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Friday, August 10, 2012

AdilanClub: Ferrari driver leaves estate of $ 8.1 million

Sulaiman Kamal | 2:05 AM | | Best Blogger Tips

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The Ferrari driver who died in a horrific accident on Victoria Street in May has left an estate totalling $8.1 million, Lianhe Zaobao reported on Tuesday.

Sichuan native Ma Chi,31, left behind his spouse, Madam He Ting Ting, 29, and two young daughters, one of whom was born just one month after his untimely death.

According to the Chinese paper, Mr Ma did not leave a will but was covered by insurance valued at close to $2.8 million at the time of his death.

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Court documents show that Mr Ma had been covered under two insurance policies worth US$1million (S$1.25m) and $1.54 million each.

The rest of the money he left behind comes from earnings he made as a financial investor. His widow and mother will be administrators of his estate.

However, a condominium unit he co-owned with Madam He in the east of Singapore is not part of the total estate listed in the documents.

In Singapore, if an owner of a shared property passes away, surviving joint owners of the property can administer the estate.

If someone dies without a will, or intestate, the Intestate Succession Act states that the deceased's spouse will get half of the estate while the other half will be divided equally among the surviving children.

This means that Mr Ma's widow will receive half of his estate while his two daughters, a four-year-old and a two-month-old, will each receive a quarter.

Lianhe Zaobao also reported that Madam He recently made an application with the High Court for an exemption from the rule that administrators must nominate two guarantors when minors become beneficiaries of an inheritance.

In Singapore, administrators have to provide two guarantors to ensure proper handling of the deceased's inheritance.

However, the court may choose to grant an exemption if one of the administrators is a parent of the child receiving the inheritance.

The Chinese daily said that Mr Ma's widow could be preparing herself for a lawsuit with the insurers. Mr Ma was killed in an accident when the Ferrari he was driving collided with a taxi and a motorcycle on May 12 this year.

The taxi driver, 52-year-old Mr Cheng Teck Hock, and passenger both died in hospital later while the motorcyclist and Mr Ma's passenger sustained injuries.

Mr Cheng is survived by his wife, two sons and a daughter.

The parents of his 41-year-old passenger, Miss Shigemi Ito, collected her body with the help of the Japanese Embassy in Singapore.

According to reports, a private crematation ceremony was held for her on May 16.
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