How to start a Simple Estate Plan (Will Planning)?

I am sharing an article by Keon Chee from Rockwills Trustee Ltd on The New Paper today. If you have not started any Estate Planning for your loved one and families, it is the time to start NOW before it is too late.

4 Key Quadrants

  1. Who are your Beneficiaries?
  2. What are your Assets? Movable & Immovables? Where are your assets? How can your family members locate your Asset after you have passed on?
  3. Do you want to provide Immediate Gifts when you pass on?
  4. What assets to be allocated as Delayed Gifts to make sure your loved and young one to be taken care off?

Keon Chee Estate Planning

Additional articles to know more about Estate Planning.

Interested to find out more on the Estate Planning and Will Writing, feel free to drop me an email at I am happy to provide free consultation by understanding your situation.

How your Asset to be Distributed After Death without a Will?

MUST READ! You must know how and where your Asset to be distributed after your death without a Will. Your asset will eventually go to government if your assets are not able to be distributed base on Intestate Succession Act (ISA).

Intestate Succession Act

I have listed down case study for different scenarios of wealth distribution base on Intestate Succession Act (ISA).


Case Study 1

Intestate Succession Act Case Study 1

Mr Xman is the sole bread winner in the family taking care of his aging parents (retired and not working), disabled brother and his own family (not working spouse and 1 minor children). If Mr Xman passes away without will, his estate to be distributed evenly between his wife and his children. His elderly parents and disabled brother will be cut off financially because they will not have any shares in Mr Xman’s wealth distribution. Mrs Xman has no legal obligation to take care of Mr. Xman parents and brother.

Case Study 2

Intestate Succession Act Case Study 2

Mr Xman & Mrs Xman are perished in a common accident. Both of them die together and the time of death is not able to be identified. Base on the law, it is presumed that the elder Mr. Xman passes away first. Base on ISA, Mr Xman’s shares to be distributed to Mrs Xman and Children. Then Mrx Xman’s shares will go 100% to the minor children. The negative consequence of this wealth distribution:

  • The assets are not distributed to the Needy parents and disabled brother.
  • Minor does not have legal right in the asset until 21 years old. The children monthly maintenance, fund for education, medical expense, etc will be affected unless there is a trustee and guardian appointed. The legal cost may be very high and it will take a very long process to appoint an Administrator and find 2 Sureties / Guarantors to distribute the wealth.


Case Study 3 (Very Important to Married Couple without Children to know)

Intestate Succession Act Case Study 3

Mr Xman & Mrs Xman are perished in a common accident. Both of them die together and the time of death is not able to be identified. Base on the law, it is presumed that the elder Mr. Xman passes away first. Base on ISA, Mr Xman’s shares to be distributed 50% each  to Mr Xman’s parent and Mrs Xman since they do not have any children, later be distributed to Mrs Xman’s parents (50% from Mr Xman and 100% from Mrs Xman). Mr. Xman parents will only get 50% of their son’s estate and the other 50% goes to parent in law. This kind of distribution will create tension to the both families because Mr. Xman’s parent may take the legal action to get back his son’s estate.

Case Study 4

Intestate Succession Act Case Study 4

  • Cash and Shares can be distributed easily since they are liquid. However,  shares may be sold at the market value at the wrong time (e.g. stock market crashes).
  • Insurance & CPF are distributed according to the nomination.
  • Property distribution is complex as it may incur unnecessary taxes (inheritance tax, Sales tax, Capital Gain Tax for oversea properties according to local law) and stamp duties (ABSD, SSD).  As they cannot own 2 HDB in Singapore, the sons or daughters have to sell their own properties or sell the inherited HDB (which the mother is staying). This type of scenario can lead to family dispute on how to deal with the properties and where the mother is going to stay.

We plan everything for ourselves and our children in our life. But it is also very important to plan our wealth distribution properly after our death to avoid family conflicts. Almost every week we can see in the newspaper that Family members take legal action suing each other over the estate. Personally I am also experiencing the potential legal lawsuit among my uncles and my father due to my Grand Father’s Will was not done properly more than 10 years ago. My grandfather is 98 years old and bedridden. As my father is the executor of my grandfather’s Will, I am giving advice to my father what need to prepare now to avoid any legal complication in the future.

It is very sad to see family members become enemy due to wealth distribution. If you love your family, get your Will done today. A simple Will is still better than no Will. Today almost every Singaporean has half a millionaire worth of estate upon death (one HDB flat and Insurance). It cost about approximately S$500 (average) to do a Will now than spending a few thousands dollar to appoint a lawyer to distribute wealth in future. I believe the last thing we want to see is the fighting among family members after our death.

Hope my sharing can help many of you. Feel free to write to me at if you need any help in the Estate Planning and Will Writing. I am happy to provide free consultation by understanding your situation. For more information, visit Rockwills Estate Planning and Will Writing.

See previous post What will happen to Our Wealth After Death.





8 Personal Financial Ratios to check Before you invest

Like a professional footballer, the physio has to check the physical health of the players before they are declared fully fit to play in a 90 min competitive game. Similarly, to us as retail investor, we need to understand our own personal financial ratios so that we put priority in the most pressing area in our personal financial planning due to limited resources. Don’t jump straight to investment if we are not sure out financial fitness level.

There are 8 basic personal financial ratios we need to check.

(1) Basic Liquidity Ratio: This ratio checks whether we have enough cash reserve to serve our monthly expenses. The guideline for a typical person is 3 to 6 months but it may need up to 1 year for unemployed PMET who are aged 40 and above because they may need longer time to find a job. In other word, this can be treated as the number of month emergency fund available to deal with unforeseen circumstances.

(2) Liquid Asset to Net Worth Ratio: This ratio indicates the percentage of your net worth that are liquid. If you are retiree and you think you have “Asset Rich Cash Poor” symptom, check whether your ratio is meeting the guideline of at least 15%.

(3) Saving Ratio: This ratio measures whether one set aside part of the monthly income to invest regularly with discipline to meet their own financial goal. As a general rule of thumb, one should put aside at least 10% of monthly gross income. In another word, “Pay Yourself” first!

(4) Debt to Asset Ratio: This is also known as personal Gearing Ratio. This ratio checks how much your assets are funded by debt. As a general rule of thumb, you should have no more than 50% of your assets leveraged through debt.

(5) Debt Service Ratio: This ratio measures how much you use your “take-home-pay” to service total debt obligations. If you don’t want to become a housing loan slave, credit card loan slave or any debt slave, start reducing your Debt Service Ratio to less than 35% as per the general guideline.

(6) Non-Mortgage Debt Service Ratio: This ratio measures how much you use your “take-home-pay” to service you credit card debt, personal loan and other non-mortgage related debt. The effective interest rate of all these debts are much higher than mortgage loan. If you are in financial distress and facing difficulties in clearing your debt, this is the area you should be focus on immediately. As a general rule of thumb, you should have no more than 15% of your net income going into non-mortgage debt.

(7) Net Investment Assets to Net Worth Ratio: This ratio measures how much your net worth is invested assets, and whether you deploy the resources efficiently to income generating asset classes. As a general guideline, you should have at least 50% of your assets invested in some form of capital (investment) assets.

(8) Solvency Ratio: This ratio measures your technical solvency in terms of whether you have sufficient assets to meet your liabilities. As a general rule of thumb, your Net Worth should be at least 50% of your Total Assets.


In summary, understanding our own personal financial ratio is extremely important when charting our financial journey to prioritize the allocation of our limited financial resources. Personal Financial ratio also serves a measurement of our financial progress when we are moving along our life stages. Things get measured, things get done and get improved. Start measuring your Personal Financial Ratio now!


Kenny Loh is a Senior Consultant of a largest Independent Financial Advisor in Singapore. He won 4 Awards in 2017, Financial Alliance Quality Class Merit Award, Top 5 Investment Asset Under Advice (AUA) Award, Rookie Consultant of the Year Award and Best Practice Consultant Award. You may contact Kenny at if you need help in conducting a Financial Health Check to understand your Personal Financial Ratio.