Part I: What Makes A Will, A Will?

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I WILL, WILL YOU?

Written by Dave Loh

A will is a legal document that sets forth your wishes regarding the distribution of your property to your heirs after death.

A will writing often makes arguments among many people and this situation often happens in our current situation even in Singapore, some of the stories had been published in the news. Dissatisfaction with the property distribution can be caused the family to fall apart. 

People overlook the importance of writing a proper Will because of lacking information, guidance and knowledge. The most common questions are, "It is very important to write and arrange a proper Will?", "What should be done to ensure proper distribution of my property in the way I wish after I died?"

Today's topic we will share what you need to know about these vital documents. 

WHAT HAPPEN IF YOU DIE WITHOUT A WILL?

In Singapore, when a person dies without a valid Will, the person is said to have died “intestate.” In such an event, the Intestate Succession Act (Figure 1) sets out how the estate is distributed. The family members of the deceased will inherit the assets in the proportions as prescribed in the Intestate Succession Act and they might not distribute as you wish. 

Therefore, you should write a legal document that spells out your wishes regarding the care of your children, as well as the distribution of your assets after your death. 

Inheritance of assets according to Intestate Succession Act (Figure 1) 

A Will writing should include these: 

• A list of assets, joint accounts, and houses needs to be listed. 
• Liabilities: Inside the will, you can explain how you want to repay your debt before the estate is allocated. 
• The beneficiary (your asset trustee) and the guardian (if the beneficiary is still young), and their assigned amount. 
• The executor (execute the inheritance assignment for you), the executor of the will may also be the beneficiary. 
• Consultant (lawyer or auditor) 
• Revocation clause: Repeal of previously planned wills. 
• Residuary clause: Assign the legacy left after the distribution to the beneficiary you wish to trust. The so-called "residual heritage" is a heritage left behind for some reason (if your beneficiary died before you passed away). 

Preparing a will actually help take the emotion out of leaving your legacy behind, allowing you the time and space to calmly plan your worldly affairs. It lays out clear instructions on how your assets should be distributed, to whom, and in what allocations. Hence, you can think of leaving a will as a final gift for your surviving loved ones, providing them with a clearly defined path to follow.

In the next issues, we will discuss what makes your Will valid and additional considerations for a proper will. See you in the next newsletter!

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