Do you find them familiar?
- A Will helps you give your money to the people you feel need it most.
- You can write your own Will and change it anytime you wish.
- CPF savings are not covered under a Will and are not part of an estate.
What is a Will?
A Will is a written document that sets out your instructions and wishes on how you want your estate (your money, property, possessions and other assets) to be distributed after your death.
You may want to speak to a lawyer or a Will Writer to make sure your Will is valid. It can be altered at any time.
Is it compulsory to have a Will?
Writing a Will is essential if you have dependants like young or disabled children or elderly parents. Your Will can be as simple or as detailed as you want. It holds your instructions on whom to care for your minor children or parents, and how you want your estate to be divided when you pass away. This makes it much easier for your loved ones to settle your estate at a difficult time.
If you're single, you may want to ensure your parents or even your pet are well taken care of. A Will makes sure your wishes are carried out without fuss.
What hapened if there is no Will?
If you pass away without making a Will in Singapore, your assets will be distributed according to intestatcy laws (refer to my ealier post), which may not be in line with your wishes.
For example, if your spouse and children are financially self-reliant, you may want to provide for your elderly parents, disabled or unemployed siblings, grandchildren or even grandparents. Without a Will, your wishes may not be fulfilled.
Ensure your Will is legal!
For your Will to be legally binding, you must:
- Be over 21 years old!
- Be of sound mind!
- Sign your Will in the presence of two witnesses over 21!
- And, have it signed by both witnesses in your presence!
A Will can be revoked by a later Will. It is nullified or cancelled when you marry or remarry. Please be aware that witnesses must not be beneficiaries or spouses of beneficiaries under the Will.
If you need advice or help preparing your Will, you can seek legal advice or talk to a financial adviser.