Some Things to Consider When Making a Will

Your Estate

Your estate is essentially everything that you own; it includes your properties, note down the value of your estate so that you are aware of how much you can distribute to each beneficiary. You should list them in two categories; (1) things that you can will away in your will and (2) things that you have already nominated beneficiaries for (e.g. nominated beneficiaries for your CPF funds, Insurance policies and so on).

Property

There are a few things you should take note of when willing away property:

(1)  Are there security-interests attached to your assets? These may include mortgages, charges, debts, credit agreements and so on.

(2)  Is your property co-owned with your spouse or someone else? If so, what type of co-ownership, a joint tenancy or a tenancy-in-common? If you are a joint tenant, the rules of right of survivorship will take precedence over any testamentary disposition, and when you die, your share in the estate will be taken over by the surviving tenants.

(3)  The right of survivorship also applies to joint bank accounts.

Your Body

In your will, you may include how you would like your body to be dealt with upon death. This would include any preferences you might have with regard to your funeral, burial or cremation. This would also include providing for whether or not your body will be available for therapeutic use (e.g. organ transplants) upon your death.

As the way your body is being “disposed of” will happen almost immediately after your death, it is important for you to let your family or friends know that you have included special provisions in your will with regard to your body before you pass on.

If you are considering writing a will or require representation on Probate & Letters of Administration matters, please Call Gloria James-Civetta & Co matters on 63370469 or email us here