Did you know that Singapore’s life expectancy is 83.8 years old? Although this might make you think that you have a long future ahead of you, the truth is, anything can happen in life. You can be healthy today and sick tomorrow. So, if you pass away without a will in Singapore, what do you think will happen next?
“When I’m gone, who will be taking care of my children? Who will decide who gets what?”
These are the questions that can be resolved with a will. And do know that wills are not only for the riches. Regardless of how wealthy you are, a will ensures that your final wishes are heard.
What is will and will writing?
A will is a legal document in writing that is signed by you, the testator, and the executor to distribute your property and determine the guardian to care for minor children after your passing. When you pass, the assets that you have will eventually be transferred to other people (your spouse, children, parents, etc) or the government.
But by writing a will, you get to ensure that your assets are distributed to the right people, as per your wish. This way, you are in control of who gets what—not the law.
However, if you pass away without a will, this is where Singapore’s rules of the Intestate Succession Act apply. This Act will determine how your asset will be distributed to the next of kin. And when this happens, you will have no say in this matter.
It’s important to note that the Intestate Succession Act does not apply to Muslims in Singapore. The distributions of property of a deceased Muslim are governed by Muslim law and the Syariah Court.
Why should you get a will?
1) Provide financial security for loved ones
As mentioned before, when you write a will, you get to distribute your assets to your loved ones. And a will covers more than just making gifts of possession and money, you will also get to appoint guardians for your children and make arrangements for your pets.
2) Choose your executors
An executor is someone who will be in charge of following your will and carrying out your final wishes. With an executor, your family can grieve for your loss properly without having to worry about any financial obstacles.
3) Avoid inheritance disputes
What many don’t know is that the distribution of assets after one’s death can be fairly challenging. One wrong move can lead to family disputes. When you write a will, you get to plan over the distribution of your possessions and avoid any inheritance disputes.
4) Avoid the unintended consequences of intestacy
As mentioned earlier, passing away without a will means the Intestate Succession Act will decide who inherits your property for you. This means you are not in control of who and how much of your assets will be distributed. If you want to determine the distribution of your wealth yourself, a will can help you with that.
5) It is more than just the distribution of property
Other benefits of writing a will are creating a life interest, specifying your wishes for your funeral and leaving your words of love and encouragement. But the best thing about having a will is having control over your assets.
Writing a will allows you to order and plan your affairs for life after death. Plan your will now and have peace of mind knowing that your assets will be distributed as per your wishes. And don’t wait until you’re 80 years old to write your will because death is up to no one’s guess.
Learn more about will writing and get the ideal probate solutions for you at Probate Enterprise.