by Growing Needs | Feb 6, 2023 | A Better Tomorrow, Financial Services/Grants, Will & LPA
A will allows you to distribute your assets to your beneficiaries according to your wishes. It will also avert conflicts that may arise among your loved ones over the allocation of your assets.
Despite the importance, when it comes to making a will in Singapore, no more than 10 to 15 percent of Singaporeans are estimated have made wills.
When a person passes without a Will, the Singapore government will assign your assets through the Intestate Succession Act. This Act decides things like who should get the assets, estate and the amount to be allotted.
Here is a walkthrough of the many questions we may have regarding Will Writing, including discussions about Powers of Attorney and Lasting Powers of Attorney (LPA).
Wills legally protect your family. If you have young children, a guardian can be appointed for them through a Will should their parents pass away.
If you have dependants like kids or aged parents, or loved ones whom you want to take care of when you’re not around, a Will can distribute your assets to them following your wishes. You may also pass on your assets to a charity or organisation. It takes a shorter time and lesser legal obstacles to for the beneficiaries to receive your assets with a valid Will.
A Will may also indicate other wishes you might have after you have passed, including choosing your own funeral arrangements. It is important to note that it is not always within your executors’ power to accomplish your wishes.
Lastly, having a will to conclusively distribute of your assets can protect your loved ones from in-fighting and conflicts.
First of all, you do not require a lawyer to write a will.
So long as you are 21 years old and above at the time of writing, and of a sound mind. You are eligible to write a Will.
You will need to sign at the bottom of the will. It has to be signed in the presence of at least two witnesses. Witnesses are required to sign on the will as well, they cannot be a beneficiary.
For most Singaporeans, our assets tend to be similar, ranging from properties, cash accounts, CPF monies, insurances and probably some stocks and shares.
However, you may want to seek help from a professional to avoid any ambiguity or complications. After all, the intention of a Will is to provide clarity on your wishes.
Professional Will writing services may range anywhere from $200 onwards.
There are Free will writing services available. OCBC’s online will writing service is one, there are other charitable or community organisations that provides this service at nominal rates.
NTUC Income’s will writing service – Simple wills cost $267.50 to $353.10 for NTUC income policy holders, and $374.50 to $450.10 for non-policy holders.
Simple wills usually cost about $300 to $500, they will provide witnesses.
Some service providers can also safekeep your will for a number of years.
Engage a lawyer – The price really varies from lawyer to lawyer.
Growing Needs grew out of our own encounters with caring for our aging parents and reflecting on the Growing Needs that we ourselves would face as we advance in years. We hope to build a community that will learn, share and contribute towards caring for the growing needs of our loved ones.