What Are CFDs (Based On My One Week Experience)
A week ago, I decide to sign up for a Demo Account with a Local Trading Firm to try out CFD (also known as Contract… Read More »What Are CFDs (Based On My One Week Experience)
Money Matters
How To Save Money On Planning For A Holiday Trip
From my conversations with friends, I can safely say that one of the best way to release stress (and to get away from work) is… Read More »How To Save Money On Planning For A Holiday Trip
How To Prepare For An Emergency
No one wants to think about the unexpected, but bad things can happen and in the unfortunate event that one does, you or your loved… Read More »How To Prepare For An Emergency
What Happen When There Is A Divorce/Separation
If you have ever wondered what went on when a couple goes on a divorce or separation process – I have indirectly understood (based on my friend’s ordeal over the last few weeks) and all I can say is that there’s a big price to pay just to go through this. And if you are keen to know what is involved, do continue to read on… But do note that this may not be the full picture of the entire process…
When Divorce Is Not A Straight Forward Option
My friend is married less than 3 years and the lawyer has highlighted that because of this, my friend can only opt for the Separation which will last for around 3 years before Divorce can be finalized. What is the Difference here? Basically if one can opt for Divorce directly, both parties can move on with their own lives and even have the option to remarry. But with Separation, both parties will not interfere or harass either party and in terms of relationship, they can only have those type of “boyfriend/girlfriend” type for the next three years.
And why 3 years? According to some, there might be a chance for both parties to rekindle the whole relationship and get back together. Therefore the 3 years is a good time frame for both to reconsider each other (or make amends).
What Happen To The Matrimonial Home
Why Is It Important For You To Nominate If You Have Assets
If you have assets (e.g. whole life insurance, term insurance, savings deposits, etc) that you have intention to leave for certain someones (in mind) instead of having to go through the proper estate proceedings, it’s always good to do up (as soon as possible) your own Nomination either through a proper Nomination Form provided by Insurance Companies or engage a Lawyer to do up a Proper Will!
There could be certain consequences if you have accidentally left this planning out…
What Happened When You Never Do A Nomination For Your Assets
I know of two brothers whose parents are divorced since the elder brother was very young and his younger brother did not even know how his father looked like. So the mother had been the one raising them up.
Long story short… the mother fell sick and passed away… followed by the Elder Brother… and the younger brother has been the one paying off the medical debts (that’s why you need to have medical insurance to cover yourself) and other expenses over their last few years.
The mother and the elder brother had never done up any nominations and wills. And when it comes to the distribution of assets, the proper estate regulations have to be followed. But because the mother’s assets is less than $2000, it was written off as funeral expenses and the younger brother is able to claim back. But there was an issue with the elder brother’s assets because it’s more than $2000 and it cannot be written off as funeral expenses (even though the amount is very near to it).
This assets have been to be claimed by the official next-of-kin – the Father whom nobody knows about his whereabouts and his personal details (Date of Birth, Identification Numbers, his Point Of Contact, etc). In the end, the Authority is not willing to release the money to the Younger Brother (even though he has indirectly became the Next Of Kin over the last few years) and that amount of money has to be kept with the Authority indefinitely until the Father has made a claim for it.
Do note… there’s no expiry date to this waiting… which means that the money will never ever be released… So would you ever want this to ever happen to you (or to someone that you know), especially if the amount that we are talking about is of a significant amount?!
What Are The Alternatives For That Younger Brother
Read More »Why Is It Important For You To Nominate If You Have Assets
