Though changing with times, many still think writing a will is for the rich. However, this is a misconception, many Singaporeans are affluent and writing a will helps ease complicated family situations where family members are on bad terms. Listed below are some misconceptions that this article would debunk.
No sum is too small
Under the laws in Singapore, there is no minimum sum needed to make a will. Hence, no sum is too little to make a will, for example, perhaps $50,000 may not be a lot of money to the super rich but it is to an ordinary person. Hence if one disagree with the intestacy laws in Singapore, they should draw up a will.
Prevent conflict between family members
Recently, many families have gone to court to fight over inheritance. This seems especially so for individuals who come from complex family situations where the deceased has married more than once or have more than one partner. Furthermore, there may be specific heirlooms that the children of the deceased may fight over, hence a will specifically indicating who should take over what property may be useful and help deviate potential conflicts.
The cost of drawing up a will can cost as little as $200-$300. One does not need to splurge a huge amount of money to draw up a will.
At least 21 years old
You would need to be at least 21 years old to write a will.
Hence, the young can draw up wills to provide for their parents should they pass on before them.
However, one should note the limitations in what you can include in your will.
You cannot distribute monies in you CPF in your will.
Also property held in joint tenancy such as your HDB flat cannot be included in your will.
You can change your mind
Drawing up a will does not cast in stone the specific method you would like your assets to be distributed. Should you change your mind and would like to alter your will, you can make a new will. Just be sure to register your updated the will with the Insolvency Office and Public Trustee’s Office to ensure that the most updated version would be enforce.