Have you watched a drama on TV where the siblings fight each other to inherit the family’s wealth? Did you ever think of how unrealistic that is? Why would family members argue over such trivial matters?
This kind of situation is, unfortunately, not something that you only see in the movies. Asset distribution can be a sensitive topic among family members. Click here to find out what will happen to your assets if you fail to draft a will before your passing. And read until the end if you want to know what may happen to your family…
Common problems faced by family members if you pass away without a will
1) A will gets revoked after marriage but not after divorce
Divorce and remarriage are increasingly common today. And this makes estate distribution a little more complex because the testator may want to distribute their assets to children from the current and previous spouse.
It’s important to remember that your will gets revoked and nullified when you remarry, but not when you get divorced. So if you don’t want your ex-spouse to get your inheritance, you will need to redo your will.
2) Children fighting with parents because of inheritance
Children don’t always see eye to eye with their parents. And one of the common issues that children and parents often argue about is the portion of inheritance that each child receives. This will then lead to the children questioning the validity or the non-existence of their parents’ will.
3) Indirect contributions
If property purchases and maintenance are not properly documented, disputes can happen. This is because those who have indirectly contributed to the property would want their contributions to be recognised.
4) Consensus on what to do with a property
When one property is inherited by multiple beneficiaries, it can become difficult to come into an agreement on what to do with the property. Some may want immediate realisation while some may not want to sell the property when the market is down.
A lot of complications may arise if you pass away without a will or with a will that is invalid or unclear. When drafting a will, you should always make sure that your instructions are clear, valid, and updated. This is to prevent any dissatisfaction or confusion among your family members after your passing.
Understand the consequences when there is no will
If you are interested in learning more about what could happen to your loved ones if you pass away without drafting a will, our team at Probate Enterprise will be having an online workshop via Zoom meeting.
During this workshop, we will be identifying the various problems faced by family members when one dies without a will. And subsequently, we will also help you understand what is a will and how it can help solve said problems. This workshop is essential for those who have not done their will and would like to know more about it before making a decision. Here are more details about the online workshop:
Topic: Understand the Consequences When There Is No Will
Date: 26 Jan 2022 (Wed) 8 pm (English version) & 29 Jan 2022 (Sat) 3 pm (Mandarin version)
Location: Zoom Meeting
To register for the workshop, click here and register via the Zoom link.
Learn more about will writing and get the ideal probate solutions for you at Probate Enterprise. Till our next update, Merry Christmas and Happy New Year!