Estate Settlement of Personal Debts
Started by TEA ENG PENG
0 points
TEA ENG PENG
Let’s do a simple test. Take a piece of A4 size paper and draw a vertical line in the middle of the page. On the left hand column, list down your assets, and take note of your emotion as you write them. On the right hand column, list down your debts (i.e. liabilities), and take note of your emotion as you write them.
Do you feel good as you write your debts? Especially if your debts list is longer than your assets? It is therefore human nature to avoid talking about debts because of the negative emotions attached to it. As a result, most people underestimate the level of their debt when they die. It is not uncommon to see an estate greatly diluted by outstanding estate debts.
0 points
TEA ENG PENG
Let’s do a simple test. Take a piece of A4 size paper and draw a vertical line in the middle of the page. On the left hand column, list down your assets, and take note of your emotion as you write them. On the right hand column, list down your debts (i.e. liabilities), and take note of your emotion as you write them.
Do you feel good as you write your debts? Especially if your debts list is longer than your assets? It is therefore human nature to avoid talking about debts because of the negative emotions attached to it. As a result, most people underestimate the level of their debt when they die. It is not uncommon to see an estate greatly diluted by outstanding estate debts.