverse culinary cultures and the stories behind them. With participants from all over the world, you’ll even get to taste dishes that you don’t come across in restaurants or from street stalls in certain countries. Dishes that people only cook at home, which have been passed down through generations. At Living Menu, you’ll never know who you’re cooking with, but there’s always something new to discover.

Cook with friends and family

If you prefer cooking with people you know, the cooking sessions are also available for group bookings. The sessions will run as usual with the resident chef who’s on hand to assist you in your needs. If you’ve run out of fun activities to do other than going to the movies or café hopping, a cooking session at Living Menu can be an alternative recreational activity for you to enjoy with friends and family, perfect for gatherings or celebrations!

To book your slot on Living Menu’s Culinary Exchange, head to www.living.menu. Living Menu is also rolling out its exclusive Host and Chef beta programmes for food enthusiasts to earn money through their passion for food and cooking. Find out more here.

 

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Apple Company’s Most Expensive Fails

Despite how devoted you are to Apple and its products, your beloved company has its flaws. It is far from perfect! Even the most luxurious iPhone of all time has its decent share of criticism from its first buyers. Thus, this list will shed a light to its darkest paths.

1980: APPLE III

Imagine being instructed to lift and drop your computer about 6 inches to reset the chips that are coming out of the circuit board. It sounds ridiculous to perform this task at a time where Genius Bars exist. However, Apple III users were madly disappointed in the 80’s. You see, Apple III was plagued with hardware issues including faulty circuit boards and heating issues. The company had to recall every existing machine on the market (about 14,000 units). Then, the machine was re-marketed with new parts a year later.

1983: THE LISA

Every possible list of Apple flops will include “The Lisa”. Released in 1983, the Apple Lisa was known for being the first commercial computer to be sold with a graphical user interface and a mouse. The main drawback of this machine is its insane price-tag of US$9,995 (about S$13,700).

The steep price proved to be unreachable for many customers! It only sold 100,000 units before the model was discontinued. Furthermore, Apple released one of its most iconic products in 1984. This product is none other than the first Macintosh computer.

1993: MACINTOSH TV

The Macintosh TV was a failed product attempt that launched in 1993. On paper, combining a computer hardware with the experience of watching a television sounds like a great idea. However, they were not able to execute it well.

The Macintosh TV resembled a Macintosh LC 500 series computer with a TV tuner card. Users were able to hook it up to a cable line or an antenna. The major problem is: you cannot use the television while using the computer. As expected, Apple only sold 10,000 Macintosh TVs. The product was discontinued in three months time.

1993: NEWTON MESSAGEPAD

When your product gets mocked by a cartoon as popular as The Simpsons, you will realize what type of impact you evoke on your users. Take Apple’s Newton MessagePad as an example. The company’s take on the PDA was innovative, but it was pretty expensive. It retailed for S$700 (S$960) in 1993. Moreover, its handwriting recognition feature rarely works!

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When Steve Jobs returned in the late 90’s, he focused much of his energy on phones and tablets. You will see this pan out throughout the years.

Sources: 1 & 2

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Hottest Trends In Millennial Home Hunting

By year 2020, half of the global workforce will consist of Millennials. As they transcend to the top of the chain, it is important to know how they will spend their money on properties.

#1: IN WI-FI WE TRUST

Above all the hierarchy of needs, technology shines as a newcomer. It comes as no surprise that Millennials value convenience and connectedness. In fact, they are willing to pay more in order to secure their homes with smart technology. Smart technology includes electronic access, key-less locks, security cameras, voice-activated assistants, and so on. Having the ability to control your home from a smartphone is something that appeals to many buyers of this generation.

#2: HOME IS WHERE THE GREENS ARE

Eco-living has been trending nowadays as many people encourage zero waste. Vast majority of Millennials identify themselves as environmentally-conscious individuals who prefer to lead a sustainable lifestyle. This philosophy extends to their homes.

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For instance, they may opt to use Nippon Paint Odour-less or Nippon Paint Aqua Bodelac for its low volatile organic compounds (VOCs) content. VOCs are believed to cause many physical reactions to one’s body. Aside from this, they may opt for energy-efficient appliances.

#3: VERSATILITY IS KEY

Open interior layouts with less walls or partitions attract the Generation Y. You see, these open layouts allow them to socialize and to live freely. Moreover, they use one room in a variety of ways. The living room can double as a dining or a gaming room. They redecorate whenever possible.

#4: SIZE DOES NOT MATTER

When it comes to purchasing their nests, size does not matter for Millennials. Since they prioritize convenience over space, they are willing to sacrifice by living in small flats. They prefer locations closer to their offices or the public transportation modes.

#5: HERE FOR THE LONG RUN

People from Gen Y tend to purchase properties later in life. Flexible long-term payment schemes are seen as a safer option rather than paying upfront. You see, they want to live a life in their own terms.

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They do not want the responsibility to hinder them from pursuing their passions!

Sources: 1, 2, & 3

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Surefire Ways To Avoid Maximizing Your Credit Card

Though created differently, all credit cards have a limit. The credit limit dictates the maximum amount an issuer allows a borrower to spend on a single card. Ideally, your balance should fall below the limit. You see, maximizing your credit card can hinder you from making additional charges.

Employ these tips to ensure that you spend less than your credit card limit.

#1: TRACK YOUR SPENDING

It goes without saying that awareness of your spending habits will help you control your credit card usage. Monitor your billing statements by checking your balance in the bank’s online app or website. Staying on top of your spending will help you foresee any event leading up to going beyond your limit. Thus, you must adjust your expenses accordingly.

#2: CHECK YOUR BALANCE REGULARLY

Before making a purchase, check your available credit balance using your bank’s mobile app. If your credit card issuer does not have an online app, call the bank instead. You can find the contact details at the back of your plastic card.

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Doing so lets you determine whether you should postpone your purchase or to pursue the checkout counter on the spot.

#3: DO NOT INCREASE YOUR LIMIT RIGHT AWAY

Say that you have been constantly spending beyond your credit card limit. You may think that the logical step to take is to ask for a limit raise. However, asking for a limit raise within six months of receiving it can indicate that you are having financial difficulties. Issuers may be less willing to trust you with more credit.

Waiting for bank to automatically increase your credit limit is the best option. This way, you will be able to employ strategies dedicated to spending within your means.

#4: STICK TO THE THIRTY PERCENT

The easiest way to stay within your credit card limit is to provide a cushion. Keeping a cushion of about 30% of your actual credit card limit helps you avoid going overboard. For instance, Mary has a credit card limit of S$5,000. She must not swipe her card after hitting the S$3,500 mark.

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This threshold must apply to all of your credit cards and not just the banks you owe huge money too.

Sources: 1 & 2

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