Wills & Trusts
By Peter Lee
While in Dave’s (Lawyer) office, John Lee (Lee Sr’s eldest son and Co-Administrator) and Connie (Lee Sr’s second wife and Co-Administrator) managed to resolved the payment to Connie and her children’s entitlement of $250,000 and $111,111 respectively from her husband’s portion of his joint bank account with his first wife, Mrs Patricia Lee in ZNA bank, Singapore. In return, Connie agreed and signed all the share transfer forms together with the sale and purchase agreement for the sale of her share entitlement, in three family companies, that belonged to her husband’s first family. Once this was settled, both John and Connie left Dave’s office. While on their way out, John said “Connie, can we go somewhere to discuss about the three properties which are jointly owned between my father and mother. “Okay, where shall we go?” was Connie’s response. Dave said, “There’s a quiet cafe a few blocks away from this office. Did you drive here?” “I took a taxi.” said Connie.
Dave then suggested that Connie come with him to the cafe in his car to which she agreed. As they travelled there, John said, “Connie, I hope that you and your children will renounce your entitlement to my father’s ownership of the three properties jointly with mum because it’s going to be very messy later on if these properties are going to be owned by three more persons, that is you and your children. My siblings and I are renouncing our entitlement rights to these properties and giving them back to mum.”
Connie paused for a moment and said, “John, I could renounce my family’s entitlement to these properties but what kind of price will your family offer me to do this?” John said, “Since you are receiving your family’s entitlement to the rest of father’s entire estate, I was thinking that you could renounce it for free.” Connie was annoyed for a moment and said, “John, come on…you mean your family can’t offer me anything for this?” John responded with some irritation, “Connie, let’s be reasonable. This is pittance compared to the rest of father’s estate which you are going to receive. So, all I ask of you is to just give these properties back to my mother. Anyway, I haven’t spoken to my mother about the price because I was asked by my mother to convey her intention of asking you to let go of these properties.”
Upon hearing this, Connie was even more annoyed and kept quiet for a few minutes while they were caught up in traffic. Suddenly, Connie developed a severe headache and said, “John, I don’t feel well” grabbing John’s hand. She asked for her medication to which John said, “Where is your house?” Pointing her fingers to the right, she responded, “Third road right after all the shop houses along this main road.” As soon as they arrived at Connie’s house, John helped her into her house as she looked like she was going to faint. Once John settled her on the couch, he asked, “Where is your medication?”
Wills & Trusts