Writing a Will in Singapore is an important legal step to ensure that your wishes regarding the distribution of your assets are carried out after your passing.
A Will enables you to have control over who to give, how and what to give away.
Background of Singapore
1. Legal System
Singapore follows a legal system that is a mix of English common law and local statues. The Law of Succession in Singapore is primarily governed by the Wills Act, which sets out the formalities for a valid Will.
2. Intestacy Laws
If you pass away without a Will (intestate), Singapore’s intestacy laws will determine how your assets are distributed. This may not align with your wishes, and the distribution may results in unintended consequences, as compared with a carefully drafted Will.
3. Executor and Administrator
In your Will, you appoint an executor to administer your estate. If you die intestate, the court will appoint an administrator. Choosing your own executor allows you to select someone you trust to carry out your wishes.
A Step-by-Step Guild on How to Write a Will in Singapore
While this guide is informative, it’s highly recommended to consult with our Practitioner for personalised advice. The first consultation is always complimentary with no obligations.
1. Legal System
You must be ascertain that you are eligible to write a Will. In Singapore:
– You must be at least 21 years old.
– You should be of sound mind.
2. Do up a Skeleton of Your Assets
This can include:
– Properties
– Bank accounts, investment, and stocks
– Personal possessions like jewelry, artwork, vehicles, etc.
– Insurance policies
3. Make a List of Your Beneficiaries
– Clearly identify who you want to inherit your assets.
– Determine if there are any vulnerable beneficiaries who might be financially immature or prone to influence from others.
– Decide on the suitable type of distribution method – lump sum, periodic, delayed, conditional.
– Specify the share or percentage each beneficiary should receive.
4. Choose an Executor
Select someone you trust to be your executor. This person will be responsible for carrying out the instruction in your Will, including the distribution of assets.
5. Guardianship for Minor Children
If you have children you are minors, appoint a legal guardian for them. Also, make financial arrangements such as setting up a trust.
6. Drafting of Your Will
Schedule a personalised consultation with our experience Practitioners who will meet you to discuss your goals. They can help to uncover potential blind spots and identify gaps and guide you through tailored solutions to meet your unique needs.
7. Bumper Proof Your Will
Include the following:
– A revocation clause, which states that your new Will revokes any previous wills to avoid confusion.
– The location where the Will is effective, be it in a particular country or worldwide
– A residuary clause, which covers any assets you might have missed or acquired later. It states how the remainder of your estate should be distributed after all specific gifts are made.
8. Safekeeping Your Will
Keep the original Will in a secure place or place it in safe custody with PreceptsGroup. Inform your Executor of the location.
9. Review & Update
Regularly review your Will, especially after significant life events (e.g. marriage, divorce, birth of children), and update it as needed.
What are the Common Mistakes in Writing a Will?
Writing a Will is a critical task, and it’s essential to avoid common mistakes to ensure that your wishes are accurately reflected and legally enforceable. Here are some common mistakes to steer clear of when writing a Will:
1. Procrastination
Mistake: Delaying the creation of a Will.
Why it’s a Problem: Unexpected events can occur, and having a will in place provides clarity and direction during difficult times.
2. Doing it Yourself
Mistake: Drafting a Will yourself.
Why it’s a Problem: Laws governing Wills can be complex, and DIY Wills may lead to errors or omissions that could render the document invalid or create unintended consequences.
3. Incomplete Information
Mistake: Not including all relevant assets and beneficiaries.
Why it’s a Problem: Incomplete information may lead to confusion or disputes among heirs, and some assets may not be distributed as intended.
4. Ambiguous Language
Mistake: Using unclear or vague language.
Why it’s a Problem: Ambiguities can lead to misinterpretations and disputes among beneficiaries. Clear and specific language is crucial.
5. Forgetting to Update
Mistake: Failing to update the Will after major life events.
Why it’s a Problem: Life circumstances change and failing to update the will after events like marriage, divorce, or the birth of children can result in outdated or inaccurate instructions.
6. Choosing the Wrong Executor
Mistake: Appointing an unsuitable or unavailable Executor.
Why it’s a Problem: The Executor plays a crucial role in administering the estate. Choosing someone unreliable or unqualified can lead to complications.
7. Ignoring Digital Assets
Mistake: Neglecting to address digital assets.
Why it’s a Problem: Ambiguities can lead to misinterpretations and disputes among beneficiaries. Clear and specific language is crucial.
8. Not Considering Property Ownership
Mistake: Ignoring the potential stamp duties or property count
Why it’s a Problem: Inadequate consideration of property ownership can result in unnecessary financial burdens on the estate or beneficiaries.
9. Not Communicating Your Wishes
Mistake: Failing to discuss the contents of the Will with relevant parties.
Why it’s a Problem: Lack of communication can lead to confusion or disputes among family members and beneficiaries.
10. Storing the Will Inappropriately
Mistake: Keeping the Will in an unknown or inaccessible location.
Why it’s a Problem: If the Will cannot be found or accessed when needed, it may as well not exist. Proper storage and communication of its location are crucial.
Importance of Professional Will Writing Services
Dividing one’s assets can be incredibly daunting in Singapore due to complex legal guidelines and emotional weight. Will writing involves considering personal reflections rooted in lifelong relationships and moral values, and determining the amount and under what conditions should the beneficiary receive the asset.
It is not merely the allocation of assets; it is a reflection of one’s life and wishes for their loved ones. Given these complexities, seeking professional guidance is not only beneficial but necessary for those seeking to navigate this process seamlessly with confidence and clarity.
With PreceptsGroup’s expertise, we understand the complexities inside out. Our experienced Practitioners will ensure that your Will is not only in full compliance with the legal stipulations but also truly encapsulates your heartfelt intentions.
Our expert guidance ensures that every detail is addressed, paving the way for the seamless execution of your wishes and minimising potential disputes among beneficiaries.
Choose certainty, clarity, and peace of mind.
Let us help you weave your legacy with precision, ensuring that it is safeguarded for generations to come.
