4 Tips to write a solid Will

This article is dedicated to my kopi kaki Amy Ying who inspired me to write this. Whenever I advise my clients to setup their Wills, I see a lot of procrastination. People are reluctant to make a decision today, as future assets and relationships may change. My advice would be to write your Will based on today’s circumstances, assuming you have passed on yesterday. Where possible, I also advise my clients on ways to make their Will more flexible to encompass future changes.

Here are 4 tips to write a solid Will

Executor(s)

  • Choose someone who is financially mature and is able to preserve your assets for your beneficiaries
  • Always have a substitute executor in the event of unforeseen circumstances like death, mental incapacity or bankruptcy of the main Executor
  • If you do not have a suitable Executor, you can consider appointing a corporate trustee to administer your estate (subject to estate administration fees)
  • If you are appointing an Executor who is not a beneficiary, it’s recommended to gift a token sum for their effort and time spent to administer your estate

Beneficiaries

  • Always have substitute beneficiaries in the event the main group of beneficiaries are not around.
  • Otherwise your estate will fall back to the laws of intestacy, which may included unintended beneficiaries

Manner of distribution

  • If your beneficiaries are not financially mature (such as aging parents or young children), it may be better to include instructions to distribute the monies over a period of time instead of giving a lumpsum to this groups of people
  • If you would like to have more control on how and when your beneficiaries can receive their share of estate, it’s best to setup a trust with a Letter of Wishes. This will ensure that your hard-earned money will not be carelessly squandered away.

Did you know? A Will is a public document once it goes through the probate process. This means that relatives can find out who are your beneficiaries and their share of your estate. One way to circumvent this is to setup a Trust, where only the trustee knows your beneficiaries and their respective share.

Specific vs Non-specific assets

  • If you have specific assets meant for specific beneficiaries, you need to provide details of the assets and intended beneficiaries.
  • Otherwise all assets will be sold and distributed according to the specified percentage in your residuary estate.

Tip! For more flexibility, you can gift specific bank accounts to respective beneficiaries in your Will. Over the years you can choose to adjust the bank balance accordingly, without having to re-write your Will.

What’s Next?

Every family is unique with different dreams and aspirations, so your estate plan should be unique to you too. If you have any questions relating to estate planning, do feel free to email me winniechan@fapl.sg or chat with me here

Important: The information and opinions in this article are for general information purposes only. They should not be relied on as professional financial advice. Readers should seek unbiased financial advice that is customised to their specific financial objectives, situations & needs. This advertisement or publication has not been reviewed by the Monetary Authority of Singapore.

Published By:

Chan Wen Li Winnie

Winnie Chan is a Certified Financial Planner (CFP) and MDRT Court of the Table qualifier (top 5% of advisers) with 15 years of experience in financial advisory services.

She specialises in helping doctors and high-income professionals build sustainable passive income, protect what they’ve worked for, and create a financial legacy for the people they love. Working across different insurers and investment platforms, Winnie focuses on finding the right fit for each client — not the other way around.

Her experience supporting clients through insurance claims has helped families access the financial protection they planned for, providing peace of mind during life’s most challenging moments.

Winnie was recognised as a Top 5 Weighted Premium producer at Financial Alliance in 2025 — out of close to 500 advisers — and received industry-level recognition for Top 3 Single Premium category Insurer award.

She has also brought financial education to organisations including Carousell Group, Singapore National Eye Centre, and Singtel.

Outside of work, Winnie stays active through regular gym workouts and is an accomplished pianist — recently attaining ABRSM Piano Performance Grade 6 (Merit).
She believes balance matters in finances, and in life.

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