HOW IMPORTANT IS IT TO MAKE A WILL?

wills lawyer singapore - photo of last Will

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BENEFITS OF MAKING A WILL – Wills Lawyers Singapore

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Every Singaporean and resident of Singapore who has assets in Singapore should have a Will made in Singapore – there is no good reason not to have one.

If you have made a Will, it means that you, rather than the laws under the Intestate Succession Act, decide who gets your property when you die.

Your Will tells people your two most important wishes:

  • Who should have your money, property and possessions when you die.
  • Who will be your executor.  The executor is a person you trust.  The executor  is in charge of administering your estate and following the instructions you leave in your will.

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What happens if you don’t write a Will?

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  1. A Will makes it much easier for your family or friends to sort everything out when you die – without a Will, your family might not even know where your assets are located.  Imagine your loved ones not knowing where all  your hard earned assets are and not being able to obtain them.

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  2. If you don’t write a Will, everything you own will be shared under the laws prescribed under the Intestate Succession Act – which isn’t always the way you might want.

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  3. Writing a Will is especially important if you have children or other family who depend on you financially, or if you want to leave something to your parents.

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  4. It is equally important to make a Will if you are going through a divorce.  If you did not make a Will, and you pass away before your divorce, your spouse gets your inheritance and your spouse will also be the one who keeps the inheritance for the minor children.

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How to get started making a Will

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If your family is small and you want to leave everything to them in equal shares, making your Will is fairly straightforward.

Don’t put it off – we always assume that we can make a Will at a time of our choosing.  Life is full of uncertainties.  Make sure that what you leave behind will go to the people you intended.

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Step 1 – Make a plan

Start by thinking about what you want to leave to whom.

One simple way is to leave everything in equal shares to your family. In this way,  it is unlikely that there will be a dispute.

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Step 2 – Get your Will written

There are a number of ways you can get a will written:

  1. Use a lawyer.
  2. Do it yourself.

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Since the cost of using a lawyer to write your Will is very cheap, why take the risk of doing it yourself and running the risk that it was not done properly?  A Will costs between $300 to $500 to do, and it makes sense to use a qualified lawyer to draft it for you.  Many people who do a will themselves have found their Wills to be invalid – for instance, they did not realise that there must be 2 witnesses and the witnesses cannot be beneficiaries to the will.

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IF YOU WISH TO CONSULT A LAWYER TO MAKE YOUR WILL, CONTACT US AT TEL 6854-5336 FOR A FREE CONSULTATION.

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Our lawyers at Wills Lawyers Singapore have been helping our clients to make their Wills for the past 30 years.

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RELATED ARTICLES:

Guide to making a Will in Singapore

Wills Lawyer Singapore

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Keen to discuss more? Contact PKWA Law today for your free consultation.
Call Us At +65 6854 5336
(Family Law)
Call Us At +65 6397 6100
(Conveyancing)
Email Us At mail@pkwalaw.com