The main points in this part of the course is to introduce to students issues that may arise affecting investments in 3 specific events:-
A. Death
It certain that ll of us will die - question is when. In the event of death how will our assets (including our investments) be distributed? The law deals with it in 2 ways - first if we have made no express provisions by way of a will, the assets will be distributed in accordance with the Intestate Succession Act. If we do not wish our assets to be so distributed, the law allows us to make a will (governed largely by the Wills Act) which allows us to nominate our beneficiaries rather than leave it to the law AND to somewhat control its distribution (if you want to) by introducing conditions by way of a testamentary trust. eg - my assets to my son provided he reaches the age of 30.
B. Incapacity
Whilst not a certainty as death, it affect many people. Incapacity by way of brain damage or physical incapacity caused perhaps by a stroke or dementia. In such an event, the law would require that the beneficiary or interested party make an application to the court to apply for a committee of the person. This would require a court action and may be lengthy and costly. To prevent such procedure, the law allows us to appoint our representative even before the event by way of a enduring power of attorney. This is regulated by the Enduring Power of Attorney Act of 2002 in Australia and in Singapore recently by the Mental Capacity Act.
C. Relationship Breakdown
We say a Divorce. The rate of divorce whilst not a certainty is approximately 3 in every 10. So in the divorce how do the courts distribute our assets. In Singapore the Womens Charter provides for a equitable division of all matrimonial assets i e. assets acquired, used or improved during marriage. To prevent any further court bashing, the law recognizes parties attempts to rationalize things before it gets bad by way of a Pre Nuptial Agreement. This was recognized in Singapore as recently as 2007 in TQ v TR. In Australia - it has been recognized since 2002.
See
http://www.sal.org.sg/digitallibrary/Lists/SAL%20Journal/Attachments/427/2007-19-SAcLJ-397-Ong.pdf
So this week was a week when we looked at the ways the laws deal with our assets in certain circumstance.
Regards
SK
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Hi Sir,
ReplyDeleteCan you revise on the issue regarding "Promissory Estoppel" again?
I'm still confused over how this rule can be applied.
Thank you.
Hi Mr Yeo,
ReplyDeleteSry I got a bit confused between the Aust law and SG law.
1. Is the exam based on Aust law alone or we can use either Aust or SG law?
2. Is the assignment based on Aust law alone or we can use either Aust or SG law?
Can we have a mix? I.e. some questions based on Aust law, some on SG laws.
Many thanks
J
Exam is based on Australian Law. Assignment you can use both.
ReplyDeleteHi Mr Yeo,
ReplyDeleteCan you show us some samples of model answers for exam questions? We know the points but we are unsure of how to present the ans in the appropriate way.
Thanks :)
mr yeo,
ReplyDeletewhat are business conduct requirements?
Hi Mr yeo,
ReplyDeleteFor the exam, how many questions are there in total? Are we suppose to do all the questions or choose a few out of the total questions?
Mr Yeo,
ReplyDeleteunderstand that during the previous lecture, u mentioned we can let u know the topic we would like u to explain again.
so just to ask, will u have enough time to go through with us topics 1 to 4. those regulations topics. the previous lecturer did nothing much at all, merely reading directly the points on the notes like we dont know how to ourselves, no detailed explanations and examples like how well u did.
seriously, was a joke in his class. two thirds of the class ppl left after the second break, yes second. 2 breaks. dun understand why.
i know is tough to go through 4 topics again, but at least mere briefings and some examples will also be better than his.
thanks.
-paige.