Writing a Will: the Why, the How, and How Much

1 month ago 99

Writing a will is not just for tycoons looking to head off family feuds over an inheritance. It is, in fact, a legal tool that is useful no matter where you stand on the socio-economic scale.

And perhaps best of all, writing a will is very affordable, but there are some associated costs that you need to be aware of.

Here is everything you need to know about writing, storing and executing your will in Singapore, and what happens if you don’t have one.

What Is A Will And Why Should You Write One?

A will is a legal document that contains instructions regarding the distribution of property and assets, as well as the care of dependent children, after one’s passing. Provisions for special circumstances may also be included if desired.

These instructions will be carried out by the executor of the will (an individual or entity especially appointed to the task) — to the extent, it is lawful and possible to do so.

Thus, having a will allows you to offer clarity to the loved ones you leave behind, which can be helpful in quelling any quarrels or fights over inheritance issues.

The other reason why you should have a will is that those who pass away without one (aka passing intestate) will see the government stepping in to distribute their assets according to prevailing intestacy laws — with outcomes that your family members may not be happy with.

Hence, rather than anything taboo or inauspicious, think of writing a will as a final gift to your loved ones that preserves harmony and helps the family get over your passing.

What Must A Will Contain?

These are the components that a will must contain:

  • Name and personal details of the will-maker (IC number, a...
Read Entire Article