What Happens If You Don T Pay Your Conns Bill – Insurance: 5 Ways Your Family Could Lose Big Money If You Don’t Estate Plan. We all try to live well, but it is also important to leave well.
Death is a subject that most Singaporeans avoid thinking about and talking about. Perhaps it is superstition or a refusal to face the inevitable.
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Unfortunately, by not doing proper estate planning and discussing these issues, our surviving loved ones can lose large sums of money. We highlight 5 ways this can happen in the hopes that it might inspire you to start estate planning today.
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If you don’t have a will, your assets will be distributed according to a law known as the Intestate Succession Act. To learn more about how this works, you can read this article on how assets are distributed when someone passes.
The fact is that by law it is easy to divide the money between the surviving family members. However, if you have assets such as private property, they will have to be sold before the proceeds can be distributed.
Unfortunately, this could mean that the property is selling at a very poor price, either because the market is not ideal for sellers at the time, or because of the short amount of time your family had to accept any offer that came in. Foreclosure means your family could lose tens of thousands (or even hundreds of thousands) of dollars.
You may have spent a good part of your life carefully assembling your investment portfolio, spending your weekends devouring the best investment and trading blogs in Singapore.
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When you’re gone, do you have a plan for how your surviving family members should receive your investment portfolio?
Should they liquidate your entire property and exit the market? Or maybe you’d like them to sell those assets that need active management and hold some blue-chip stocks and REITs for periodic dividend income?
If you don’t properly plan and inform the heirs of your investment portfolio, they can make decisions that will make you turn in your grave.
Also read: Here’s how you can start building a dividend income portfolio to replace your salary in Singapore
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Part of the process of making a will is creating a proper plan for all of your assets, including bank accounts, life insurance policies, real estate, company stocks, investment accounts, and even personal debt.
Without this asset plan, your family may be unaware of assets that can add up to a significant amount of money. Taking an inventory of your assets or informing your executor is essential to ensure that all of your assets are accounted for and received in a timely manner after your death.
Making a will in Singapore must also include a CPF nomination as CPF funds are not subject to the Intestate Succession Act. This ensures that your CPF money is also distributed according to your wishes.
Also read: SQ368 fire – why you should plan your estate and how I did it
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After your death, you probably don’t care so much about your appearance. The most important thing is that your beloved family and friends mourn and then honor your memory by living your best life, preserving the memories and values you left them with.
This may be your intention, but if your family is not told this, they may (with the best of intentions and honestly) feel the need to give you a grand and spectacular send-off, as befits someone they love so much. her. those.
Elaborate caskets, large rental spaces, full-page obituaries and elaborate ceremonies – there are many ways to enrich a funeral – and lead to a corresponding increase in cost. If that’s what you want, that’s great. But if you prefer an intimate, private matter, then making your intentions public will save your family from unnecessary expenses.
While your family members are generally not responsible for your debts, they will be if they are co-signers on loans and credit cards.
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You may have thoughtlessly listed their names years ago, but this has huge financial implications, especially if you are the sole breadwinner.
If you’re still young and healthy, talk to your bank and see if you can “clean up” some of your accounts so that if the worst happens, this disaster won’t befall your loved one who’s a survivor. those.
When we are alive, we spend a lot of time optimizing our income and getting the best bang for our buck. Now that we understand how our loved ones can be lost due to the lack of estate planning and discussion of such issues, there is no better time than now to do something about it.
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The Complete CPF Guide to CPF Interest Rates: Regular Account, Special Account, Retirement Account, MediSave Account (and Additional Interest Rates) If you’ve ever taken out a loan, you know that it can sometimes be difficult to repay. Maybe you lost your job or faced an emergency. Or maybe you haven’t kept track of your repayment plan.
Maybe you’re too comfortable with the idea of taking out loans and you’re busy.
Although loans from licensed lenders are quick and easy to get, it goes without saying that you will be penalized for late payments.
The same applies if you are unable to pay the lender Singapore. We will show you what consequences you can expect and how to deal with the situation.
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There are several consequences of not being able to pay the lender Singapore. Here are some of the consequences:
All loan applications must go through the Moneylenders Credit Bureau (MLCB). MLCB monitors your borrowing limit, outstanding loans and payment history with other licensed lenders.
The credit bureau will also have information about late payments on the loan. Therefore, the lender may reject your loan application in the future if you have not paid off your loans in the past or if you still have a lot of money.
A legitimate borrower in Singapore can collect the balance of the loan by suing you if you don’t pay it back. Therefore, you may receive a letter from an attorney demanding payment of a debt collection lawsuit.
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You risk losing the collateral you have provided for a secured loan with a lender in Singapore if you are unable to repay the loan. Creditors can legally seize the asset to recover their losses.
What licensed moneylenders in Singapore can and cannot do is strictly regulated by law. They must strive to protect the identity, personal information and reputation of the borrower.
But when pursuing you for money you owe them, they must adhere to the Code of Ethics set by the Credit Collectors Association of Singapore (CCAS).
CCAS was established in 2013 to counter the widespread perception that creditors use illegal means, such as physical force or coercion, to collect overdue loans.
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So it helps to know the laws in place that protect you from licensed loan sharks and debt collectors who may be acting illegally or unfairly.
An authorized creditor in Singapore can use the services of debt collectors to agree repayment plans with you if you are unable to pay the creditor in Singapore.
Licensed lenders must also provide borrowers with detailed loan agreements. So be sure to get your copy of the contract.
If you can’t repay the loan from the moneylender, the interest on the loan will increase over time. So, here are some ways to pay off a loan from a licensed moneylender:
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If you can’t pay off your loan by the due date, you have several options. In most cases, licensed lenders will be open to negotiations with their borrowers.
They may allow you to apply for a repayment extension or refinance. However, this can lead to additional costs due to the licensed interest rates of moneylenders.
If you want to avoid a late payment fee, you should discuss this with your lender before you apply for a loan and before your next payment.
If the borrower repeatedly defaults on the loan, the lender has the legal right to file a claim for any damages from the default.
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However, if you owe more than $15,000 and can’t pay it off, you can file for bankruptcy as a last resort.
This means that creditors cannot sue you until you are declared bankrupt. Your debt will no longer be excessive as interest payments will increase.
If your total debt is less than $150,000, a Debt Relief Scheme (DRS) may be a possible alternative to bankruptcy. You will be protected from lawsuits from unsecured creditors if the amount you owe is less than $150,000.
A DOJ Bankruptcy Officer will work with you to create a manageable plan to pay off your DRS debts.
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Because a loan is a private agreement concluded between a moneylender
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