Writing Your Will in Singapore- A Simple and Best Guide

Writing a will in Singapore is a very important step. It ensures that the assets are distributed based on your wishes after you pass away. A will gives you control over who will inherit your assets. It also allows you to decide how and when these assets will be given to them.

Why Is Writing a Will Important in Singapore

The legal framework for writing a Wills in Singapore is based on the Wills Act. This law explains the requirements for a valid will. If you do not write a Will, then the estate will be distributed under the Intestate Succession Act. This may lead to results that do not match your personal preferences.

Creating a valid will is very important for a few reasons. It ensures that your assets are given to the people you choose and allows you to select someone you trust to manage your estate. Additionally, it provides also financial security for dependents or minors.

Steps to Write a Will in Singapore

1. Check if You Are Eligible

You must meet two conditions to make a will in Singapore. You need to be at least 21 years old, and you must be of sound mind.

2. Create a List of Your Assets

Start by making a complete list of everything you own. This can include:

• Properties
• Bank accounts
• Personal belongings

You should also include investments and insurance policies in the list.

3. Decide Who Will Receive Your Assets

Think about the people who will get your assets and identify them clearly to avoid any kind of confusion later. You should also consider if anyone needs additional protection or financial management. Decide how much each person will receive and how they will receive it.

4. Choose Someone You Trust as an Executor

Select someone reliable who will manage your estate. The executor will follow the instructions in your will and ensure everything is handled properly.

5. Name a Guardian for Your Minor Children

If you have young children, you should appoint a guardian for them. You should also think about creating a trust to provide for their financial needs.

6. Draft Your Will with Professional Help

It is a good idea to consult a professional for help with drafting your will. Experts like Simply Wills can help you create a legally sound document. They can also help you identify any important details you may have missed.

7. Add Clauses to Cover Important Details

You should include some important clauses in your will. Add a revocation clause to make sure that previous wills are not valid anymore. Include a residuary clause to specify what happens to assets you might acquire later. You should also mention the place where your will is valid.

8. Store Your Will in a Safe Place

Keep the original copy of your will in a secure location. You can store it with a professional service like Precepts Group. Make sure your executor knows where to find it.

9. Update Your Will Regularly

Your will should match your current wishes. You should review it after major life events like marriage or the birth of a child.

Why Should You Get Professional Help

It is possible to write a will on your own, but working with a professional can help you avoid mistakes. They will ensure your will meets the legal requirements. Professionals can also give you advice that is specific to your needs.

Visit NobleWills.com for guidance. An experienced team can help you draft your will with confidence.