Before you passed on, do you need a Will?
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 dependents 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 happened 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 canceled 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 to prepare your Will, you can seek legal advice or talk to a financial adviser.
To find out more, attend our webinar (Grow Assets Even After Death) or have a FREE Estate Planning Risk Assessment to find out how prepared are you for your loved ones if you’ve passed on yesterday.
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:
Chew Hock Beng 周福明
Hock Beng (福明) is a highly qualified individual in the field of financial planning and consultancy. His impressive array of certifications, including Certified Financial Planner, Chartered Financial Consultant, Chartered Life Underwriter, and Chartered Family Office Specialist, reflects his dedication to mastering various aspects of financial services.
Moreover, his active involvement in community initiatives and appointments in prestigious organization such as the Financial Planning Association of Singapore (FPAS) and IFPAS underscores his commitment to the profession and the betterment of the financial planning industry.
Hock Beng’s roles as an Honorary Treasurer, Exam Board Chair, and member of various sub-committees demonstrate his leadership capabilities and his willingness to contribute to the advancement of financial education and standards.
As a certified instructor with Financial Perspectives and an Adjunct Trainer with Falco Academy, Hock Beng not only enhances his own expertise but also shares his knowledge and skills with aspiring financial professionals, thereby enriching the industry as a whole.
Currently, Hock Beng’s focus on managing a team of independent financial adviser representatives highlights his leadership and mentoring abilities. Through training, mentoring, and coaching, he plays a pivotal role in developing the next generation of financial advisers, ensuring that they uphold the highest standards of professionalism and service to clients.
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