Question: “I am not writing a Will because I do not have much assets, Will is for the rich”
Related question:"I think most people are also reluctant to make a Will, because they will realise how miserably little money they actually have to leave behind for their descendents. Sometimes you just don't want to 'lose face' to yourself.
Answer:
First, in the Will, there are parts that are unrelated to distribution of assets. For example, you can appoint a guardian in the Will.
Second, Singapore residents tend to be asset rich but cash poor. Very often, they underestimate their estate net worth as they focus on their existing net worth. There is a difference between existing networth and estate net worth.
For example, those who uses CPF to pay for their HDB mortgages have to take up Home Protection Scheme (HPS) or equivalent mortgage insurance to pay of the ......
Question: “I am not writing a Will because I do not have much assets, Will is for the rich”
Related question:"I think most people are also reluctant to make a Will, because they will realise how miserably little money they actually have to leave behind for their descendents. Sometimes you just don't want to 'lose face' to yourself.
Answer:
First, in the Will, there are parts that are unrelated to distribution of assets. For example, you can appoint a guardian in the Will.
Second, Singapore residents tend to be asset rich but cash poor. Very often, they underestimate their estate net worth as they focus on their existing net worth. There is a difference between existing networth and estate net worth.
For example, those who uses CPF to pay for their HDB mortgages have to take up Home Protection Scheme (HPS) or equivalent mortgage insurance to pay of the ......
