Writing a will in Singapore
Most millennials don’t think about writing a will often – or even at all. If you’re under 35, or just young at heart, it might be a topic too taboo to even think about.
But even if you only have a smartphone or a beloved pet to your name, writing a will should be on your “to-do” list. In fact, as these 5 perks show, having a will will make things easier for your family should the inevitable happen. It needn’t even take extensive legal knowledge or time – here’re the benefits of doing so ASAP.
1. Your family won’t have to fight over your house and cash
If you’re a proud owner of a HDB flat or private property, or have a healthy amount of digits in your bank account, it’s best to spare some thought as to where you’d want them to go if you’re no longer around.
Without a will, the way your estate – which encompasses all assets like cash and your house – is distributed is determined by the Intestate Succession Act.
Note: “Issue” here refers to your children and their descendants.
The 9 scenarios of the Intestate Succession Act.
Image credit: MoneyOwl
That’s all fine and dandy if the Act aligns with your wishes, but what if the scenario is a little trickier? Say:
- If your siblings loaned you money to buy a flat and want a piece of the pie now, yet the Act dictates assets will go fully to your parents and spouse (50-50).
- Your kids balk at sharing your inheritance equally due to uneven “contributions” like household expenses.
- You have an estranged child or parent that you or anyone else think has no claim to what you’ve earned.
You wouldn’t want your family to be at each other’s throats after your passing. After all, we’ve seen enough disputes in the news or K-dramas to know how ugly they can get.
By writing a will, you can choose who to distribute your assets to and how much you can give them, thus preventing any legal bloodshed from occurring after your passing.
2. You can choose the guardian of your children
Many Singaporeans prize the welfare of their children, some even treating them as the crown jewels of their life. If you’re a parent, you might want to ensure your kids are well looked after – even if you were to pass on.
With a will, you can safely entrust the care of your under-21 kids to a trusted guardian – even if you’re not biologically related to that person.
Not having a will means a local court will appoint guardianship instead – usually to a surviving parent. However, having the authorities decide may not be ideal in the case of dysfunctional family units. Also, if both spouses have passed and there are no surviving parents, it’ll be akin to leaving your child in a roulette-like game of chance for their care.
FYI: Choosing a guardian for your kids would also prevent them from recklessly spending your hard-earned cash in a heartbeat. Yes, the guardian will manage your kids’ funds for them till they’re 21, and are liable for the sound financial management of it. How’s that for a safeguard?
3. You can appoint people you trust to execute your wishes
In life, we all need someone we can trust, and that extends to will executions as well. Whether we’re entrusting a house to our parents, or ensuring financial security for our children, we need to know that someone 100% reliable has our backs to carry out our wishes the way we want it.
In will-writing terms, this person is your trustee, who basically carries out your will after you’ve passed. So if you want half of your life savings to be given to a parent or child, the trustee will be the one responsible for making sure they fall safely into the hands of your intended recipient.
The same trustee can also handle matters like caring for children with special needs or minors who are handicapped as they may face some trouble in managing their assets.
By nominating a trusted family member or friend to care for them in your absence, you can make sure your loved ones who need more assistance won’t be taken advantage of.
4. Your family can get funds faster without legal costs
Your family might need the extra funds ASAP to settle debts or other fees after
Let’s face it – nobody likes settling administrative matters. We’ve probably done enough paperwork during office hours, so who’d want to do more during our rare pockets of free time?
Having a will expedites the process of the transfer of your funds to the intended recipients, so it’ll take roughly 2 – 3 months for your finances to be transferred over if you do pass on. Say an emergency – touch wood – crops up in the family after your passing, your funds will be able to reach the family quicker to help them tide through the crisis.
Else, transferring your funds is a long-drawn process that easily takes 6 – 12 months if you don’t have a will. Your next-of-kin may need to fork out extra legal costs to get a lawyer to assist with the bombardment of paperwork and oaths, so having a will is a hassle-free way to work around this problem.
Write your will for free in 10 mins with MoneyOwl
With all things considered, it’s never too early to write your will as it lifts some of the burden of your loved one’s shoulders in the event of your passing.
If you’re looking for a convenient method to write your will, doing it through bionic financial advisor MoneyOwl is your best bet. It simplifies the procedure for you, guiding even the most paperwork-allergic through a user-friendly website.
MoneyOwl’s straightforward software will take you through it step-by-step.
You can pen down your wishes in B&W in just 10 mins. That’s even less than the wait time for many popular BBT drinks.
Despite not stepping into intimidating legal offices or paying hefty lawyer fees, your will will be completely recognised by the law – no need to worry about messing up phrasings while drafting it. If you’re 21 years of age and of sound mind, then you’re all set.
Before letting MoneyOwl guide you through the process, make sure you have the full names and Identification numbers of the following people to make the process a seamless one:
- Beneficiaries like your spouse or children
- Intended executors of will (can be family/trusted friend)
- Guardian for minor children (if any)
You can revise and update any details anytime you wish to completely free-of-charge, so even the most fickle of minds can rest easy.
Save on the original fee of $160.50 if you join MoneyOwl’s mailing list
To obtain a promo code for free will writing, simply sign up for their newsletter and the code will be sent over to your inbox. To sweeten the deal, $5 worth of GrabFood credits will be awarded to the fastest 1,500 will writers using the website from now till 20th October.
From appointing the preferred guardian for your kids to the nitty-gritty allocation of your assets, you’ll be able to get your affairs in order using MoneyOwl. Check off this simple task and you can enjoy peace of mind regardless of life’s uncertainties.
This post was brought to you by MoneyOwl.
Photography by Huy Pham.