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MAKING A WILL IN SINGAPORE

Resist the temptation to make your own will, it’s prudent to engage a professional lawyer to draft it for you.

making a will in singapore

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MAKING A WILL IN SINGAPORE .

It is surprising that a great number of people have not made a will.  A will is one of the most important financial planning documents, because you are planning for what happens to your assets when you pass away.

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If there is no will, the Intestate Succession Act kicks in when it comes to distributing the deceased person’s estate.  If the person is an orphan with no relatives, his estate will go to the state.   Even if you have family, your assets will be distributed not in accordance with your real intent.

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Why do so many people put off making a will?  In Singapore, it is a case of superstition – not wanting to talk about one’s own demise.  Besides, most people think they can always do a will tomorrow and so they procrastinate.

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Then, there are some who want to save money and do a will themselves or go on-line and follow a template.  Resist the temptation to save a few bucks to do your will by filling up on-line forms.  It is simply not worth it as the difference in legal fees between getting a lawyer to do it for you and going on-line (without ever seeing the lawyer and explaining what you want) is perhaps only a couple of hundred dollars.  Why save a couple of hundred dollars and run the risk your hard earned assets (the result of your entire working life) will go to the wrong people?

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There are just so many things that can go wrong–from the wording of the will to the formalities for how it must be signed, the number of witnesses and who the witnesses are before it can be valid.

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Here’s the risk – if your on-line will is found to be invalid, the rules of intestacy kick in and your assets will be distributed not in accordance with your wishes.  There is also the very real possibility that your family and relatives will squabble over your assets and over who is to be appointed the personal representative of your estate.

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Your do it on-line will may not tell you that you should appoint guardians for your children, or that if you are divorced you will need a fresh will, or that if you are getting married, your old will is revoked (unless made in contemplation of marriage).

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The costs of making a will in Singapore with a lawyer’s involvement is between $300 to $500; more complicated ones will cost more.   This is still not a lot of money to spend to have peace of mind knowing that you have consulted a professional to ensure that your assets are taken of after you have moved on.

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RELATED ARTICLES:

Singapore Wills Lawyer

Making a Will in Singapore

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Keen to discuss more?  Kindly contact PKWA Law for your free consultation with our lawyers.
Call Us At +65 6854 5336
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