OCBC Bank has launched an online service that allows users to set up a basic will, in a move to help them sort out their affairs after they die.
Completing the process should not take more than 10 minutes, and users need to appoint an executor, list beneficiaries and allocate assets, among others, according to a press release yesterday.
The online will generator is available to Singaporeans and permanent residents aged 21 and above, for free. Users do not need to be OCBC customers to begin with.
The initiative is guided by a survey that the bank conducted in 2017 with 200 respondents aged between 55 and 69. Then, one in three people said they needed more advice on their after-life plans, including leaving an inheritance for their family, said a bank spokesman.
People commonly engage a lawyer to prepare a will, and this may cost several hundred dollars for a basic will. The online will generator uses a basic template and "does not necessarily deal with every important topic", the spokesman said, noting that the service does not contain legal advice. "Users should seek legal advice from appropriately qualified lawyers for more specific will requirements," he added.
Creative Technology was queried by the Singapore Exchange on unusual share price movement yesterday after its shares tumbled in the afternoon. The stock began to fall around 1.45 pm and was down 52 cents or about 13 per cent to $3.42 by 3.40 pm. The SGX query seeking an explanation for the trading behaviour came in at 3.45 pm.
Responding to the query, Creative said that it was not aware of anything that might explain the unusual price movements, and confirmed its compliance with the listing rules.
Creative was eventually the top loser yesterday, with its shares down 66 cents or 16.75 per cent to $3.28 at the market close. This was the second day of steep decline after Christmas, with the stock having plunged 76 cents or 16.2 per cent to $3.94 on Boxing Day.
In its results for the first quarter ended Sept 30, released on Oct 30, Creative reported a net loss of US$6.1 million (S$8.4 million), reversing from a profit of US$22.8 million in the year-ago period. However, with higher revenue expected in the holiday season and a small revenue contribution from Super X-Fi audio products - newly launched in the United States - Creative said it expected an improvement in operating results for the quarter.