Our estate comes in all shapes and nature and sizes, and it is not easy to give fairly to all our loved ones. An average Singaporean might have the following estate:
-HDB flat (that is easily worth more than S$500,000, and much more in years to come)
-Some cash savings (of maybe around $50,000)
-Some fixed deposits (say about $200,000)
-Some unit trust
-Some shares investments
-A car (which is arguably a liability than an asset... but let's just put it down now for its scrap value)
-CPF monies (a sum total of the Ordinary account, Special account and Medisave account)
-Insurance proceeds (let's say that is worth about $200,000)
-Miscellaneous investments
Since each of these assets can have different values, depending on the owner's preference and style of holding his wealth, it is not easy to give equally to your loved ones, particularly if they're of the same seniority or closeness to you.
I came across a prospect who owns two retail shops in town that is worth, say, $1.5 million together. He has the "usual" things listed above and of course, his most valuable asset is still his shops. He is old and he is retiring soon. He wants to write a will to pass down his wealth to his wife, his only son, his two daughters who are married, but couldn't bring himself to settle on the fairness of his decision. The will is still undone.
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