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Estate Planning isn’t easy. It requires difficult conversations, careful thought, multiple trips to the lawyer’s office, and hefty fees, right?
“Well, not really”.
Whilst there is the option of going the traditional route of visiting a lawyer’s office and undertaking expensive legal fees, there is the more affordable option of doing your Will online.
Doing your Will online also offers you the privacy and comfort of doing your Will from the comfort of your own home - after all, making a Will is a private affair, no?
However, searching for a suitable online service provider to make a Will online is not the easiest. We’ll cover the 3 main things you need to take note of when choosing an online service provider to do your Will, and why they are important.
Hopefully by the end of your read, you’ll be able to spot a good online service provider from a mile away.
Tip 1: Choose an online service provider that provides for lawyer reviews
We understand the struggle. Lawyers are expensive, and online service providers are cheaper, and more convenient - So, what’s not to like?
Well, Wills are legal documents, so naturally, unless you can read and write “legalese”, approaching a lawyer to draft one is your best option. In addition, Wills are governed not only by the Wills Act of Singapore, they are also governed by substantial amounts of case law. Case law is simply law that exists through cases that have been decided before the Singapore Courts. That’s not even considering the laws that are not directly concerning Wills, but are closely related to Wills that affect the interpretation and efficacy of a Will (For example, the Intestate Succession Act, the CPF Act and the Civil Law Act).
For those with assets abroad, it is important to note that some countries may not recognize legalised Singapore Wills. Therefore, it is crucial to have clear instructions in your Will that can minimise potential conflicts and legal complications. It is also advisable to write a separate Will for those assets in accordance with the country’s current rules. When creating your Will online, make sure to choose a service provider that provides for lawyer reviews to ensure that your instructions are clear and legally sound.
So is the solution then to pay exorbitant fees just to have a lawyer draft you a Will?
“Well, not really”.
The hack here is to use an online service provider that is run by a law firm, or is partnered with a law firm. This will allow you to get the benefits of convenience and affordable pricing, together with the expertise of the lawyer.
And here is where we at WillCraft excel! We got you covered in all of these areas.
Note here that most online service providers state that their ‘templates’ are developed by lawyers. This means that in developing their platform, they engaged lawyers to draft a series of templates that they then use for you. This is not the same as being partnered with a law firm, or being run by a law firm.
If you want the expertise of a lawyer, look for online service providers that allow you to have your Will reviewed by qualified lawyers. The online service provider drafts your Will, and the lawyers review it to ensure that you have complied with legal requirements. This gives you the best of both worlds - the expertise of qualified lawyers at an extremely affordable price, with maximum convenience in writing your own Will.
With the rise of online Will writing services, it is now easier than ever to create a legally-binding Will.
Tip 2: Make sure that the capabilities of the online service provider meets your needs
You definitely do not want to compromise on your wishes to fit your online service provider’s capabilities. If the online service provider can support only 3 beneficiaries, and you have 4, it makes absolutely no sense to cut 1 beneficiary out just to save some money.
It is important to find out if your online service provider can indeed generate a Will that fits your needs.
In particular, you may want to check if your online service provider can provide the following:
1. Enough Beneficiaries For Your Needs
Having a sufficient number of beneficiaries in your Will ensures that your assets are distributed effectively, provides flexibility in adjusting to changes, and minimises the risk of disputes over inheritance.
2. Substitute Beneficiaries
Beneficiaries that would receive your estate should your main beneficiaries pass away before you.
3. Specific Assets
These are assets that you wish to give away to particular people.
For example,
If you want to give 25% of your house to Person A, and the remaining 75% to be split between Person B and Person C, then your house is considered a Specific Asset.
4. Executors & Substitute Executors
All online service providers should allow you to choose your executors, but the maximum allowable by Singapore law is 4 executors, so picking one that allows for up to 4 executors is a good idea. Also, you may want to pick an online service provider that allows you to choose a Substitute Executor (a person that substitutes an executor should the main executors not be able to carry out their duties) should you need it. This can be a trusted family member, distant relative, close friend, or someone of sound mind and financially stable who you trust to fulfil this important role as appointed Executor.
We cover all areas in the Who, What, and Why’s of Executors in our article here.
5. Testamentary Guardianship Appointment
If you have a young child, this is of paramount importance. A testamentary guardian is the person that is responsible for taking care of your minor children should you and your spouse not be around anymore. Pick an online service provider that allows you to appoint testamentary guardians for your children under 21 years of age, as well as executors and trustees to manage your assets and estate affairs.
Tip 3: Make sure that the online service provider does not only provide Wills
An online service provider that provides a Will drafting service is all well and good, but estate planning involves much more than just making a Last Will and Testament. There are other parts that are equally as important, such as making a CPF nomination and a Lasting Power of Attorney (LPA). It’s important to make sure that the online service provider offers comprehensive estate planning services, including services related to the Probate and Administration Act, and not just a Will drafting service. Additionally, it’s crucial to ensure that the service provider allows you to specify your last wishes accurately. We at WillCraft offer just that! For more information, visit our website today!
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Picking an online service provider that also allows you to draft your Lasting Power of Attorney (LPA) saves you an incredible amount of trouble. An online service provider that provides more than just Wills is a good indication that they are not just selling templates, but a holistic solution.
At WillCraft, we offer precisely that level of service!
With confidence, we assure you that everything we’ve discussed in our aforementioned article is fully incorporated and provided within our comprehensive WillCraft online Will template. You can rely on us to ensure that no crucial details are overlooked.
WillCraft gives you the option of having your Will reviewed and witnessed by our own lawyers, giving you the legal expertise at a fraction of the cost. With this service, you don’t even have to choose your own witnesses!
We do not use templates to generate your Will. Instead, we use document assembly to construct the document from scratch each and every time - allowing us to cover up to 1 million scenarios!
We also provide comprehensive estate planning with our Lasting Power of Attorney (LPA) services. Think of us as your one-stop shop for all your estate planning needs. We are here to guide you through every aspect for a peace of mind.
So, what are you waiting for?
Simplify The Process With WillCraft!
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Frequently Asked Questions
How to make a Will online in Singapore?
To make a Will in Singapore online, you can follow these steps:
1. Research online platforms: Look for reputable online Will-making services that are legally recognised in Singapore.
2. Create your account: Sign up on the chosen platform and provide the required information.
3. Fill in your details: Follow the instructions to input your personal details, assets, beneficiaries, and any specific wishes you have regarding your estate.
4. Review and finalise: Double-check all the information you have provided and make any necessary edits before finalising your Will.
5. Verify and sign: Some platforms may require you to verify your identity and sign the Will electronically or print it out for physical signing.
6. Store securely: Ensure that you keep a copy of your online Will in a safe place or with a trusted individual, and inform your executor of its location.
Are online Wills in Singapore legally valid?
In Singapore, online Wills can be legally valid if they meet the requirements set out in the Wills Act. The validity of an online Will depends on factors such as whether it is properly executed, signed by the testator and witnesses, and reflects the testator's intentions clearly. It is recommended to seek legal advice to ensure that your online will complies with all legal formalities and is enforceable in Singapore.
Can I update my online Will easily if there are changes to my circumstances?
Yes, you can typically update your online Will easily if there are changes to your circumstances. Most online Will services allow you to make revisions and updates to your Will at any time. It's important to review and update your Will regularly, especially when significant life events occur, such as marriage (which can revoke a Will done before the marriage), divorce, the birth of children or grandchildren, or the acquisition of new assets. By keeping your Will up-to-date, you can ensure that your wishes are accurately reflected and that your loved ones are provided for according to your current circumstances.
Are there any specific requirements or restrictions for creating an online Will in Singapore?
Yes, in Singapore, there are specific requirements and restrictions for creating an online Will. It is important to ensure that the online Will meets the legal requirements set out in the Wills Act. Some key points to consider include:
1. The testator must be at least 21 years old.
2. The Will must be in writing.
3. The Will must be signed by the testator at the end of the document.
4. The Will must be witnessed by at least two witnesses who are present at the same time as the testator when the Will is signed.
Additionally, it is important to note that certain assets may not be covered by a Will, such as jointly-owned property or assets held in trust. It is advisable to seek legal advice when creating an online Will in Singapore to ensure that it complies with all legal requirements and effectively reflects your wishes.