Why create a will?
A will would allow
the person who created it (the “testator”) to have control over the
distribution of his assets after his demise. A testator could clearly indicate
the property or assets that would go to a specific person. Without a will, the
estate will be distributed as laid down by the Intestate Succession Act.
If you intend to
give part of your estate to charity or to hold it in trust for your children, a
will would be a good way to indicate your intentions.
This will also
pre-empt arguments over the inheritance among your relatives.
Who needs a will in
Singapore?
Everyone should
create a will. Everyone should exercise their right to decide how their
possessions get distributed after their demise.
In Singapore, only
a person who is at least 21 years old and of sound mind may make a will.
However, a person engaged in active military service, a mariner or a seaman may
make a will even if under the age of 21.
Singapore Will
Procedure
In Singapore you
can make your will on your own without consulting a Singapore will lawyer,
however this carries the risk of it being invalid if incorrectly drafted.
It might therefore be more effective to consult a lawyer who would be able to
draft the will for you.
After making one,
you should inform a few trusted friends/relatives of its existence. It is also
advisable to deposit information of the will with the Wills Registry.
A will is revoked
by marriage, unless specific provision was made for it.
Need two witnesses,
both above 21 years and of sound mind, to witness the signing of your will. A
witness cannot be a beneficiary, nor can he/she be a spouse to a beneficiary.
The witnesses must be identified, by their name and identification number, on
the will.
What to include in
your Singapore will
You should state
the person or organization (the “beneficiaries”) that you intend to give your
assets to. You may also indicate that you wish to distribute your entire estate
in percentages to certain people.
You need to name an
executor, who will oversee the administration of your estate and ensure that
your beneficiaries get their share. If you have minor children and your spouse
is unable to take care of them, you may also wish to appoint guardians for
them.
If your
beneficiaries are underage, you may wish to direct that the property you
bequeath should be held in trust for them by named trustees till they come of
age.
You may wish to
indicate that your estate should pay for funeral or other expenses. It is
recommended you use a Singapore Will lawyer.
If you need legal representation,
kindly contact Gloria James-Civetta & Co, to get the legal advice you need.
1 comments :
nice relevant article
Post a Comment