Will Writing
Why do you need a Will
It is the most straightforward solution to distributing all your assets according to your preference. Without a Will, the distribution of your Assets will follow the Singapore Intestate Succession Act, which can take more time to process as compared to a will – meaning your family might have to wait for a long period of time before inheriting your assets.
What’s NOT Covered Under Your Will
It’s important to also know what cannot be covered under your will. In Singapore, there are three main things to take note of.
CPF Accounts: The balance in your CPF accounts cannot be included in your will. These include your CPF savings, unused CPF LIFE premiums as well as any discounted SingTel shares that you may own.
Property Under Joint Tenancy: If you own a property under joint tenancy, the right of survivorship applies. What this means is that upon your demise, ownership of the flat would automatically be passed on to your remaining owner, or co-owners.
Joint Savings Accounts: Similar to property ownership under joint tenancy, the right of survivorship applies for assets which are jointly owned, such as a joint savings account.
Knowing what cannot be covered under your will is important because the last thing you want to be doing is to allocate to your beneficiaries assets that were not legally yours to distribute in the first place.
The Complexity Of Your Will
Writing a will can be a simple affair if you do not have any overseas assets, businesses that you own or complex wishes on how your assets should be distributed. If you do, you may wish to seek in-depth legal advice from a law firm. This will ensure that your intentions on how to distribute your estate are correctly represented in the will that you prepare.
For simple requirements, our Will writing service could suffice.
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