Importance of Having a Written Will
This article discusses five most important reasons of having a written will
When we think about writing a will, we’re contemplating our death and that can be uncomfortable. This is why many people choose to procrastinate or ignore the idea altogether.
One way or another, we are all going to eventually face death and if we want to make sure that our loved ones are well taken care of after we’re gone, we need to have a written will.
What is a Will?
A will provides for the administration and distribution of a person’s estate when he dies.
Valid Will must be in writing, signed by Testator, and witnessed by at least 2 persons who must be present at the same time, and not beneficiaries nor spouse of any of the beneficiaries under the Will. The Testator appoints an Executor to administer his estate. When the Testator passes on, the Executor will apply to Court for Grant of Probate. Court will issue the Grant once all procedural requirements are met. Once Grant of Probate is issued, the Will becomes a public document, and the Executors will get a copy. Executors will administer and distribute the Testator’s assets according to the Will.
Testator is the person who makes a will. Beneficiaries are persons who benefit/inherit the will. If there are minors (persons under the age of 21), trustee will administer assets for the benefit of the minors. Trustee is usually the same person as executor, person who has the power to hold the estate of the deceased.
The following 5 reasons are why you should write a will:
1. It Allows You to Decide How Your Assets Will be Distributed
A written will spells out how you want your assets to be distributed after your death. These would include any properties you own, investments in stock and shares. Your assets will then go to your loved ones and others according to your wishes. If you don’t write out a will, deceased assets’ will be distributed according to the Intestate Succession Act. Deceased’s next-of-kin will apply to the Court for Grant of Letter of Administration instead of Grant of Probate. Letter of Administration is a legal document that authorizes the applicant to be the administrator of the deceased’s estate, and administer, and distribute the estate according to the Intestate Succession Act. The process is more tedious and requires lengthy time to process.
Intestate Succession Act rules for distribution
Rule | Surviving Relatives | Beneficiary |
1 | Spouse (no Parents or Children) | Spouse 100% |
2 | Spouse and Children | Spouse 50%, Children 50% to be shared |
3 | Spouse and Parents (no children) | Spouse 50%, Parents 50% |
4 | Parents (no spouse or children) | Parents 100% |
5 | Siblings (no spouse, children, or parents) | Siblings 100% |
6 | Grandparents (no spouse, children or parents) | Grandparents |
7 | Uncles and Aunts (no spouse, children, parents, siblings or grandparents) | Uncles and Aunts 100% |
8 | None of the above | Government of Singapore 100% |
If someone without a will dies and leaves behind a spouse but no children, if his/her parents are also deceased their spouse will inherit the entire estate. However, if he/she wanted a charity, close friend, or God child, to inherit something from his/her estate, they won’t receive it. The charity, friend, or God child will have no right to make a claim against the estate if there isn’t a will naming them as a beneficiary.
Once you’ve written your will you will have peace-of-mind knowing that after you die your assets will be distributed the way you want them to be.
2. You Can Name a Guardian for Your Children
Our children are our greatest joy in life, which is why we worry so much about their wellbeing. If you are no longer around to care for them, wouldn’t you want someone you trust looking after them?
There is always a chance that the Court will appoint a guardian that is not the person you would want to raise your children. You may want your sister raising your children, but the Court may instead appoint your brother as their guardian.
3. You can Name Your Own Personal Representatives with the Power to Act on Your Behalf According to Your Wishes
If you’ve worked hard all your life to acquire your assets, you would want the person you trust most in life to manage your estate and distribute your assets to your beneficiaries according to your wishes.
Your personal representative will become the Executor of your estate, and as such be responsible for making sure that your beneficiaries receive what you left them in your will.
If you did not leave a will, the Court will appoint your personal representative, which is usually the closest relative even though he/she may not be the right one to see that your wishes are carried out.
4. You Can Specify Whether You Want to be Buried or Cremated
A written will ensures that your decision in this matter will be carried out. Some of us prefer to be buried, whereas many others prefer cremation. This may be due to our religion or personal beliefs.
For example, Hindus often want to be cremated upon their death as it symbolises the end of their physical existence. But for their soul it’s a new beginning.
5. You Ease the Pain of Your Family Members as They Grieve
One of the most difficult times of life is when we experience the death of a loved one. If the deceased has no will the grieving process can be made worse when family members start arguing about how the deceased’s assets should be distributed. But when there’s a will, family members are allowed to mourn peacefully, without having to engage lawyers, each fighting for “their fair share” of the estate.
Is there any inheritance tax / estate duty in Singapore?
Estate Duty, or sometimes called death duty is a tax levied on the market value of properties (both movable and immovable) that pass upon the death of the person domiciled in Singapore. It was abolished on 15 February 2008.
Conclusion
Many Singaporeans procrastinate when it comes to writing a will and putting in place other estate planning measures. People are understandably uncomfortable thinking about these things. But even if you do not want to think about your ultimate death, writing a will is actually doing your loved ones a huge favour.
By acting in the best interests of those you would be leaving behind, you ensure that your loved ones will receive what you want them to receive from your estate. This way your legacy will live on in all their hearts.
If you would like help writing your will, we would be happy to refer you to one of our partner attorneys who specialises in will.
Disclaimer: The information provided in this article does not constitute legal advice. We recommend that you get the specific legal advice you need from an experienced attorney prior to taking any legal action. While we try our best to make sure that the information provided on our website is accurate, you take a risk by relying on it.
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