Man siphoned over $20,000 from mother's bank
In Singapore, a 31-year-old man named Muhammad Zakaria bin Rosli was sentenced to 24 weeks in jail on July 6, 2023, after pleading guilty to theft charges. Court documents revealed that between November 1, 2018, and February 5, 2019, Zakaria withdrew varying amounts of money, ranging from S$50 to S$950, from his 60-year-old mother’s bank account.
Zakaria’s late father had left the money behind before his passing, intending it to support his unemployed mother with her living expenses. When Zakaria’s younger brother discovered the theft, Zakaria assured him that he would return the money. However, when he failed to fulfill his promise, his younger brother eventually reported the incident to the police.
The motive for Zakaria’s actions stemmed from a desire to go clubbing on November 1. Realizing he didn’t have enough money, Zakaria, who was familiar with his mother’s ATM card’s PIN number from occasionally assisting her with grocery shopping, decided to steal money from her bank account. He took his mother’s ATM card and made multiple cash withdrawals, repeating this process 36 times in total. As a result, he stole a total of S$23,750, depleting her account to S$12,000.
Could the actions have been mitigated?
Indeed, in situations where parents do not perceive financial maturity in their child, establishing a trust fund can be a prudent approach. By creating a trust, the parents can ensure that the assets are managed and distributed according to their specific instructions, even after their passing. This provides a level of control and safeguards against the mishandling of funds.
Alternatively, parents can include a clause in their will stipulating that the monies or assets are to be held in trust until the child reaches a certain age or meets certain conditions demonstrating financial responsibility. This allows for a delayed distribution of assets, ensuring that the child has time to mature and develop better financial judgment before gaining full control over the inheritance.
It is important to note that even without a will, assets can still be distributed against the wishes of the deceased, as seen in the case study mentioned earlier. This highlights the significance of entrusting one’s assets to capable and trustworthy executors who will carry out the instructions outlined in the will or trust. Careful consideration should be given to the selection of executors and the methods of asset distribution to provide peace of mind regarding the management and eventual transfer of assets.