Singapore has a comprehensive structure of laws to ensure that one’s wealth is bequeathed (or passed) on to the intended beneficiaries, which usually takes effect only upon death. These written instructions in the form of a will save your family members, whom you care deeply about, from the pains of sorting out legal matters and estate distribution when they are grieving. Put simply, a will is one of the most important and practical documents you can make in your lifetime. If you’re looking for cheap will writing Singapore, there are affordable options available.
Currently, making a will in Singapore is not regulated, meaning that anyone can effectively draw up their own will. As a form of property, a will must fulfill a set of legal formalities to be valid, such as the will-maker having mental freedom, the will’s contents, such as names of beneficiaries and bequests, the will is attested and signed by at least two witnesses whose presence the will-maker acknowledges and who can then attest that the will-maker appeared to understand what is happening or appeared to have testamentary capacity, and that the will is intended to signify the will-maker’s wishes.
Understanding Will Writing Services
A will writing service Singapore can help you create a legally binding document. Writing a will is often uncomfortable and misunderstood. Anyone can write a will to control how they will distribute their assets, only after they have passed on. In life, having a will can offer peace of mind that their wishes will come through. After all, who does not want to make sure that their legacy would serve to take care of their loved ones, in their absence? Anyone can write their will, but it is essential to get their final wishes right. It is surprising that so many people break this fundamental rule of will writing, by not seeking advice when they actually need it. Having professional advice can ensure that their will reflects their exact wishes and needs, and that it is legally valid.
Those who have sadly often not had specialist advice on will writing, as they are dealing with loss, are left with unexpected problems. The list of potential issues after their death is endless. At the end of the day, good planning makes good sense in will writing. It could help make sure that those who depend on them financially, such as loved ones, will also be taken care of. A will can support their final wishes and provide for the care of loved ones, after they have passed on. After all, it is the people they love and the things that are dear to them that they have worked so hard for in life, to protect and provide for. It is intended to avoid distress at a time when family members will be at their most vulnerable and distressed. At its core, will writing is not about making life difficult for everyone. It is about ensuring that their legacy flows according to their wishes.
Benefits of Will Writing
Will writing ensures your assets are distributed according to your wishes. Despite the importance of will writing, many Singaporeans are putting off will writing or choosing not to write one at all. This adds to the complications and distressing time during the probate process, and often things may not turn out as the testator may have envisioned. In this section, we seek to address the concerns some Singaporeans may have about will writing and highlight the several benefits of will writing.
Why is there a resistance to will writing? The resistance to will writing among Singaporeans could be due to a combination of several factors. Some Singaporeans may be unaware of the significance of a will and its implications on their family and estate distribution, while there may be others who believe that by writing a will, one invites death prematurely. There could also be that minority of Singaporeans who have a different perception of the probate process and tests of intestate succession. Nevertheless, these resistances to will writing are largely irrational in Singapore’s context.
For Corporate Solutions
A smart move for successful companies will be in terms of not just a sound business but in estate and succession planning for business owners. In order to avoid the undesirable effects of disposal of your business against your intention passed on to other partners who possibly may not share the same business vision as you, estate planning with a will is of great importance. It can enable the business to continue and provide for your dependents at the same time. A well-made will with clarity is the key to asset allocation to ensure your intentions are met. A company shareholder may provide specific provisions within the will to provide for control and smooth business operation.
Succession in family and the business has multiple layers of issues to consider too. Executives and business owners are, for the most part, high net worth individuals, and coupled with the volatile environment of the financial markets and constant changes not only locally and globally, things can go off at a tangent concerning the financial well-being of the inner circle and succession even. It is important that you plan also the business legacy and plan ahead. Insofar as the value of the estate left behind could be high, complicated disputes following the estate administration may do harm to family, the business, and the corporate image. It is significant to carry out regular estate administration and consults on the property succession plan and execute the will accurately prior to this. These issues facing business owners show that estate matters are indistinct and for both personal wealth increment and the life purposes that the individual and family are seeking to achieve, these matters must be addressed and prepared. In view of that, it is important to have an up-to-date and valid will.
Choosing a Will Writing Service Provider
At this juncture, we cannot stress how important it is to engage an experienced and professional service provider when it comes to will writing. Will writing may be a simple process on the surface, but not many understand the nuances and legal intricacies of preparing a will ‘the right way’. To a layman, a DIY kit bought off the shelf at a bookstore may seem cost-effective and simple to manage, but remember that an unsound will prepared without the right professional advice could cost your loved ones a hefty sum in legal fees if the will is contested, lost or destroyed.
Engaging low-cost service providers in preparing a will could also be putting your estate planning at significant risk. To prevent your will from becoming a nightmare instead of a source of comfort and reassurance, careful consideration must be put in place when you choose a will writing service provider. The risk of something going wrong in the future is just not worth it! When considering a will writing service provider, ask about their experience in will planning, drafting and validation, and gauge what kind of support they would provide to your executor(s). You want someone whom your executor(s) finds trustworthy, will be able to clearly explain your intentions in your will to your heirs and beneficiaries, and also bears the responsibility of executing their role as a will-writing service provider seriously. Ultimately, this will ensure that your will can carry out its intended functions when it is presented for probate.
A well-written will ensures that your estate is handled according to your wishes. The process of making a will can feel tricky or even emotional at times. However, if you had built up your assets and saved for your whole life, chances are you would like to see them being well taken care of. A will provides an instruction manual of sorts to your executors who would thereafter distribute your assets accordingly. It is a tangible legacy that you leave for your loved ones. It then appears difficult to justify a simple solution like will writing in Singapore over the substantial benefits this legal document brings. Consider this: close to half of Singaporeans and a very significant portion of foreigners in Singapore do not have a will. Therefore, the misconception that one has to be highly wealthy to create a will seems to be impacting people’s decisions.
There are no laws that dictate what amounts to a high sum of money or impressive assets before one is advised to have a will. In fact, the absence of a will when one has a medium amount of assets can also create problems. If anything, the absence of a will when you leave a small, medium or substantial sum might leave your loved ones in a difficult position. In sum, drafting a will should be a priority when you touch the mature adult phase or when you need to go through major milestones in your life. Such major milestones could include getting married, having children, buying a house, and undergoing estate planning as part of asset protection. Although we cannot absolutely tell what will happen in the future, and despite our fears and apprehensions about end-of-life matters and the legalese that goes with will writing in Singapore, it is crucial to ensure we have a will just in case.