Have you done your LPA? Will? AMD? Eulogy? Letter to self?

[Hubwee]

3 hours ago, RadX said:

With a trust, the custodian of the trust, or, trustee is also.important so that what ever you bequeathed is managed properly and you can mandate specific amounts, etc. Need proper documents and legalities to enforce so that the trustee and the likes has NO ACCESS whatsoever save for admin fees

 

I'm sure in your circle there would be the like minded folks who would advise

Yo bro , long time no see .... hope all well with health and life ..

Yup , procedure wise and how to make the whole thing work is the simple part lo ... It’s more towards the struggle of how much is enough without causing her to be too complacent with money and life when i am not around..... First world problems .... 

Almost all my friends thinks that everything should be for their children and parents ... 

 

[Lala81]

3 hours ago, Weez911 said:

To a certain extent, yes. However I have 2 customers who are very successful but have children who basically do nothing (as told by my customers). These kids own Rolls and Ferrari.

Said customers are "first generation bosses" and have worked their way to success. By their own accounts, their kids do not share that drive.

Honestly when I look at men who are successful businessmen. I don't necessarily equate to them being successful parents. 

Personally I know several of my peers. Their family situation is complicated. Father provided the dough but never around. 

Some men also think 虎父无犬子 though they hardly do any actual parenting cos their only focus is their business/career. Pedigree. Everything sorts itself out. Everything throw to wife. I'm smart and driven and successful. so why can't my kid? Lol

And these maybe men even without the regular vices like gambling, drinking, women outside.

Time is a finite resource. If you treat work/the business as the biggest baby... It's a common observation among the top 1%. 

 

Edited December 27, 2020 by Lala81

[RadX]

13 minutes ago, Hubwee said:

Yo bro , long time no see .... hope all well with health and life ..

Yup , procedure wise and how to make the whole thing work is the simple part lo ... It’s more towards the struggle of how much is enough without causing her to be too complacent with money and life when i am not around..... First world problems .... 

Almost all my friends thinks that everything should be for their children and parents ... 

 

Haha all gd bro... tks

 

Yes indeed 1st world problems

 

Like bill Gates, apparently  he's leaving nothing for his kids haha

[Hubwee]

35 minutes ago, Newbie26 said:

You are right bro.

Have always been envious of my friends who receive or potentially will have rich inheritance

I inherited nothing but a good education, that is the enough to survive in this world

But will this be enough in the future world? 

I have never been a firm believer about education frankly . Me myself dun even have O levels ... 

For me , it’s all about the motivation and hunger and the drive to achieve what you want in life ..

 

[Hubwee]

 

good to know bro ... 

I tot I read something like he will not leave all for them but maybe 5-8 % which is about 6 to 10 b and that is an obscene amount ...

 

[Hubwee]

17 minutes ago, RadX said:

Haha all gd bro... tks

 

Yes indeed 1st world problems

 

Like bill Gates, apparently  he's leaving nothing for his kids haha

good to know bro ... 

I tot I read something like he will not leave all for them but maybe 5-8 % which is about 6 to 10 b and that is an obscene amount ...

[RadX]

5 minutes ago, Hubwee said:

good to know bro ... 

I tot I read something like he will not leave all for them but maybe 5-8 % which is about 6 to 10 b and that is an obscene amount ...

Well , the way I look at it, our mortality goes when we leave this earth

 

the problems thereafter are beyond us. We just do what is within our means to provide. Again, the hunger may not be there and perhaps one way is to inculcate philanthropic principles in your kids as a way forward . Think Gates kids are in that path too

[Hubwee]

4 hours ago, Weez911 said:

My father made me use the toilet after he pooped, so that we can save a few cents on flushing. I remember those days clearly.

I tend to get what my kids ask, but they must do well in exams, or have some basis to ask for it, and I will only action after their exam results are out. That's how we attempt to keep their motivation going. 

Again I'm not sure if this approach will work. They may not grow up the way we want them to be. 

Fully agree on how they might grow up with their own mentality...

Sometimes wonder if it’s me who is thinking too much lo ...

[BanCoe]

33 minutes ago, Hubwee said:

I have never been a firm believer about education frankly . Me myself dun even have O levels ... 

For me , it’s all about the motivation and hunger and the drive to achieve what you want in life ..

 

Oh poor me , oni Preambree tree 🌳...... even Eulogic also must prepare 1?? 

[RadX]

7 hours ago, BanCoe said:

Oh poor me , oni Preambree tree 🌳...... even Eulogic also must prepare 1?? 

This will be ur eulogy cum tombstone 

[BanCoe]

54 minutes ago, RadX said:

This will be ur eulogy cum tombstone 

U so kind to $pon$or .......2in1 type 

[Albeniz]

16 hours ago, Lala81 said:

Honestly when I look at men who are successful businessmen. I don't necessarily equate to them being successful parents. 

Personally I know several of my peers. Their family situation is complicated. Father provided the dough but never around. 

 

 

As there was once Jacky Wu mocked about his very own father-children relationship, 不要負責任就要付錢啊。

Some rich parents choose to pay money instead of spending time with their children.

I visit the zoo more often than some tycoons visit their children, every year.

 

 

 

 

Edited December 28, 2020 by Albeniz

[Albeniz]

Folks, a quick hypothetical question. 

Let's say  I have a bank account (e.g. citibank) and I pass away suddenly without leaving a will.  

The only information my wife has is my bank account number.  Assuming she approaches the bank with our marriage certificate and my death certificate, how difficult will it be for her to transfer my money into her bank account?  What hula hoops will the bank ask her to go through?  What are the further possible complications?  Any difference if the account only has $1000 or say $200,000?   Would the former be slightly easier if the amount is small.

 

[Albeniz]

Nowadays, all bank statements are issued electronically.  The hardcopies by snail mail have all been phased out.

My family members would not know which banks I have dealings with as they couldn't get any clues  from the mailbox.

[RadX]

3 hours ago, Albeniz said:

Folks, a quick hypothetical question. 

Let's say  I have a bank account (e.g. citibank) and I pass away suddenly without leaving a will.  

The only information my wife has is my bank account number.  Assuming she approaches the bank with our marriage certificate and my death certificate, how difficult will it be for her to transfer my money into her bank account?  What hula hoops will the bank ask her to go through?  What are the further possible complications?  Any difference if the account only has $1000 or say $200,000?   Would the former be slightly easier if the amount is small.

 

If you do not have a will, it goes under administration and the fees to recoup it range from 6-10k with the legal expenses etc for the surviving family members to get the $$..

does not affect you as u are dead and gone but perhaps doing a general will to will all to your wife would be a first step

[RadX]

Just do it la! Hahha

 

anyway whatever it is, make sure CPF nomination updated and done first 

[Kopites]

 

Anyone remember the Japanese drama titled "one litre of tears"? Adopted from real life event.

 

 

Now this Hk version. 

Haiz ...should pull the plug or otherwise? I would have opted for AMD and DNR. 

Sad watching her story. 

Edited November 7, 2022 by Kopites

[Fcw75]

Anyone done their LPA online at MSF website recently?

Which CI did you go?

Edited March 29, 2023 by Fcw75