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Who will Inherit Your Money?

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Old 04-05-2008, 06:32 PM
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Default Who will Inherit Your Money?

If you die without a will, your estate (or assets) will be distributed according to the Intestate Succession Act (link).

The Sunday Times today summarized how the Intestate Succession Act works, simplifying it into 4 steps.

There are in fact nine "rules" in the act, which I hereby simplify (caution: check with your lawyer to be sure):

- If you die and leave behind a surviving spouse, no child and no parent, your spouse will get your entire estate.
- If you die and leave behind a surviving spouse and children, your spouse will get half of your estate.
- The remaining half will be distributed equally among your children.
- If you die and leave behind a surviving spouse, no child, but a parent or parents, your spouse will get half of your estate and your parent(s) will get the other half of the estate.
- If there are two parents, they each get their entitlement in equal portions.
- If there are no surviving spouse, descendants or parents, your surviving siblings and children of deceased siblings will share your estate in equal portions.
- If there are no surviving spouse, descendants, parents, siblings or children of siblings, your grandparents will receive your estate in equal portions.
- Otherwise, your uncles and aunts will share your estate in equal portions.
- If there are no uncles and aunts, the government will receive your estate in full.


If you do not want your estate to be distributed according to the above rules, just make sure you write a will!

http://www.salary.sg/2008/who-will-inherit-your-money/

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Old 02-03-2009, 07:13 PM
WIsewealth--
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Default 4217

For the last one, why don't the government change it into - distributed equally among all the charities in Singapore?



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