Asia’s richest woman has left her wealth – she was worth $4.2 billion – to her fortune-teller, Agence France-Presse reported today.
I bet my future millions in savings (optimistic, eh? :-)) that relatives of the astute, albeit quirky, businesswoman are right this moment chafing at the bit, ready to storm the poor lawyer who will execute her will.
The article says:
Nina Wang, who died aged 69 earlier this month and had no children, left a legacy estimated as worth at least $4.2 billion after transforming her company Chinachem into a real estate empire.
A day after her lavish funeral Wednesday, two wills she allegedly wrote in 2002 and 2006 were published separately in Next Magazine and its sister Apple Daily publication.
The 2002 document said Wang’s fortune would go to her charitable trust. But the later version named her personal fortune teller, Chan Chun Chuen, as the beneficiary.
Read the rest of the article here:
Filipinos don’t like talking about death, unless it’s the death of someone they absolutely hate. Heck, we don’t even like to talk of illnesses. The first time I told my husband that we needed to get a good insurance plan, he asked me if I wanted to kill him.
But good financial management requires us to think about death, risks, and a lot of ‘what ifs’. Wills are not just for the wealthy. To me, one of its most important purposes is to determine who will be the children’s guardians if we die.
Wills can be simple documents – but they have to be in written format. Make sure you get legal advice – this is not for do-it-yourselfers. I found this very helpful website for the Philippine setting. It has a form to help you start (click here), but be sure to contact a lawyer.
Wills must be dated, should be signed and witnessed. Don’t assume that your best friend or aunt perhaps will agree to be an executor or guardian for your children. Ask first, and prepare back-ups.
Wills are an important part of your financial plan that could have the greatest long-term impact on your family. You may not know how well it will work – because surprise – you won’t be there to see it! That is why it is so important to do this part right.
April 19th, 2007 at 10:37 pm
[...] Money Smarts: Have you written your will? [...]
April 19th, 2007 at 4:05 pm
Under our law (you can correct me if I am wrong), unless a pre-nup is executed, every property/ assets acquired will be a conjugal property. So if one of the couple dies, 50% of the estate will automatically be inherited by the wife or husband. Then, 50% of the 50% (25% of the total) will go to the direct heirs (children or parents, if there’s no children). Under the law, illegitimate children gets their share too. Only the remaining 25% may be disposed as you wish.
Aside from a will, a pre-nup is also an important consideration because it gives protection to the assets that will be acquired by the couple while married. Contrary to the traditional belief, pre-nup is not for the rich only. Unfortunately, we didn’t have one. My husband did not buy the idea because we didn’t have anything before we got married. But I really wish we executed one. Atleast, if there’s a pre-nup, I can leave every assets I will acquire to whomever I will choose. Just imagine, if you die, your partner will receive 50% of your conjugal assets. What if he/she decided to get married again…Gosh, iba nakinabang. Sayang naman!