How to Write a Will in Singapore: A Comprehensive Guide

Thinking about the future is an important aspect of responsible financial planning, and creating a will is a crucial part of that process. Writing a will in Singapore doesn't have to be complicated, even though it may sound complicated. So, if you are looking into an online will writing service or prefer to draft it yourself, this guide will walk you through everything you need to know to ensure your assets are distributed according to your wishes.

Why You Should Write a Will in Singapore?

Let's first answer the question: why do you need a will? Creating a will offers a straightforward way to ensure that your assets are given as you wish. It helps your family to avoid unnecessary complications after you are gone. If you die without making a will, your assets will be distributed based on Singapore law. It might not be what you want. This legal process can also be more time-consuming, delaying your family's access to the inheritance.

Another critical reason to have a will is to prevent legal disputes. We've all seen those dramatic family inheritance battles in movies or TV shows. A well-crafted plan will reduce the chances of family members contesting your estate, offering clarity and minimizing the risk of conflict.

How to Write a Will for Free

You don't need a lawyer to draft a will in Singapore. You can prepare your will yourself if you are over 21 and meet specific legal criteria. To do this, you can also get help from online will writing services. However, your appointed executor will need to bring it to court to obtain a grant of probate, making the will legally recognized.

Let's break down the steps to help you get started on writing a will.

Step 1: List Your Assets and Beneficiaries

The first step in drafting a will is identifying all your assets and who you want to leave them to, known as beneficiaries. This process might take some time, so be thorough.

Consider including:

• Property (especially if you are the sole owner)

• Bank accounts

• Shares and stocks

• Insurance policies

• Jewelry and vehicles

You'll also need to account for your CPF savings, which require a CPF nomination, a process easily completed on the CPF website. If you have international assets, ensure that those countries recognize wills written in Singapore. Some places may require a separate will for assets located there.

Once you have compiled your assets, allocate them to your beneficiaries. It's wise to divide assets by percentage to avoid confusion. If you're leaving assets to children under 21, appoint a testamentary guardian to oversee their inheritance until they come of age.

Step 2: Identify Outstanding Debts

Don't forget to include any outstanding debts, such as home loans or personal debts. Make clear who will be responsible for these obligations. You also need to include two key clauses: the Revocation Clause, which cancels any previous wills, and the Residuary Clause, which allocates any assets not specifically mentioned.

Step 3: Choose an Executor

The next crucial step is selecting an executor. This person is responsible for ensuring your will is followed correctly. Your executor must meet these conditions:

• Be at least 21 years old

• Be mentally sound

• Not be bankrupt

An executor can be anyone, including a professional, a family member, a friend, or a professional like a lawyer or trust company. They can also be one of your beneficiaries. However, choose carefully, as beneficiaries have the legal right to sue an executor who fails to carry out their duties properly. Ensure that your chosen executor is responsible and reliable.

Step 4: Make Your Will Legally Binding

Once you've listed your assets, beneficiaries, and executor, it's time to make your will legally valid.

Step 5: Safekeeping Your Will

Now that your will is complete make sure it's stored safely. You can keep a hard copy in a secure location, like a home safe or deposit box. Alternatively, some people choose to store their will with a lawyer.

If you're tech-savvy, consider using a government platform like My Legacy Vault to store a digital version of your will. Just ensure that your executor knows how to access it when the time comes.

Considering an Online Will Writing Service

Many people are turning to online writing services for convenience

in today's digital age. If you are looking to make a will online in Singapore, our platforms offer easy-to-use processes at affordable prices. Noble Will's services can be especially useful if you want to make quick adjustments or are looking for a cost-effective solution compared to traditional legal services.

Final Thoughts:

Creating a will is a key step in managing the assets and ensuring your loved ones are taken care of after you are gone. Whether you opt for an online will-writing service or choose to work with a lawyer, making a will doesn't have to be complicated. You can efficiently prepare your will and secure your family's future by following these steps and considering the various options available.