With the start of a new year comes renewed determination to whip my financial affairs into shape. Specifically, this means educating my wife on where my money is and how to access my funds should anything unexpected happen to me.
Buoyed by my motivation, I wrote a quick email and sent it off to the three major roboadvisors in my country, namely StashAway, Syfe, and Endowus. You might find it disconcerting that I’m investing my money with roboadvisors, but I’m using money channeled into my Supplementary Retirement Scheme, which in turn qualifies me for tax relief.
All 3 roboadvisors performed good customer service as they replied my email within the same day. I received a reply from Syfe first, so I will feature it below:
Okay, seems that I got to make my will sooner rather than later.
Endowus’s response showed up in my inbox later.
Similar advice with Syfe. I didn’t know that it offers joint accounts. This gave me an idea that I could set up joint investment accounts for each of my children so that they could directly inherit it in the event of my untimely demise.
I finally ended the day with StashAway’s reply.
Similar advice with the other two roboadvisors
Through this simple exercise, I learnt the following things:
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If I open up an individual account with a roboadvisor, it is not possible for me to nominate a beneficiary in advance.
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When I make my will, I need to understand what this Grant of Probate is all about.
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When my children want to invest part of their money with roboadvisors, I need to let them know the advantages and disadvantages of individual and joint accounts alike.
Next step, making my will!