Writing a Will is essential if you have dependants like young or disabled children or elderly parents. If you pass away without making a Will in Singapore, your assets will be distributed according to intestacy laws, which may not be in line with your wishes.
If you're single, you may want to ensure your parents or even your pet are well taken care of. A Will makes sure your wishes are carried out without fuss.
Your Will can be as simple or as detailed as you want. It holds your instructions on whom to care for your minor children or parents, and how you want your estate to be divided when you pass away. This makes it much easier for your loved ones to settle your estate at a difficult time.
Your Will should clearly state who is going to:
Inherit your estate (your beneficiary or beneficiaries)
Care for your children under 21 (your children's guardians)
Carry out your wishes (your executor or administrator)
Your Will should also set out how you want your assets disposed of and what happens if your beneficiaries pass away before you.
A will can be made by yourself by 2 witnesses signing on it without any expense. But if you want the will to be validated, registered or managed by a professional, please scroll to the bottom of this blog as we have a recommended agency and a discount code from them to make it affordable and easy for you.
If you are unsure about the completeness and validity of your will, you may want to speak to your lawyer. The will can be altered at any time.
Singapore Government has 2 portals which can help you with your money and legacy matters
Read about the importance of Will making in a simple 1 minute read at : https://www.moneysense.gov.sg/articles/2018/11/estate-planning-what-is-a-will
My Legacy portal by Singapore Government is a dedicated place where you can explore, store and share your end-of-life plans, documents : https://mylegacy.life.gov.sg/
More FAQs can be read here: https://expatliving.sg/making-a-will-writing-singapore-faqs-lawyers-financial-planners/
Advance Care Plan & Lasting Power Of Attorney:
It does not always have to death which stops your loved ones from going through difficult times, If you lose your ability to make decisions or voice your wishes, having both an advance care plan (ACP) and lasting power of attorney (LPA) will give you more control over what happens. Read more here: https://mylegacy.life.gov.sg/find-a-service/lpa-acp/
CPF savings are not covered under a Will and not part of an estate. They are protected from creditor's claims to it. You are strongly encouraged to make a CPF nomination so that your intended beneficiaries can have quick access to the funds.
Write A Will
You can write a will yourself and get it signed by 2 witnesses and it is a valid legal will. If you wish to get it done professionally, we recommend SimplyWills
To prepare for the Will -
You have to prepare the names and NRIC number of the Executors, Substitute Guardians and Beneficiaries. The Executor is the person who will carry out the instructions of the Will. Substitute Guardian is the person who will take care, control and custody of the minor children only if you and your spouse are not around. Beneficiaries are the persons who will inherit your estate.
Info required in the Will:
Full NRIC names (exactly as shown on NRIC, including hanyu pinying, if any) & NRIC number of the Executor & Substitute Executors (up to 3 persons). If the Executor is a foreigner who does not have NRIC number, please provide the full name and the relationship with you. Passport number is not needed as it changes every time when renewed.
Main Beneficiaries and the Substitute Beneficiaries & Contingent Beneficiaries (if the main beneficiaries pass away before you).
If you have charity as a beneficiary, pls check their full name and UEN number.
If you have minor children, you can appoint up to 2 Substitute Guardians. If an appointment of Transitional Guardian is required, we will guide you along when you are here.
For appointment to discuss & finalise your Will, kindly assist us by filling up your particulars in this link before the meeting: https://www.simplywills.com.sg/form/
Please quote BIG50 to get a $50 discount discount on the Will fee.
The fees charged by Simplywills are:
Personal Will - $350 + GST each,
Mirror Will (for husband and wife) - $630 + GST.
LPA (certified by Lawyer) - $100 + GST each.
Lifetime Will Custody - $499 + GST.
We hope all the above information makes it simple, easy and quick for you to take steps and ensure your legacy is protected as per your wishes.