Ever had that unsettling dream where you leave the house but forget something important?
Well, not having a will can feel a bit like that — only with far greater stakes.
It’s about ensuring that your assets and loved ones are taken care of when you’re no longer around to do so yourself.
In this post, you’ll discover:
- What exactly a will is and why it’s absolutely critical.
- The step-by-step process of writing a will in Singapore, whether DIY or with professional help.
- The potential costs involved, so there are no surprises.
Did you know that without a will, your assets are distributed according to standard legal formulas, which might not reflect your personal wishes?
That’s a scary thought, right?
So, if you’re keen on keeping control from beyond the grave (in the most benevolent way possible), keep reading!
What is a will?
A will, in its essence, isn’t just a legal document; it’s your voice from beyond, guiding your loved ones through the division of your earthly possessions.
Think of it as a road map you leave behind, one that spells out who gets what, from your flat in Tampines to your stock portfolio.
If you have kids, it’s also where you can name the guardian who’ll look after them, should you be queuing at the pearly gates sooner than planned.
Making a will is often swept under the carpet, seen as a morbid chore.
But it shouldn’t be.
It’s about taking control, ensuring that your hard-earned assets are distributed exactly how you wish, without leaving anything to chance – or, worse, to the default rulings of the Intestate Succession Act.
Not that there’s anything wrong with it, but it’s better to have as much control as possible as to how your assets are distributed.
Failing to have a will can leave your family tangled in legal red tape and possibly at odds with each other, a drama none of us want.
So, while it might seem like a task for ‘future you’, consider this a friendly nudge to give ‘present you’ a shake.
After all, life’s unpredictable, and it’s better to be prepared.
Why do I need a will?
You need a will because, frankly, life loves throwing curveballs.
Imagine working your socks off to build a nest egg, only to leave its fate up to laws that don’t know your Auntie May deserves that heirloom more than Cousin Bob.
Without a will, you’re letting the state’s cookie-cutter formulas split your assets, which might not reflect your personal wishes or your family’s needs.
But it’s more than just about who gets your collection of vinyl records or your savings.
If you’ve got little ones, a will is your say in who’ll raise them if you’re not around.
It’s a common misconception that next of kin, like your parents or siblings, automatically take over; not having a will means the courts step in to decide, and they won’t necessarily pick who you would have.
Plus, in a place where property is as prized as in Singapore, a will ensures your investment in bricks and mortar ends up supporting the people you choose.
It minimises disputes and legal foot-dragging that can cause your family more grief.
And for the self-employed and entrepreneurs, your business – your legacy – could be left in limbo without a will.
It’s not just about money and property; it’s about ensuring your business continues to thrive or is passed on or sold according to your strategic vision.
So while it may feel uncomfortable, drafting a will is perhaps one of the most responsible decisions you can make.
Singapore Wills Act 1838
The Singapore Wills Act, originally enacted in 1838, is a testament to the city-state’s rich legal heritage, meshing colonial history with modern-day pragmatism.
It lays out the foundations and legal frameworks that make a will valid in the eyes of the law.
You might think that a piece of legislation well over a century old has no place in our fast-paced, bubble tea-fuelled society, but it’s crucial.
Under this act, anyone aged 21 and above, who’s not busy making TikTok videos and is of sound mind – that is, fully understanding the impact of their will – can decide how their estate should be handled posthumously.
Your will needs to be written down – no, a WhatsApp message won’t cut it – and signed by you and 2 witnesses, who can’t be beneficiaries, lest they fancy forfeiting their slice of the pie.
What’s fascinating is the durability of these provisions.
They’ve stood the test of time, ensuring that your wishes aren’t left to interpretation or squabbles.
And while it’s straightforward, the act doesn’t cover all modern complexities, like digital assets – think NFTs and cryptocurrencies – which is why getting savvy advice is key.
So, even if the year 1838 feels like a different universe, the principles it laid down are very much alive and kicking in today’s Singapore, ensuring your will is worth the paper it’s written on.
What are the requirements for a valid will in Singapore?
To ensure your will holds water in Singapore, there’s a checklist that needs ticking off.
First off, your will must be in writing.
We’re talking ink on paper, not just a string of thoughts in your head or a voice memo on your phone.
Typed out is fine, but it needs to be tangible.
Now, for you to even consider penning a will, you’ve got to be 21 years old or above.
Once you’ve gathered your thoughts and documented them, the act of finalising the will comes with its own ceremony.
The testator – that’s you – must sign the will at the end, signifying that everything is your bona fide wish.
But you can’t do this alone.
Two witnesses need to be on standby, watching as you make it official with your signature.
They too must leave their mark on the document while you’re all in the same room.
They, nor their spouses, can be beneficiaries of the will.
What to include in a will?
Assets to include in a will
Your will should provide a comprehensive rundown of your assets.
Take note of big-ticket items and also those bits and pieces that add up to your financial portrait.
Starting with your CPF monies, while these aren’t covered directly by your will, you’ll need to make a CPF nomination.
This ensures that your CPF savings are handed over to your chosen ones.
If you skip this, the distribution defaults to the Public Trustee’s Office, and they’ll divvy it up per the Intestate Succession Act – probably not how you’d like.
Then there’s your house, likely the most significant asset in your portfolio.
Whether it’s a quaint HDB flat with a view of the heartlands or a luxury condo, it should be specified in your will.
Clarify who gets the keys to your home so there’s no room for domestic disputes.
Your insurance policies are up next.
If you’ve been paying premiums religiously, you’ll want the payout to go to your nominated beneficiaries.
Don’t leave it vague; specify who gets what so the right people enjoy the fruits of your policies.
Investments, be they stocks, bonds, or a slice of some start-up that’s going places, need to be listed.
Your hard-earned investments should continue to work for those you care about, so itemise these assets clearly to pass on your financial acumen.
Last but by no means least, your savings – the cash you’ve stashed in banks or perhaps buried in a biscuit tin under your bed.
Take the time to jot down the details, leaving a legacy as organised as a Marie Kondo-ed closet.
How to write a will in Singapore?
Here’s how you can write a will in Singapore:
- Detail Your Assets and Beneficiaries: Get cracking with a list of your assets – your HDB flat, that stash of Singtel shares, your savings accounts, and even your beloved car. Be clear about who gets what by naming your beneficiaries.
- Choose Your Executor Wisely: This is the person who’ll carry out your wishes, so they need to be as trustworthy as a safe deposit box. Make sure they’re willing and able, and understand the responsibilities that come with the title.
- Appoint a Guardian: If you have children under 21, you’ll need to appoint a guardian. Think of it as casting the most important role in the family drama that unfolds after you’re gone.
- Decide on Specifics: Any particular desires for your send-off? A burial or a simple wake? Get it down in black and white.
- Get It in Writing: You can pen your will with a lawyer’s help or use a DIY will-writing kit if your affairs are straightforward. But remember, this document is as important as the last scene of a blockbuster movie – it needs to be spot-on.
- Signatures All Round: Once written, you’ll need to sign your will at the end, with 2 non-beneficiary witnesses present, who also need to sign.
- Keep It Safe: Store your will somewhere secure, like a safety deposit box or with a trusted lawyer. It’s the script of your final act; you don’t want it going AWOL.
- Regular Updates: Life changes, and so might your will. Review it regularly, especially after major life events like marriage or the arrival of a new family member.
Post-will preparation procedures
Once you’ve put the finishing touches on your will in Singapore, the real action begins with ensuring it stands the test of time and legality.
Here’s how to handle the post-will preparation:
- Store it Safely: Your will is more valuable than any thriller novel on your bookshelf, so it deserves VIP treatment. Consider storing it in a safe deposit box, with your lawyer, or in any secure location where it can be accessed by your executor when needed. Inform someone you trust about where it’s kept — don’t let it become a mystery.
- Notify Key People: It’s crucial to inform your executor, and possibly the beneficiaries, about the will. They don’t need to know the contents if you prefer privacy, but they should know where it is and what they’re expected to do.
- Register Your Will: While this isn’t mandatory, you might want to register your will with the Wills Registry. This makes it easier for your loved ones to locate the will when necessary.
- Consider a Lawyer’s Review: If you haven’t already involved a legal professional, it might be wise to have a lawyer look over your will, especially if your estate involves complex assets, business interests, or potential for disputes. They can ensure everything is ironclad legal and that you haven’t missed any crucial details.
- Review Periodically: Your will isn’t set in stone. Life’s script changes with new characters and plot twists. Review your will every few years or after significant life events like marriage, divorce, the birth of a child, or the acquisition of substantial assets. This ensures your will always mirror your current wishes and circumstances.
By following these procedures, you ensure your will does exactly what it’s supposed to do – protect your assets and provide for your loved ones according to your wishes, without causing unnecessary drama or legal headaches.
The cost of making a will in Singapore
Navigating the costs of making a will in Singapore can seem daunting, but understanding your options makes it easier to plan your budget and ensure your wishes are documented correctly.
Writing a Will Yourself
For those who prefer a DIY approach, writing a will yourself is the most cost-effective option.
There are a few ways to do this:
- DIY Will Kits: These are available online and typically range from $50 to $100. These kits provide templates and guidance on how to structure your will.
- Online Platforms: Several websites offer online will-writing services. These platforms usually charge a fee ranging from $80 to $150 and guide you through creating a will that complies with Singapore’s legal requirements.
While these options saves money, it’s best suited for those with straightforward assets and wishes.
However, if your estate involves complexities like overseas properties, multiple investments, or detailed provisions for dependents, proceeding without legal advice might lead to issues later.
Engaging a Lawyer to Make a Will for You
For those who want the assurance of professional advice, engaging a lawyer is advisable.
The cost can vary widely based on the complexity of your estate and the reputation of the law firm:
- Standard Wills: For simple wills, lawyers typically charge between $200 and $500. This would cover situations where you’re leaving everything to a few clear beneficiaries and don’t have complex conditions.
- Complex Wills: If you need to include trusts for minors, split assets among many beneficiaries, cater to foreign assets, or set up complex conditions, fees can range from $500 to several thousand dollars.
In addition to these costs, if you require more than a basic will – for example, setting up trusts or extensive tax planning – talk to a financial advisor first to set these up before speaking with a lawyer.
Considerations
Before deciding on the DIY route or hiring a lawyer, consider:
- Accuracy: Mistakes in a DIY will can cause significant legal complications after your death, potentially leading to high legal costs for your beneficiaries.
- Complexity: The more complex your assets and wishes, the more you might lean towards professional legal advice.
- Peace of Mind: Knowing that your will is professionally drafted can give both you and your beneficiaries peace of mind.
Whether you opt for a DIY will kit or engage a professional, the most important thing is ensuring your will clearly reflects your wishes and adheres to legal standards.
Frequently Asked Questions
How will my assets be distributed?
How your assets will be distributed depends largely on whether you have a valid will in place.
If you do, your assets will be allocated according to the wishes you’ve detailed in your will.
Without a will, however, your estate will be divided according to the rules of intestacy as stipulated by Singapore law.
This typically means your closest relatives will inherit in a predetermined order, which might not align with your personal preferences.
Do you need a lawyer to write a will?
You do not necessarily need a lawyer to write a will in Singapore.
If your estate matters are straightforward, you can opt for a DIY approach using templates or software designed for will creation.
However, engaging a lawyer can be beneficial if your estate is complex, involves substantial assets, or if you have specific legal questions.
A lawyer can ensure that all legal formalities are correctly followed and help avoid potential disputes among your beneficiaries after your passing.
What will happen if you don’t write a will before you die?
If you don’t write a will before you die, your assets will be distributed according to the Intestate Succession Act in Singapore.
This law dictates how your estate is divided among your family members, which might not necessarily reflect your personal wishes.
For instance, your assets could be shared between your spouse, children, and parents in proportions fixed by the law, regardless of your individual relationships or circumstances.
This can lead to unintended consequences, such as important family members or friends receiving nothing.
How often should I review my will?
It’s advisable to review your will every 3 to 5 years or whenever significant life events occur.
Events such as marriage, divorce, the birth of a child, or the death of a beneficiary can significantly impact the relevance and effectiveness of your current will.
Regular reviews ensure that your will accurately reflects your current wishes and circumstances, helping to prevent any future legal complications or family disputes over your estate.
What happens if I divorce?
If you divorce, it’s crucial to update your will as the change in your marital status can significantly affect the distribution of your assets.
In Singapore, a divorce does not automatically revoke your will, but it does invalidate any gifts or appointments (like executors) made to your former spouse, unless stated otherwise in the will.
Therefore, revising your will after a divorce ensures that your assets are distributed according to your current wishes and that appropriate guardians for your children and executors of your will are designated.
What if I’m a Muslim?
If you’re a Muslim, the distribution of your estate will be governed by Muslim law, specifically the principles of Faraid under Syariah law in Singapore.
Faraid prescribes specific shares of your assets to be distributed among your heirs, which might differ significantly from general provisions under civil law.
Additionally, you can make a will (Wasiat) to bequeath up to one-third of your estate to beneficiaries who are not your legal heirs under Faraid, provided it does not harm the rights of your heirs.
For anything beyond this limit or for detailed planning, it is recommended to consult with a Syariah law expert or a qualified Islamic legal advisor to ensure compliance and proper execution of your wishes.
Conclusion
Alright, let’s wrap this up!
We’ve explored the essentials of a will, why you absolutely need one, and how to make one, whether you’re DIY or bringing in the pros.
We’ve also touched on the cost aspect, from the budget-friendly DIY kits to the pricier but more tailored option of hiring a lawyer.
Crafting a will might seem a tad daunting – it’s not every day you sit down to sort out what happens after you’re gone.
But remember, this is all about making sure your assets and loved ones are taken care of according to your wishes.
It’s about peace of mind, not just for you but for those you care about.
Still feeling a bit muddled?
No worries!
We’re here to help clear up any confusion.
Our partners, seasoned financial advisors, are just a call away and ready to guide you – for free.
A little professional financial advice can make a huge difference, ensuring that your will does exactly what you intend it to.
So, take that step, get your affairs in order, and then carry on enjoying life with one less worry on your mind!
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