hi again... just
seeking a general opinion from you guys. please be as frank as
possible ;-)
if you have read my
last post, my father in law passed away just recently and did not
leave any will behind. my mother in law passed away a year earlier
and in accordance to Singapre's intestate succession act, the
assets, HDB flat and CPF monies would have to be spilt among the
remaining children... my wife and my sister-in-law, just the 2 of
them 50-50. should be quite clear, no dispute at all... Estimated
amount about $100K each...
my wife and i are
currently staying with my parents and just received the keys to our
new flat this year at Punggol after waiting for 3 years. so of
course renovations have to be done before we move in. we discussed
and decided to use the inherited money to pay for the renovations,
some outstanding credit card loans and invest some of it either in
shares or whatever comes along.
now the issue;
1) currently, my wife
is applying to the court for the letter of administration as there
is no will and HDB requires it to either sell it off or even rent
it out. initially, the 2 sisters agreed that my wife will be the
sole representative and all is in the midst of proceedings since
last June... however, last night she asked us to retract the
initial application and include her in the new application as joint
administrator. her justification is that in the event my wife
passed on and i inherit the "administrator" rights, i quote her,
"if he wants to sell off the house, there's nothing i can do about
it."
this is a little
puzzling... i understand that in the eyes of the law, my wife and
sister-in-law are the beneficiaries of the HDB flat... so no
matter what happens if the flat is sold, they must receive their
portion of the sale proceeds... am i wrong to say that? also, can
"Letter of Administration" be passed on to the spouse so easily in
the event of death?
2) she also suggested
that whatever money that we will inherit be put into joint account
between the 2 sisters and she will oversee the money. she will show
us the bank book every month to verify no money has been spent or
transacted. we can take out money from that account for the
renovations BUT, i stress again BUT we have to pay it back to the
account in instalments at no interest charged. she said it will be
like a saving for my son in the future.
Please share your
frank opinions. Thanks!
want to ask you..
did your mother in law have any money in her bank accounts? is
it under her own name?
if yes, did the bank freeze the money until you get the letter
of administration than they let you withdraw the money?
