Writing a will helps protect your loved ones from uncertainty after you die. Providing guidance to your next of kin through a formal Will can reduce the stress and anxiety of the people you care for.
Some of the key reasons for writing a Will are:
1. Appointment of Guardians:
Having children really focuses your mind on how you want to plan for the future. Setting up Life Insurance will help them financially, but don’t forget to decide who is going to take care of them day-to-day if you were to pass away before they become adults.
2. Control of Your Estate:
This is often the main concern for people when writing a Will – how to make sure your money and possessions are distributed in a way that you want them to be. Not only does this put you in control of your estate, but it leaves less room for disputes and arguments over who should get what.
3. Avoid Intestacy Rules:
If you die without making a Will, your estate will be divided according to pre-prescribed rules, rather than in line with your own wishes.
4. Reduce the Time for Distribution of your Estate:
If you die without a Will, the process of probate can be lengthy and costly for your family. It may take a long time for your assets to find their way to your loved ones. Having a Will in place means that the process can be relatively quick and reduces the costs and stress for those whom you want to protect.
I’m an Expat – will one Will be enough?
If you have assets in different countries, you may need to make separate Wills for each of those countries. Whether this is necessary is something you should discuss with the person writing your Will.
I’m an Expat with kids – what if the guardian I appoint is overseas?
If the permanent legal guardian whom you are appointing in your Will is based overseas, it is best to appoint a temporary guardian until the permanent guardian arrives and can take on their responsibility. Your Will-writer should be able to prepare a transitional guardianship form for you.
It is best not to appoint your domestic helper to perform this role, as her residency status in Singapore will be tied to her employment with you.
How long does it take to put a Will together?
There are a small number of user-friendly providers in Singapore who are able to prepare a Will for you relatively easily within a few days.
How much should I expect to pay?
This depends on the complexity of your wishes, but a simple Will (or pair of mirror wills) should cost in the region of SGD800. A more complicated Will could cost SGD1,000. As with everything in Singapore, you get what you pay for, so beware of Will-writing services offering very low prices – this is not something you want to get wrong!
