brain tired..

attended a seminar today on the distribution of WILL.
learned something very important.

Q:When your dad gives you his fortune? would you take it?
YES of course!
Q:But then do you know when you are his beneficiary - you inherit his liabilities as well....
Ohh....
Q:The world is fair. The law is fair,you get something you need to give something in return. Just as you are happy that you inherit a fortune,but always bear in mind, as the next to kin to the deceased, you are liable to his liabilities and therefore debtors will come after you. "Yau ching toh tau tong!"

Q: A WILL only makes the distribution of assets easier..but ever wondered what you need to do when you want your WILL to be executed? LA, Probate, Transfer of assets, legal fees...
Wah so many things.
Q:The whole process to get everything distributed min 1-2 years (if you have everything prepared)
But most of the time people forget about legal fees.
Eg: First 100,000 charge 1%
Second 100,000 charger 0.7%
bla bla bla....

Means the more u have the more you have to pay for transfer fees.
Funeral expenses for the deceased.
Legal fees...
Q:Have you prepare or set aside a immediate fun where you can use to pay for funeral expenses and all necessary legal fees?
My god. It's not easy to be someone's child too.Great responsibilities...

Q: EPF is bankruptcy proof. So the more u save in it, if u are issued bankrupt, debtors can't come after ur EPF money.

Q: Ladies.. do you know EPF is a matrimonial property? If u are divorcee, during the process you can claim 1/2 of your husband EPF...(starting from the date u were married..)..

Summary of what i learned that I SHALL do now .
~ Make sure i have save enough and prepare enough when it's Time ( x want siblings fighting over a pot of gold)
~ TO prevent unforeseen rivalry between relatives. even when you are single and wahtever you had, you have a WILL written clearly on how to distribute your assets and SETTLE your liabilities.
~ Never ever ever die living a DEBTS behind because you will only make the life of people close to you DIFFICULT.
~ To leave behind a legacy, you need an expert in ESTATE planning. Not all lawyer can do this - cause lawyer have their own field of expert.

Juayn say on this:
People.. whatever age group u are in, and whether you are dead or alive... you are not just responsible for yourself. You are responsible to the life of others.... very true. And if you say you love them, then the very least you can do is make sure you fulfill your responsibility towards them that is making sure you don't leave behind your troubles and shit to them but leave behind only valuables worth your good memories. Therefore live each day as your last day. Never postpone what you can do today.

I am brain tired.. realistic me again.