Do you find them familiar?
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:
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.
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 independent 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.
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