You will accomplish
- Understand what a will is about
- Determine your options for preparing a will
- Get started preparing a will
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What is a Will?
A will is a legal written document made by a person (testator) when he/she is of sound mind. The Will making procedure requires the testator to establish an executor to manage the testator's estate according to his/her will.
A Will can also include the appointment of guardian and trustee for children below 21 years old. If you do not have a will, the Intestate Succession Act decides how your assets are distributed, even if the consequences may seem unfair and undesirable. It is thus important to have a will properly drafted with your assets listed to ensure it is distributed according to your wishes.
Take Action
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Take note of your assets and liabilities
A list of assets and liabilities is valuable to create an effective will to manage the distribution accurately. This information will be used to detail your estate when drafting your will.
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Decide on your beneficiaries
Decide on who you want to benefit from your will (known as your 'beneficiary'). The division of your assets is based on how much each beneficiary should receive from your estate. This will be stated specifically in your will.
If you have children under 21, you would also look to appoint the person who should look after any children under 21 (the 'testamentary guardian').
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Appoint an Executor
An executor is the person who is going to manage your estate and carry out your wishes after your passing. Your executor must agree to taking on this role as they sign on your will. It is good practice to appoint an alternative executor in your will, in the event that your main executor is no longer able to manage or distribute your estate according to your wishes.
The legal requirements for an executor are:
- be 21 years of age or older
- be of sound mind
- not be bankrupt
An executor can also be named as a beneficiary under your will, as long as they fulfil the legal requirements.
When choosing the executor(s) for your will, think about whether they are able to carry out your wishes. They could be a family member, a friend, or a professional executor, such as a lawyer or licensed trust company.
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Draft your will
A will is a legal document that you can prepare on your own, with a will writer or a lawyer. It will require the participation of your executor and witnesses.
It is recommended that a professional will writer or lawyer provide legal advice and service to prepare your will. This is especially important if you are a business owner, own property or assets overseas, share property with someone else who is not your spouse, intend to leave assets to dependant(s) who cannot care for themselves, or have family members that may make a claim on your will.
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Store your will
It is important to have your will properly stored and available when the need for it arises. You can store it physically on your own, with your lawyer, or online where it can be found when it is required (charges may apply).
In Singapore your options include:
You should tell your executor(s) or family members where your will is stored and how to access it, including the access code for a safe box if needed.
FAQ
A Will allows a person to decide how the assets will be distributed according to one's wishes. It can save cost, time and stress on your family members. In the absence of a Will, the assets will be distributed in accordance set out by Intestate Succession Act.
A Will only works after the testator has passed away. A grant of probate will be needed and the Executor of the Will (person who carries out the wishes of the Will) will distribute the estate according to the wishes of the testator.