As an online will-writing company, we observed that most people write their wills because they want to protect their spouse and children, however, they find it difficult to start and don’t know what to consider when writing their Wills.
That is why we have created this blog post so you can dive deeper into what needs to be considered when you write a will in Singapore.
Determine the Age of Inheritance:
Children living in Singapore can only receive your estate when they reach the age of 21, and that is the minimum age, versus some countries where the legal age is 18 in the UK and Hong Kong. Before they reach that age, a testamentary trust will be formed via the Will to ensure that their assets are protected, and the trustees will usually be appointed in the Will as well.
Some people would prefer to give their estate away to children when they are more mature, i.e. when they graduate from university. Understanding the personality of your children can help determine when it is the right time to give away your estate.
Appoint Guardians:
Should you and your spouse pass away before the children become adults, it is important to appoint guardians for them. You should speak to the potential guardians so that they are aware of the situation and are willing to take care of additional members.
Factors to consider, such as the guardian's age, health, location, and their ability to provide a stable and suitable environment for your children.
Ensure that the appointed guardian is willing to take care of your children and discuss the responsibilities involved.
Manage Finances for the Children:
Should something happen to both parents, it is important to choose someone who you trust to manage your finances until the children become of legal age. The Will would allow you to choose a trustee to manage your estate for the children, and pass the assets to them when they are of legal age.
The trustees are granted powers to make decisions on behalf of the children to make investments and choose to use the funds for various purposes, including the children’s education, maintenance, and other essential needs. Consider whether the same person should handle both guardianship and financial matters or if different individuals are more suitable for each role.
Work On The Details:
When writing a will in Singapore, you should consider the following details for the Will:
Identification:
- Full name
- Address
- Date of birth
Executor:
- Designate a person to carry out the terms of the will (executor).
Guardianship:
- If applicable, name guardians for minor children.
Assets:
- List and describe your assets, including real estate, bank accounts, investments, and personal property.
Debts:
- Mention how your debts and taxes should be handled after your death. (If any)
Specific Bequests:
- Clearly state who should receive specific items or amounts of money.
Residue Beneficiaries:
- Name individuals or entities to inherit the remainder of your estate after specific bequests.
Alternative Beneficiaries:
- Designate contingent beneficiaries in case the primary beneficiaries are unavailable or deceased.
Digital Assets:
- Include instructions for digital assets, such as online accounts, social media, and digital files.
Funeral and Burial Wishes:
- Outline any specific wishes you have regarding your funeral or burial.
Legal Formalities:
- Ensure your will complies with legal requirements in your jurisdiction.
Witnesses:
- Have the will witnessed and signed by individuals not named as beneficiaries.
Revocation Clause:
- Include a statement revoking any previous wills.
Conclusion
As life circumstances change, it is essential to revisit and update your will accordingly. Changes in your family structure, financial status, or personal preferences may necessitate modifications to your will.
Whether it's adding new beneficiaries, changing guardians, or updating asset distribution, keeping your will current ensures that it accurately reflects your wishes. In the end, if you have any doubts regarding this, feel free to contact us. You can also try our online will-writing service in Singapore to draft your will.
For more, visit www.noblewills.com/en-sg/ today!
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