When you make a will, you are giving your directions on how your assets should be distributed and you are ensuring that the people you love get your assets.
No one wants to think about death but it is one of the certainties of life. People often do not make a will or update their will because they think they can wait or they just find it unnecessary.
When you make a will with a Singapore wills lawyer, you are protecting your family. When you make a will, you are giving your directions on how your assets should be distributed and you are ensuring that the people you love get your assets.
By making a will you will not only be protecting your own interests but the interests of your loved ones as well. You can save them the stress, the worry and expense of dealing with your assets at a time which is, naturally, very difficult for them.
What Happens if I don’t make a Will?
In Singapore, if you did not make a will, your assets (or estate) will be distributed according to the guidelines in the Intestate Succession Act.
Your assets will be distributed automatically under the Act. If you are married with children, this means that your assets will be distributed 50% to your spouse and the remaining 50% equally among your children. It is therefore crucial that you consult a Singapore wills lawyer if you would like your assets to be distributed according to your specific wishes.
What happens if I am contemplating divorce or I dont want my spouse to inherit my assets?
If you are thinking of divorce, or if you do not wish your spouse to inherit your assets, you must make or update your will. Failing to make or update your will may result in:
a. your spouse being appointed as the executor of your estate (even if divorce proceedings have already commenced but Final Judgment is not yet obtained).
b. your spouse being entitled to at least half of your your entire assets (even if divorce proceedings have already commenced but Final Judgment is not yet obtained).
c. your aged parents, siblings or your new partner may receive nothing.
The only way you can prevent the situations above from happening is if you make or update your will. So, make sure that you make a will to ensure that your estate goes to the people you care about.
What happens if I am getting married?
If you getting married, any previous will you have made is automatically null and void. This means that if you had intended your aged parents to inherit some of your assets, you should make a fresh will after marriage.
How we can help
At PKWA Law, our team of family lawyers can help you by:
drafting your will to protect your wishes.
ensure that your loved ones will inherit your assets.
providing you with guidance about the best choice of executors for your Estate;
advising you on whether you require a Lasting Power of Attorney in addition to your will.
At PKWA Law, our team of Family Lawyers are consistently named as leading Singapore family lawyers by respected independent legal publications such as Asian Legal Business, Singapore Business Review, Global Law Experts and Doyle’s Guide to Singapore Family Lawyers.
Contact us at tel 6854-5336 for a free first consultation.
Keen to discuss more? Contact PKWA Law today for your free consultation.