Questions About Making LPA and Will for Single People You Might Have Asked
Is drafting an LPA and will for single people even possible? Of course, it is! In this article, we will answer your apprehensions to convince and encourage you in planning your estate. Normally, people would ask these questions:
- Who will bequeath your assets, as well as, liabilities after your death?
- Is it imperative for your Executor to be aware that you have made a Will formally?
- In case you are a single parent, do you know the issues pertaining to a legal guardianship?
- If you lose your mental capacity due to any untoward situation, who will come up and deal with your personal affairs?
- When you are unable to make decisions on your property, CPF, bills, and insurance, would you like to allow somebody else to assist you in settling them?
- If you are not able to make your own decisions on medical bills, insurance, CPF, property, etc, would you like enable someone to help you settle them?
- How can you select a proper Donee for your LPA or Lasting Power of Attorney?
Overview of Drafting Wills in Singapore
Under the law of Singapore, in the event of the death of a person, he/she has either a Will (Testate) or without any Will (Intestate). In case a person had made a Will before passing away, their estate has to undergo proper distribution according to the will’s contents. Meanwhile, when an individual passes away without making any Will, the Intestacy Law will apply. If you are a single residing in Singapore, you need to know that the nomination you had made prior to getting married would get canceled automatically.
Reasons for Making a Will for Single People
Believe it or not, there are several merits and justification for preparing a Will. A couple of key reasons are as follows:
- An individual can actually ascertain who would get his/her property after they pass away. This also includes the management of their assets.
- Helps in ensuring that the estate(s) they leave behind can be put into the best possible use.
On the other hand, when you fail to make a Will, the estate can be distributed according to Singapore Law’s fixed rules. It may not be beneficial for all those people you would wish it to.
Thus, the solution is not a tough one – make your Will as early as possible. Do not keep postponing it for an indefinite period of time. At the same time, ensure that you do your homework well and get the relevant data about all your assets and liabilities prior to beginning.
Preparing the Groundwork for Your Will
Prepare a comprehensive list of all your possessions. These should also include bank accounts and properties owned jointly. Also, make sure to include assets like cash in banks, your home, and your vehicle and so on. You need to also compute and mention the value of all your assets in that list with as much accuracy as possible.
Determining Who Will Benefit
After you are ready with your asset list, it’s now time for you to decide who should be the beneficiary/beneficiaries of your estate. You must determine who should receive certain items like your house, ornaments, money as gifts, etc. You need to also decide the distribution of your assets among your beneficiaries, including the remainder or residue of your assets.
Reasons for Consulting a Lawyer to Make Your Will
It’s obvious that the will for single people is made by that individual alone, However, you may also decide to choose a lawyer to help you in making it. Consulting a lawyer is not only necessary simply because they can use words in a Will with proper legal meaning. There are various other reasons why it really makes sense to consult a lawyer for making your Will. Check out some of them below:
- A good lawyer can assist you in clarifying your own concepts
- When a Will has to cater to various kinds of eventualities that might not have thought or considered properly
- You want the Will making process is effective and error free.
After all, legal expertise while preparing your Will is important as it can pertain to awareness of the law related to Wills, laws related to tax, trusts, and property. And to ensure that no one can challenge your Will after you have passed away.
You should understand that your Will in all probability is the most crucial document you would be signing ever. Therefore, you need to ensure that it is right. Plus, your family’s well-being in the future can be dependent on it. An erroneous or improper Will can lead to lasting sadness and grievances.
Passing Away Without a Will
In case you are not married i.e. single, divorced, or widowed, the first pertinent question is whether you have kids or not. If you have children, then your property would be shared by them, their kids, or their grandchildren. In case you do not have kids, the next question is whether you have your parents alive or not. If your parents are living they can take your entire estate equally.
However, in case they have already passed away, the law will check whether you have any living siblings or not (brothers/sisters). If yes, then your estate is shared equally by them or their kids.
Otherwise, the determining factor will be whether your grandparents are living or not. If they are surviving then your estate can be distributed among them equally. In case they are also dead, it will go to your surviving uncle and aunty and will be shared between them in equal proportions. However, if your uncles and aunts have also passed away, then the Singapore Government will cease your property/estate. It should be noted that an adopted child is regarded as a child by the law. However, that is not the case for a step or an illegitimate child.
Reasons Why Reviewing Wills is Essential
A Will may have to be reviewed for time to time for various reasons. However, the most crucial reasons for reviewing your Will are mentioned below:
- Getting divorced or married
- Birth of babies or grandchildren
- When a beneficiary named in your Will passes away
Lasting Power of Attorney (LPA)
An LPA or Lasting Power of Attorney is a legal instrument, which enables an individual or a donor to authorize and appoint another individual. The term for this individual is the donee. He’s in charge of making decisions about the personal welfare of the donor or/and affairs and property. This happens when the donor has lost his/her mental capacity. Any donor in Singapore can choose a maximum of two donees who are allowed to function severally/jointly with an extra done as a replacement.
As dementia can be alarming, the Singaporean Government has been inspiring the citizens of their country to file a Lasting Power of Attorney. This is possible by waiving the fee of 50 Singaporean Dollars to the relevant authorities for executing the prescribed form of LPA until August 31, 2020. A medical practitioner or a lawyer in Singapore should certify this LPA form.
It is not an easy task to do estate planning in a proper manner. This is primarily due to the fact that there is limited awareness and less relevant information on estate planning. Get in touch with an experienced legal firm in Singapore in case you require any kind of legal counseling on any issues related to making your Will when you are single.
Think of a scenario when you are a single resident in Singapore and the owner of an HDB house apart from other assets. All of a sudden, you meet an accident and fall down injuring your head in the process and lose your mental capacity.
One of your offspring wishes to take care of you in your own house while your other child wants that your house should be sold and you start living in a facility. In case you are not mentally sound, the kind of care you should be given and the lifestyle you should maintain going forward among others.
All these decisions and their execution will depend on the basis of who you have selected as your LPA. On the other hand, any of your two children might appeal for custody via the Singaporean court. It is not uncommon to find disputes popping up, which can become ugly and messy. Cases include: where there is property or other assets like money, or when there are big disagreements regarding your welfare,
Differences of an LPA and a Will for Single People
A Will typically becomes effective when an individual passes away. On the other hand, an LPA can come into effect if a person who is alive loses his mental capacity. A medical practitioner or a physician should certify this.
Also, you could be having the intention of bequeathing certain assets to particular people when you are no more. However, all such assets can be spent or exhausted even before you die. There are many cases when the owner has not even been aware of it. Meanwhile, in the case of an LPA, you can appoint one of your close and reliable persons. They can make major decisions to your property, finances, personal welfare, and any other affair while you are incapacitated to do so.
Appointing an LPA or a Lasting Power of Attorney will depend on a number of factors such as money, time, and choice. Just imagine your predicament in case you are no longer mentally capable. You would be unable to decide who will represent you for any kind of legal decision-making process for your affairs. In order to get this authority, your child has to apply before the court to act as your deputy. Drafting an LPA or a will for single people can be quite a lengthy process and may incur hefty fees. However, our services are totally affordable since we understand your situation. You need to plan your estate no matter what your civil status is. Contact us and we’ll provide you what you need.