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Writing my will

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mondaymorningquarterback
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Writing my will

Postby mondaymorningquarterback » Thu, 21 Jan 2010 2:31 pm

I am in the process of setting up my will. I have an infant child who is the main beneficiary and I will need to appoint trustees. How many or few trustees can I appoint? Thanks in advance.

brittanny
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Postby brittanny » Mon, 25 Jan 2010 3:26 pm

U may wish to refer to S36 and 37 of the Singapore Trustees Act.
http://statutes.agc.gov.sg/

Nutshell - it's a max of 4 but you may like to go thru the power of appointment of trustees.

Also, it is recommended that you fork out a couple of hundred bucks rather than saving it. get a legal firm to safeguard and endorse the document as it involves trustees here, and i m only assuming that these trustees are individuals instead of trust companies

mondaymorningquarterback
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Postby mondaymorningquarterback » Tue, 26 Jan 2010 11:13 am

Thanks brittanny. Is there a minimum number of trustees I can appoint? Say I just want to appoint 1. My lawyer strongly discouraged it and said there has to be at least 2 because the child is an infant. Is that correct?

brittanny
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Postby brittanny » Tue, 26 Jan 2010 2:08 pm

there is no minimum but of cos it has to be at least one individual, but cannot go beyond 4

i agree that 2 is the right number, in case the trustee dies, remains out of Singapore for more than 12 mths, desire to be discharged, refuses, or be unfit or be incapable

anything more than 2 is like how the saying goes: too many cook spoil the broth

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Postby Mad Scientist » Wed, 27 Jan 2010 3:48 am

In general you need three person.
Two as trustees and guardians of your child. One as executor of your will to execute the will and oversees the duties of the trustees being carried out as per your wish in the will and taking care on your infant needs and future.Usually is the lawyer or someone you trust with your life
If one of the trustees fail to perform especially if you have mountain of $$$$ the executor can exercise the right to disqualify the trustee. The executor cannot be the trustee of the child or your will. It needs to get the court approval.
All these are to safe guard your child .
A will is normally locked up with the lawyer. Activated upon your death

BTW you have to ensure that family estate tax and debt is covered too upon your passing

mondaymorningquarterback
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Postby mondaymorningquarterback » Wed, 27 Jan 2010 10:33 am

Brittanny, I was told by a lawyer an infant has to have more than 1 trustee. I will get a second opinion on that.

Mad, an executor is someone who represents me. When I bequeath an asset to my baby he will need representation. I am asking if 1 trustee is enough for the baby under my will, to represent him in the event of my death. The first trustee will be his mother, who is naturally a guardian. I am having a hard time finding a 2nd trustee.

I also do not want to leave any doubt as to who make decisions for my child because his mother will have his best interest at heart. Thats why I am inclined to not have a 2nd trustee to interfere(for lack of a better word) in my child's life.

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Postby Mad Scientist » Wed, 27 Jan 2010 6:00 pm

Hey Monday!!

Yes I understand where you are coming from. However do you ever thought what if both of you pass on. Hence no one to take care of the infant . right ???
Of course the surviving partner will have the best interest for the child with the help of the lawyer to execute your estate will.
Writing a will when you have a family like yourself and mine , we have to consider the holistic approach or should I say the contingency approach of "what if". Where we are living right now , we have a family trust that incorporates into our family will and the family house remains statutory for the family in providing a home for the surviving members of the family
No one must take away that sense of security. The only one that can is the bank as it overwrites any trust if you have a mortgage to settle. However this can be covered by mortgage insurance as a security.
Does this makes sense to you ?

MS(':)')

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Postby brittanny » Thu, 28 Jan 2010 2:03 pm

i've browsed thru the trustees act. it has a general section 36 but lack a provision for a prescribed minimum number of trustee in the case of an infant.

by looking at the relevant section 33 of the trustees act, the literal interpretation of the word "trustees" would then mean : more than 1.


for those who are interested to write a will, this article serves as a good introduction: http://www.nanyanglaw.com/NewsOct07.pdf

mondaymorningquarterback
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Postby mondaymorningquarterback » Fri, 29 Jan 2010 10:53 am

Thanks Brittanny and MS.

cheekydad
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did you find a good lawyer?

Postby cheekydad » Wed, 29 Sep 2010 12:59 pm

Just wondering if you found a good lawyer in Singapore. If so, pls send me the contact info.

I can't send you a private message yet b/c I am a new member of this forum.

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Postby ksl » Thu, 07 Oct 2010 10:58 pm

mondaymorningquarterback wrote:Brittanny, I was told by a lawyer an infant has to have more than 1 trustee. I will get a second opinion on that.

Mad, an executor is someone who represents me. When I bequeath an asset to my baby he will need representation. I am asking if 1 trustee is enough for the baby under my will, to represent him in the event of my death. The first trustee will be his mother, who is naturally a guardian. I am having a hard time finding a 2nd trustee.

I also do not want to leave any doubt as to who make decisions for my child because his mother will have his best interest at heart. That's why I am inclined to not have a 2nd trustee to interfere(for lack of a better word) in my child's life.
My belief is that you are wasting your time, as legally your wife can challenge the will at any time after your death. Though your wife will have the best interest of the child, they tend to like to hang onto any assets or cash, until they feel it's time too hand it over.

I say this, my father also made a will in agreement with his second wife, to leave what he had to his children, however his wish was soon challenged after his passing and his second wife was automatically claiming a quarter share even though the will had been agreed upon. Fighting the case would have used up all the cash in legal letters. So it was just settled. 1 executor of any estate is enough.

The closest to you like your wife will have first crack of the whip, so i wouldn't worry so much, you can also nominate a lawyer to be trustee for your child in case anythng happens to the mother.

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Postby leona123 » Sun, 07 Nov 2010 7:48 am

Hi cheekydad, are you a Singaporean or PR? You might want to check out http://www.lawsociety.org.sg/probono/CLC/aboutCLC.aspx. Although it says legal help for 'needy' persons, they DON'T seem to consider your financial status. I did call in previously and told them that I wasn't exactly a needy person but I needed help with some advice on 'wills' and I wasn't sure how to go about doing it. They were willing to make an appointment for me to see their lawyer. However, I had to cancel the appointment(some complicated issue which I don't wish to get into here). If you were unable to get any other help, I hope the contacts provided in the above website helps.


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