I summarized what Lorna Tan’s article “Will writing seen as taboo among some Singaporeans” published on July 16, 2017 here for easy reference.
Some think it is costly, not realising the trouble that can arise for beneficiaries without one.
- Estimates that no more than 10 to 15 per cent of Singaporeans have made wills. This contrasts with a figure of more than 40 per cent in the United Kingdom.
- Some people think it is costly to get a will made, time-consuming and that all assets must be listed. Older people also consider it taboo to discuss death.
- A will is very important because it will protect your family and avoid disputes.
- When a person dies without a will and leaves behind multiple potential beneficiaries, the court will need to work out who gets what according to the Intestate Succession Act, depending on which family relations are still alive, leading to high legal fees.
- “Without a will, you’re adding layers of trouble to an already very troublesome process.”
- “People today are wealthier and have fewer children compared with 15 years ago… There is increasing concern about where their money goes”
I will be organizing an Estate Planning Workshop to address WHERE will your Assets go to according to Intestate Succession Act (ISA) if you pass on without a Will. I will go through different case studies and scenarios to enhance your understanding. You can sign up the Estate Planning Workshop here.