What Is the Best Way to Make a Will? 3E Accounting Has the Answer
All wills in Singapore are governed by the Wills Act. If you’re planning to prepare a will, this guide is a must-read before you begin.
What You Need to Know About Your Will in Singapore
Per the Wills Act, a testator can devise, bequeath or choose to dispose of any real or personal estates. This can be done through a will. For your will to be deemed valid, it must meet the following requirements:
- Committed to writing
- The testator of the will is minimum 21-years old.
- The testator of the will has signed at the bottom of the document.
- The testator of the will has signed in the presence of two or more witnesses. The witnesses must also sign the will in the testator’s presence.
- Witnesses of the will cannot be the testator’s beneficiaries or spouses.
Making a will is going to cost you between $200 to $400. This includes the fees to engage a lawyer. The lawyer will help you draft your will. A more complex will could incur fees of up to $500. While a lawyer is not mandatory, it is highly advisable that you get one. Will writing can be complex and you want to ensure everything is done perfectly. This minimises the complications that might arise when it’s time to execute your will.
What Do I Need to Include in My Will?
When preparing your will in Singapore, you should include the following:
- A complete list of the assets you have (houses or bank accounts jointly-owned are excluded).
- A complete list of your liabilities. Your debt payment method must be listed in your will.
- A list of beneficiaries and guardians. You must specify how much each person is going to receive.
- Who the executors of your will are. Your beneficiary must be one of your executors.
- Who your lawyers or advisors are.
- What revocation clause you have included (if any).
- Residual clauses about how the rest of your estate will be distributed per your wishes.
What Happens to My CPF Money?
Your Central Provident Fund (CPF) savings will not be covered in your will. In this case, you must make a CPF nomination. You must specify how you want your funds to be distributed upon your death.
If no nominations are made, your CPF will be moved to the Public Trustee’s Office. It will then be distributed via the rules in the Intestate Succession Act.
Need Professional Advice?
3E Accounting is here to help. For more information about engaging our associate services of all your will writing needs, contact our friendly team today.