Will Writing Service in Singapore
Many people tend to neglect will writing as part of their financial planning. While many think that their assets are just too puny to “worry about”, there are some people worries about the will writing’s costs, – many think that it will cost them an arm and a leg.
What is a will?
A will is defined as a legal document that you, the testator, set forth your wishes about the distribution of your property and assets after you die. An executor is the person named in the will to execute your stated wishes, or in a simpler definition, to help you to manage your estate. A beneficiary is a person nominated/designated to receive any of your property.
Why You Need a Will?
- Get someone to manage your assets and properties after you pass on
Will writing means you are assigning someone honest and trustworthy to be the executor of your estate where the executor will help you to:
- Manage your assets and property,
- Make sure there is no pending debt payment,
- Disperse your assets properly,
- Inform your banks and creditors that you are deceased
- Guide your estate through probate court.
- To develop a legal guardianship of your children if they are still minorsA will helps to establish a legal guardianship. Parents can decide and nominate individuals to be the children’s guardian in their wills so that it will ensure the children receive the care like housing, food, education, and healthcare until he or she reaches the age of 21.
Who Can Help You to Make a Will?
The Wills Act governs the will in Singapore. In general, there are several different ways in will writing:
- through a LawyerMaking a will through a lawyer is the most common way in will writing. Engaging a lawyer in will writing has several benefits, as follows:
- Getting a professional advice on the distribution of your properties and assets
- Making sure that the will is clearly written
- Ensuring zero mistakes when drafting the will
- Ability to make a Lasting Power of Attorney (“LPA”) at the same time
An LPA, a legal document, complements the will. It enables one to voluntarily appoint one or more persons in the decision-making process as well as to act on his behalf in the event of mental incapacity. Simply put, an LPA operates after one loses his mental capacity while the will operates after one pass on.
In addition to this, getting a lawyer in will writing service involves professional liability. In the event of negligence or malpractice involved in will writing, legal action can be taken against a lawyer.
- Online Will WritingOther than the lawyer’s service, people can opt for online will-writing services.
- Do it YourselfYou can also opt to write your own will, by yourself.
How to Make a Will?
- Understand the formalities of a will
- Must be committed to writing.
- The testator must be of age – at least 21 years old.
- The testator must sign the will at the foot of the will.
In the event the testator is unable to sign the will, he may allow another person to sign it in his presence.
- There must be at least two or more witnesses when the testator signs the will, and the witnesses must also sign the will in the presence of the testator.Note: the two main witnesses cannot be either the beneficiaries of the will, or spouses [of the beneficiaries]. However, a beneficiary can be a third witness.
- Have all your assets and liabilities listed downFirst thing first, list out all your assets such as banking details, properties, vehicles, jewellery, antiques, or other valuables. Second, you will have to list of all your liabilities. You need to state how you want to pay off your debts before the distribution of your assets.
- Appoint the appropriate executor
Once you have listed out all your assets, the next step is to think about can be the executor in your will.
- Decide who is the beneficiaries
After the appointment of executor, you should now decide who the beneficiaries are. While you are free to choose who the beneficiaries are, you may want to think through this matter.
- Sign with two witnessesLastly, please make sure that your will is properly signed with two witnesses in presence.
What Should You Do after Making a Will?
Keep the will safe after making a will. The will should be kept in a safe location to mitigate the risk of being stolen or damaged. Furthermore, you should keep your family members informed of your will’s whereabouts.
Should You Engage the Professional Will Writing Service?
While you can do it online or do it yourself, it is best to engage the professional will writing services to avoid any mistakes while drafting the will. If you are looking for professional will writing service, our associate partners should be able to answer any questions you may have. Contact us today for professional will writing service.