— codicil cost

Will be cheaper than from-scratch.

— storage .. There can be only one true copy. If you lose it, then it is gone for good. You may need to redo a new will.

Some people pay $1000+ (life time not annual fee) for a storage company to keep the paper. I have decided not to do so for now. I will keep it together with my other important documents.

Risk of fire?
Risk of misplacement?

Just pay $1000+ for a new will-writing assistance.

better close credit cards in later life. It’s problemtic for the surviving family members.

After buying new home, need to update will

If I pass away with all 3 surviving…. wife can set up joint accounts with each kids and access the 3 portions.

— execution

first executor can appoint a new executor.

execution cost .. under 10k in many cases. 0.5% of the execution amount, min $4k.

— insurance ..Top priority: give nomination, esp. Singlife

DPS nomination .. Iris will provide details.
PruECI death benefit 3k, till age 65
NTUC income GIFT .. up to age 65. claim within 3M upon death

==== overseas assets
— ask Susan Lee to find a will-writing agency in Cambodia
— fuxi: BGC ask Chun Tih what if I pass away
Any taxes to pay for inheritance

See email 8 Apr…

guardian can’t access the fund before kids turn 21. After 21, kids will not be under control of guardian

There is no default guardian except the parent of the children.  That’s why it’s important to appoint a guardian in case both parent are not around. Usually in such case, the court will decide the guardian.  Might be home or foster parent.

Q: At what age will my kids no longer need a guardian? At that age they will receive full control of the inheritance, right?
A: 21 years old is the legal age in Singapore. (Have full legal capacity at this age)

However, cpf age threshold is 18. At 18, boy would have full access to his portion of the cpf bequest.

For cpf nomination, I put in 98:1:1