I summarized what Lorna Tan’s article “Will writing seen as taboo among some Singaporeans” published on July 16, 2017 here for easy reference.
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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 Workshops here.
Having a will can be fun to tekan your family members, especially if you have large networth.
Show your Will and percentage distributions to your family members …. tell them you will revise the percentages on quarterly or semi-annual or annual basis, depending on their performance. Hahaha!!!!
Not necessary to have lawyers do up your Will. As long got certain key phrases, logical content, independent witnesses, can liao.
Or just have lawyer do your 1st Will — and then use it as template to amend subsequent Wills.
Not even necessary to register in Will Registry, although it makes it smoother in cases of dispute. BTW Will Registry doesn’t keep any Wills. All wills need to be safeguarded by the individuals.