What is a Will?
Throughout a lifetime, everyone will accumulate some form of assets such as cash, investments, property, business, personal collectibles, etc. When a person passes on, the biggest hassle is to make arrangement on how the assets will be handled: either distributed or disposed.
Very often we have seen family members keeping belongings of their deceased spouse or child for years simply because they don’t know what to do with it, and out of respect, they kept it.
Is there a way to avoid this?
Yes, the solution is to create a Will.
is an official document that states your instructions and wishes on how you want your estate (assets after death) to be managed, distributed or disposed on your death.
Your Will is legally binding, it can be created as simple or as detailed as you want, depending on how complex your assets are and what instructions you want to give. A Will can even hold intention on whom to care for your dependents (children, parents or pets), and in what manner you want your estate to be given to them.
It is advisable to keep your Will simple and instructions easy to understand, this makes it much easier for your loved ones to settle your estate especially during times of grief.
In Singapore, the cost of doing a Will can be as low as a hew hundreds. The cost may goes up to a couple more hundreds when your assets are more complex to handle or have more instructions to take care of your dependents.
But don’t get held back by this little amount, because the cost of not having a Will is much higher than having your Will done. Where there is no Will, you have to spend more money on legal fees and getting an administration permit from the court. The time taken to get the estate released to your family will also be very much longer as compared to someone who passes on with a Will.
I’m very sure you have come across news on family members having to fight over their late father’s estate, either there was no Will or the planning process were not properly thought through.
It is definitely worth the effort to write a Will while you are still able. Whenever you have something to pass down, it will be good to start looking into it and let thy will be done.