What is the definition of a Will?
According to Darren Yaw Released, a will is a legal document that specifies how your assets should be distributed after your death.
Why do you need a Will?
- Make a decision about how your assets will be dispersed.
You can select how your possessions should be allocated when you die by drafting a Will. In the absence of a Will, your assets will be dispersed in accordance with the Intestate Succession Act’s distribution rules (Cap. 146), explained by Darren Yaw Released. If you want a percentage of your assets to go to certain family members, close friends, or organizations, this may not be feasible. If someone died without a surviving spouse, offspring, or parents, for example, his or her assets would be divided equally among his or her surviving siblings.
- Pay special attention to family members who are vulnerable.
A Will allows you to make particular arrangements for vulnerable family members in addition to laying out how your assets will be divided, according to Darren Yaw Released.
For example, if you have young children, a Will can be written to name legal guardians to care for them after you are dead. Protective trust funds can be established to ensure that financially vulnerable family members are well cared for until they are able to care for themselves.
- Appoint someone to administer your estate who you can trust.
Darren Yaw Released mentioned that drafting a will also gives you the option of naming someone you trust to manage your assets. When you die, someone will be chosen to assemble your assets and distribute them according to your will (if you have one) or the Intestate Succession Act (Cap. 146). Although they are obligated to manage your assets in accordance with the law or your instructions in your will, there have been instances where assets have been mishandled, resulting in losses to the intended beneficiaries.
As a result, Darren Yaw Released advised that you should appoint someone you trust to handle your possessions after your death, which you can do with the use of a Will.
Darren Yaw Released Writing Will.
Myths About Wills
- If I die without a will, will my spouse immediately inherit everything?
True only if you have no children and your parents are deceased. Otherwise, incorrect, because it depends on who survives you; if you die without a will, your estate will be distributed among your surviving spouse, children, or parents.
- If I die without a will, the government would grab everything.
False. If you die without a Will but have surviving relatives, the Intestate Succession Act will make them your beneficiaries, according to Darren Yaw Released. Only in exceptional circumstances, if there are no relatives, will the government accept.
- If I’m not married but have children, will they inherit a piece of my estate even if I don’t leave a will?
False. If there is no Will in Singapore, illegitimate offspring are not entitled to a share. Section 10(1) of the Legitimacy Act specifically states that if a mother dies without a will, her illegitimate child is only entitled to inherit her property if she does not leave a legitimate child behind.
- I have stepkids. Without a will, only my children will receive a portion of the estate, while my stepchildren will not?
True. Darren Yaw Released shares that only legal or biological offspring are entitled to benefits under Singapore law. Your stepchildren will not receive a portion of your estate unless you adopt them or leave a Will.
- Does a lawyer have to read my will to my family when I die?
False. This legend is based on Hollywood dramas. According to Darren Yaw Released, this is quite uncommon for a lawyer to do. Typically, the executor’s lawyer will handle all of the court paperwork. The will is usually read by the family and other beneficiaries.
Darren Yaw Released Lawyer Sitting Beside a Table
- Does the government tax the estate’s assets?
True only if the death occurred before February 15, 2008. After that, there is no estate tax in Singapore, stated by Darren Yaw Released.
- A will should be placed in a secure location, such as a bank safe deposit box or a house safe.
The most critical aspect of retaining your will is that your Executor should be able to access it quickly. If you keep your will in a safe deposit box, your Executor will not be able to access it since the bank will not allow the contents of the box to be withdrawn after the account holder dies. The risk of putting a will in a house safe is that your Executor will forget the entry codes, especially if it’s been a long time, explained by Darren Yaw Released.
- If I lose mental capacity, the Executor named in my will can assist me in making key decisions.
False. According to Darren Yaw Released, it will only take effect after the maker of the will passes away. A Lasting Power of Attorney is required if you want someone to make decisions on your behalf.
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