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In life, we often plan for the unexpected,
“But what about planning for the inevitable?”
Many people may not realise the significance of having a Will until it’s too late. Without a Will, your hard-earned assets may not go to the people or causes you care about. Instead, if no rightful heirs can be identified, your estate could end up unclaimed and potentially forfeited to the state. According to Singapore law, the assets of a deceased person with no identifiable heirs are considered ownerless and transferred to the government.
This situation, known as “bona vacantia,” underscores the importance of having a Will to ensure your assets are distributed to the people you want according to your wishes.
Understanding Bona Vacantia: A Real Life Scenario
”Bona vacantia” is a Latin term meaning “ownerless goods.” It refers to assets left behind when someone passes away without a Will and no next of kin can be identified under the intestacy rules. In such cases, the deceased’s estate is claimed by the state. Imagine working your entire life to build a legacy, only for it to be distributed by the government because no rightful heirs could be found. This is the unfortunate reality for those who die intestate (without a Will) and have no identifiable next of kin.
Here’s a Real Life Scenario🔍
Mrs. Tan, who lived alone and had no immediate family. She never got around to writing a Will. Unfortunately, she passes away suddenly. Since Mrs. Tan didn’t leave a Will and has no surviving next-of-kin, her assets - including her house, savings, and personal belongings - are classified as “bona vacantia.” This means that her estate now belongs to the state, and any distant relatives or charities she may have wanted to benefit will not receive anything.
In this scenario, the absence of a Will led to Mrs. Tan’s assets being claimed by the government, rather than being distributed according to her personal wishes. It highlights the importance of having a Will to ensure your assets go to the people or causes you care about.
The Consequences of Dying Without a Will
When someone dies without a Will, their estate becomes subject to the laws of intestacy, which can lead to unintended outcomes, including the risk of “bona vacantia”.
What this means for you and your loved ones:
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Risk of Bona Vacantia
Without a Will, there’s a possibility that your assets could become ownerless, especially if you have no close relatives. This means your estate could be forfeited to the state, leaving nothing for those you care about.
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Delayed Distribution
Identifying and locating potential heirs can be a lengthy process, causing delays in distributing assets.
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Increased Costs
The absence of a Will can lead to higher legal and administrative fees, reducing the estate’s value.
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Family Disputes
Without clear instructions, family members may disagree on asset distribution, leading to conflicts and strained relationships.
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Unintended Beneficiaries
Assets may be distributed according to a fixed hierarchy, potentially excluding friends, unmarried partners, or charities you wished to support.
By creating a Will, you avoid the risk of your estate becoming part of bona vacantia and, most importantly, ensure that your assets are distributed to the people you choose, providing clarity and a peace of mind.
The Importance of Having a Will
Creating a Will is an essential step in ensuring your wishes are honoured and your loved ones are cared for.
Here’s why having a Will is so important:
- Choose Your Beneficiaries: Decide who inherits your assets, ensuring your belongings go to the people you care about most. A Will ensures the proper distribution of the deceased’s assets, preventing legal complications and ensuring your wishes are followed.
- Appoint Guardians: If you have minor children, you can designate trusted guardians to care for them, providing peace of mind.
- Specify Funeral Wishes: Outline your funeral arrangements to ease the burden on your family during a difficult time.
- Minimise Family Conflicts: A clear Will helps prevent disputes over asset distribution, keeping family harmony intact.
Having a Will allows you to take control of your legacy and protect your loved ones, making it a vital part of your estate planning.
How WillCraft Simplifies the Process
WillCraft makes estate planning simple and affordable.
Here’s how WillCraft can help you:
- Lawyer Review and Witness Service: Draft your Will on our platform and choose to have it reviewed and witnessed by our lawyers for a small additional fee, ensuring everything is in order for peace of mind.
- Cost-Effective Solutions: Create a legally valid Will starting from just S$99, offering a more affordable option than traditional legal services.
- User-Friendly Platform: Draft your Will in under 30 minutes using our easy-to-navigate online platform, all from the comfort of your home.
- Comprehensive Support: Benefit from tips and guidelines throughout the drafting process, ensuring your Will meets all your needs.
Conclusion
In conclusion, having a Will is essential to protect your assets and ensure your wishes are honoured. Don’t leave your estate to chance or risk it becoming part of bona vacantia. Take control of your legacy and provide peace of mind for your loved ones by drafting a Will today. With WillCraft’s easy-to-use platform, you can create a comprehensive Will that reflects your wishes and secures your family’s future.
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Frequently Asked Questions
What happens to my assets if I die without a Will?
If you pass away without a Will and have no known relatives, your belongings might be taken by the government instead of going to friends or charities you care about.
How can I make sure my assets go to the right people?
Creating a Will ensures your assets are distributed according to your wishes, so they go to the people or causes you choose.
What is bona vacantia?
Bona vacantia is a Latin term which simply means “ownerless goods”. It refers to assets left without a clear owner, often because someone has died without a Will and without identifiable heirs.
Why is it important to have a Will?
A Will clearly states who should receive your assets, preventing confusion and avoiding unclaimed estates, ensuring your wishes are honoured and that your estate goes to people you want.
Can I prevent my estate from becoming bona vacantia?
Yes, by drafting a comprehensive Will and updating it as needed, you can ensure your estate is distributed according to your wishes.