It is a legal declaration in which the Testator (person making the Will) names someone to manage their estate upon demise, and provides for the distribution of their properties.
Everyone should have a Will as long as you have savings and policies, not to mention those who own properties as well. It is no longer viewed as taboo to be drafting a Will for the uncertainties of tomorrow.
A Will is important because no one can predict what will happen tomorrow, so it is a form of preparation and to show your loved ones that you care. It also minimizes conflict or confusion should something happen to us, and inform our loved ones of what other hidden assets we may posess but never mentioned to them before.
What Kind of Wills are there?
There is the Holographic Will - also known as the Single Will. This is a will made by an individual, stating his / her wishes for his / her own assets to be distributed after demise.
There is the Mirror Will - two wills that are rather identical in content, reflecting each other. This is suitable for spouses usually, leaving their assets to each other and then to alternative beneficiaries upon spouse's death.
Next is the Trust Will - an agreement whereby assets are entrusted to a number of selected individuals to invest and hold on behalf of someone else.
Then the Flexible Trust Will - in which someone may benefit immediately on the Testator's death whilst safeguarding the value of assets for others. This kind of arrangement is more common these days as people divorce, remarry and have more than one family who will share in their estate.
Also, the Discretionary Trust - a very useful trust that instead of deciding on how the assets should be split exactly, the appointed Trustees shall decide depending on the circumstances as they are when you pass on.
Finally, the Living Will - mainly to specify your wishes with regards to preferred choice of medical treatment should you lose capacity, especially with regards to refusing life sustaining treatment.
How to make a Will?
The best way to ensure that your Will is valid and has everything down pat to your last asset, is to approach a law firm, of course. I drafted my own Will, had my lawyer approve the contents, and sign off with the witnesses. Then they would file the copy of Will with the Public Trustee.
Alternatively, you can do it online via http://www.willsonline.com.sg - just need to fill in the details of your Trustees and beneficiaries - very easy DIY method.
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| The last Will & Testament of the late Marilyn Monroe, one of my beloved. |
What to Include in a Will?
Everything, basically.
If you have liabilities, you may list them down so your executors / trustees and loved ones have an idea of how much would be the value of your remaining estate.
List all your assets in details - all properties you have (keep title deeds in an envelope for easy reference), all saving accounts details, all saving or insurance policies and gifts to be bequeathed. The more vague your assets are, the more time and efforts it would take your law firm to locate in future (meaning , more legal fees incurred in administering your estate).
Your appointed Executors / Trustees can be Beneficiaries as well, meaning they are entitled to receive part of your assets too.
For your Beneficiaries, it is good if you have their NRIC numbers and addresses as well. If not, try to include details like their company name or contact number at least (that was what I did, for certain loved ones whom I do not have NRIC numbers of, and didn't want them to know I am making a Will). This minimizes confusion, as well as save your lawyers the trouble of more time / efforts spent on locating on your beneficiaries in future. These are additional costs too, mind you.
Do appoint a Guardian if you have children, so that someone will take care of them until they are of legal age, i.e. 18 years of age.
If you have a preferred method for funereal ceremonies or burials, do state them down too. This is not legally binding, but usually your wishes herein would be attended to.
What not to Include?
The funds in your Central Provident Fund (CPF) accounts are not to be included, and that requires a separate nomination (go to their website to download the necessary form).
Similarly, if you have made nominations for your investments and insurance policies, there is no need to include in the Will. Note that you cannot change named beneficiaries for your investments and insurance policies because a Will does not have the power to supercede the direct nominations.
Lastly, there is no need to include properties under joint-tenancy schemes, as the interest shall be automatically passed on to surviving tenant upon the death of one of them. There is a right of survivorship.
What do Do After Making a Will?
The law firm will have a copy, as well as the Public Trustees. You will be given the Original copy to keep. Copies will also be given to you to pass on to your Trustees / Executors and Guardians to keep.
In the event of Changes, such as adding on properties, changing of properties, addition or changing of beneficiaries, you can always do a fresh Will to supercede the previous one, or just add on notes named as "Codecils".
Get it done when you are still young and healthy, lest in future there might be strifes on whether you were of sound mental / physical / emotional capacity while you were making the Will.
That said, go get yours done soon. In the meantime, keep safe and healthy always :)
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