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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 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.

Published By:

Chan Wen Li Winnie

Winnie Chan is a distinguished Certified Financial Planner (CFP) with over a decade of expertise in financial advisory services. Her commitment to her clients has led many to achieve their financial aspirations while ensuring their families’ protection. Winnie‘s extensive experience in insurance claims has been instrumental in securing successful payouts, providing crucial financial relief during challenging times.

Her passion for community engagement is evident through her financial education initiatives. She has conducted insightful financial talks for esteemed organizations such as Carousell Group, Singapore National Eye Centre and Singtel, empowering their employees with valuable financial knowledge.

Outside of her professional commitments, Winnie balances her life with a passion for fitness and music. She enjoys rigorous workouts at the gym and is a pianist, recently awarded ABRSM Piano Performance Grade 6 (Merit).

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  • Financial Alliance Pte Ltd ( “FAPL”) is licensed by the Monetary Authority of Singapore (“MAS”) and allowed to conduct financial advisory activities in accordance with the Financial Advisers Act (Cap. 110) (“FAA”) and the Securities & Futures Act (Cap. 289) (“SFA”) within the jurisdiction of the Republic of Singapore and in accordance with the licenses granted by MAS
  • 鑫盟理财私人有限公司( “鑫盟理财”)持有由新加坡金融管理局(“MAS”)所颁发的牌照，并许可在新加坡共和国境内依据财务顾问法（第110章）和证券与期货交易法（第289章）进行财务咨询等相关业务
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In compliance with the Personal Data Protection Act, Financial Alliance Pte Ltd (“FAPL”) seek your consent to collect and use your personal data (e.g. name, NRIC, contact numbers, mailing addresses, email addresses and photograph) for the purposes of and in accordance with FAPL’s Data Protection Policy, which can be found on FAPL’s website at https://fa.com.sg/data-protection-policy/.

根据《个人数据保护法》，鑫盟理财私人有限公司征求您的同意向您收集并使用您的个人信息。鑫盟理财将根据公司的个人数据保护政策所阐述的用途使用您的个人资料（例如姓名，证件号码，联系电话，邮寄地址，电邮地址和照片）。 该政策可在本公司网站上查寻，网址为 https://fa.com.sg/data-protection-policy/.

By submitting this form, you are deemed to have read and understood FAPL’s Personal Data Policy.

提交此表格，即表示您已阅读并理解鑫盟理财私人有限公司的个人数据政策