Table of Contents
- circle You Know Yourself Best
- circle Ready to write a Will of your own?
For starters, a Will is a legal document that defines the terms for the distribution of assets (i.e. estate). It includes instructions on which family member or individual will get a share of your remaining assets.
Executors are appointed to ensure the proper execution of your wishes. Upon your passing, your appointed Executor will then have to bring it to Court to ensure that it is recognised by Singapore law. This is part of the probate process, which involves obtaining a Grant of Probate that serves as evidence of the validity of your Will, enabling the Court to recognise it and authorise the distribution of your assets.
Writing a Will is the best way to make sure your assets are distributed the way you want after your death. Writing a Will also helps avoid potential legal battles and disputes among family members who may want to fight for a share of your estate - but did you know that you can write your Will yourself? Many people think that you need a lawyer to draft your Will, but this isn’t true. In fact, writing a Will yourself, or using a Will template on an online will-making service like WillCraft, can be easier, cheaper, quicker, and more convenient. It may also be important to note that reviewing and updating your Will regularly is essential, especially after significant life events such as marriage, divorce, or the birth of children. So newlyweds, you might want to draft a new Will after signing your ROM!
You Know Yourself Best
No one understands your assets and intentions better than you do. Taking charge of drafting your own Will empowers you to express your wishes precisely as you desire. With complete control in your hands, you can pick up a pen and craft it right from the comfort of your home without the hassle of scheduling appointments or worrying about legal fees.
The idea sounds fantastic, doesn’t it? However, if the process seems daunting, there’s no need to fret! Writing a Will doesn’t have to be a difficult or confusing task. At WillCraft, we’ve simplified the entire process for you. Our easy-to-use interface guides you through each step, providing prompts to ensure that every detail is covered thoroughly. It’s always a good idea to have a plan for the future, and with our convenient and affordable online Will-making service, WillCraft, you can have complete control over your assets and ensure that your wishes are carried out through proper Will writing.
So, don’t let intimidation hold you back. With WillCraft by your side, you can confidently embark on the journey of drafting your Will, knowing that you have a reliable and user-friendly platform to guide you through the whole process.
Start drafting your own Will with WillCraft today!
Ready to write a Will of your own?
Here’s how to get started:
- Make a list of your assets.
First thing’s first - write down all your assets so you have a clear idea of what you’ll be leaving behind. To get you started, here’s a condensed list of “asset” examples:
- Properties (e.g., homes, land)
- Bank accounts (e.g., checking, savings)
- Life insurance policies
- Company shares
- Stocks and bonds
- Vehicles (e.g. cars, boats)
- Personal belongings (e.g. jewellery, artwork)
- Business interests
- Debts owed to you
- Digital assets (e.g., websites, cryptocurrency)
- Other investments (e.g. mutual funds, precious metals)
Are my CPF savings covered under my Will?
CPF savings are not covered under your Will. Therefore, making a CPF nomination is crucial if you want to ensure that your CPF savings are distributed according to your wishes after your passing. Without a nomination, your CPF savings will be transferred to the Public Trustee’s Office and distributed based on the rules outlined in the Intestate Succession Act. By specifying nominees and their proportions, you can have control over how your CPF savings are allocated, providing peace of mind for both you and your loved ones.
However, it would be good to note that CPF investment accounts are included in the estate.
You can find more detailed information on this topic in our “Wills & CPF - How does CPF fit in my Estate Planning” article here.
- Think about the people you want to leave your assets to.
Once you’ve listed out the relevant assets, it’s time to decide who to give it to. The people you want to give your assets to are called ‘Beneficiaries’. People who may readily come to mind might be your spouse, children, and grandchildren. You can also include trusted friends and other family members as beneficiaries, thinking of it as “a gift” to them.
If you have any assets or ownership under Joint Tenancy, you cannot bequeath it through your will, as it automatically transfers to the surviving owner. This applies not only to property but also to bank accounts held in joint names, following the same concept. Nonetheless, you can incorporate a substitute clause to cover scenarios where there are no surviving owners.
To put it simply, you can be as specific as you want when drafting your own Will.
For example,
You could leave everything to your spouse, divide everything equally between your children, or give specific percentages to each Beneficiary. You can customise your Will any way you want, It’s entirely up to you.
- If you have children under the age of 21, consider appointing a Guardian.
If your children are still young, you may want to appoint a Guardian to look after them if you pass away. If your spouse is still alive at the time of your passing, he or she automatically becomes the sole Guardian, but you can still appoint a testamentary guardian to share the responsibility of looking after your children.
- Appoint an Executor.
You’ll need to choose someone to carry out your wishes. This person is called an ‘Executor’. Anyone can be appointed as an Executor, as long as they are over 21 years of age, not a bankrupt and is of sound mind. It’s best to choose someone younger than yourself who you can trust, such as a family member, distant relative, or close friend. You can appoint more than one Executor. Remember also to include the personal details of your appointed Executor such as his or her full name and NRIC number.
For more information on the eligibility and duties of an Executor, please refer to our article here.
- Choose your Witnesses.
For your Will to be valid, you’ll need at least two people to sign off on your Will as a witness. Pick two people to sign your Will in your presence at the same time that you pen down your signature. Please bear in mind that a witness cannot also be a Beneficiary or the spouse of a Beneficiary 1, so you can’t choose someone who you’re already leaving something to as your witness.
In addition, it is important to have the presence of witnesses, especially in cases where the testator may be incapacitated due to a medical condition or old age, to ensure the validity of the written Will. It is crucial to also include the full name and identification number of the witnesses in the Will to avoid any confusion or disputes in the future.
- Sign on the dotted line.
Sign your Will at the end of the document, date it and keep it in a safe place. Again, remember that your Witnesses will need to witness your signing. Alternatively, 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!
It is also good practice to inform your appointed Executors and your loved ones that you’ve written a Will and where you’ve kept it.
And there you have it! Drafting your own Will doesn’t need to feel overwhelming. At WillCraft, we provide all the tools necessary for you to create a Will from the convenience of your home. Consider us your comprehensive solution for all your estate planning requirements! Our aim is to assist you every step of the way, ensuring peace of mind throughout the process.
WillCraft Makes It Quick And Easy!
Ready to draft your own Will but unsure how to start?
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Footnotes
Frequently Asked Questions
What are the requirements for a Will to be valid in Singapore?
In Singapore, for a Will to be valid, the person making the Will (testator) must be at least 21 years old, and of sound mind. The Will must be in writing, signed by the testator or someone directed by them in their presence, and witnessed by at least two people who are not beneficiaries.
Can my assets abroad be included in my Will?
It is important to note that for those with assets abroad, it is crucial to check if the respective countries recognize legalised Singapore Wills. While most countries do accept our Wills, laws may change over time so it’s always safe to double check. For places that don’t, you’ll have to write a separate valid Will for those assets in accordance with the country’s current rules.
What happens if you pass away without making a Will in Singapore?
If you pass away without making a Will in Singapore, your assets will be distributed according to the Singapore Intestate Succession Act. This means that the distribution of your assets will be determined by Singapore's laws on intestacy, which may not align with your wishes. By not making a Will, you will have less control over what happens to your estate after you pass away. It is recommended to make a Will to ensure that your assets are distributed as per your preferences and to avoid any potential disputes among your loved ones.
How do I make a simple Will in Singapore?
Making a simple Will in Singapore involves several steps. Here is a general guide to help you get started:
1. List your assets: Make a list of all your assets, including properties, bank accounts, investments, and personal belongings
2. Decide on the beneficiaries: Determine who you want to leave your assets to, such as family members, friends, or charitable organisations.
3. Appoint a Guardian if necessary: If you have children under the age of 21, you may want to appoint a Guardian to look after them if you pass away.
4. Appoint an Executor: Choose someone you trust to carry out your wishes and handle the distribution of your assets. This person will be responsible for executing your Will after your passing.
5. Choose your witnesses: For your Will to be valid, you’ll need two people to sign off on your Will as a witness.
6. Sign the Will: After drafting the Will, sign it in the presence of two witnesses who are not beneficiaries in the Will.
Using an online will-making service like WillCraft can be easier, cheaper, and more convenient. WillCraft also gives you the option of having your Will reviewed and witnessed by our own lawyers. Start drafting your Will with WillCraft today!