If you write a Will, you have a document that allows your loved ones to have a better process of gaining access to your estate.
When a person passed away in Singapore, his possession became his estate.
The estate could include the following:
- Bank accounts
- Personal Effects
The estate needs to be distributed to the beneficiaries. However, the beneficiaries need a Court Oder that gives authority to close the bank accounts, cash in the investments and sell or transfer the property, pay off the deceased’s debts and then distribute what is left of the estate to the beneficiaries.
If the deceased has a will then a Grant of Probate is issued to the Executor in the will. The executor will collect the asset and distribute the assets to the beneficiaries. The beneficiaries cannot replace the executor.
If the deceased does not have a will then it will go down the path of Letters of Administration. Accordingly, the law stipulates a list of people that can apply to be the administrator in the Letters of administration.
- children of the deceased
- brothers and sisters
- nephews and nieces
- uncles and aunts
Since the deceased did not leave behind a will, section 7 of the Intestate Succession Act kicks in. The assets will be distributed based on the act.
The table above shows how, under the Intestate Succession Act, would the asset be distributed.
It should also be noted that CPF and HDB are not covered by the Will. For CPF, it depends on whether the decease made a nomination. If the deceased did make, it will be distributed accordingly to the nomination.
If not, it will be distributed by the Public Trustee based on the Intestate Succession Act.
For HDB, if there is a joint tenant, the joint tenant would fully take over. If not, and if there is a will, it will be determined by the Grant of Probate.
So what is the Usefulness of having a Will?
Let’s you decide how you want your assets to be distributed. The assets may not be given to your choice of beneficiaries. A dear friend or the son of a dear friend that you wish to help may never get it if you do not have a will.
Lets the right executors and trustees manage the distribution of your assets. The job of the executor is rather important, and you might not want one of your family members, who are not so savvy with money, or reliable to mismanage the whole process.
Appoint a guardian to take care of your children who are below 21 years old. If you have children, it’s important to make sure that they’re always protected and cared for.
MoneyOwl’s Digital Will Writing Service – How do You Write a Will?
As part of MoneyOwl‘s vision to provide holistic wealth and financial planning solutions, they offer a digital will writing service at an affordable cost. (You can read my write up introducing MoneyOwl here)
And for a limited time, you can create a Will for FREE.
PROMO CODE: MOPTR4
I don’t get anything out of it. Most likely it lets them know whether you heard it from Kyith or some of Kyith’s competitors.
I tried it myself and I think its a pretty simple process.
I do have friends who reached the late thirties, and we are starting to see this to be more important. So they would benefit from this.
MoneyOwl’s digital will service is supposed to be as generic as they come.
And they have explained in their FAQ what it is not:
If you have a Muslim will requirement, MoneyOwl’s service might not be the solution for you. If you need a more granular specification of how your assets should be divided, this is probably not for you as well.
Is This Digital Will a Legal Document?
This is a popular question and yes the will is a legal document provided:
- You print out the will and physically sign it together with 2 witnesses on every page
- The 2 witnesses are 21 years old and above, and not your spouse or beneficiaries, and the 2 witnesses are in the presence of each other
The Digital Will Writing Process
I decided to show you from the start to finish how to create the will.
Since I need to do one for the family member, I might as well go through the process.
We start the process by going through my link and PROMO code here:
PROMO CODE: MOPTR4
If you specify that you do not have all your assets in Singapore, MoneyOwl recommends you to seek legal advice.
Here is where I specify the will holder’s full name and identification number, his/her status, and how many children the will holder has.
We specify the details of the children.
Here you can add more beneficiary, that is not your children.
As you cannot distribute your estate in a mixture of percentages and absolute amount, the will holder specified a 50%/50% split here.
The next step is to specify the executor of your estate. You can also specify an alternative executor.
You will then be asked to check your details again to ensure that they are correct.
IF you do not have an account with MoneyOwl, the process will ask you to create one.
Once you have created your account, the will generation process will be complete. MoneyOwl will ask you to print out and review your will.
You will sign and date the will, in the presence of 2 witnesses. To avoid the conflict of interest, the witness should not be any of the beneficiaries.
The following is how the will, that is printed outlook like:
At every page, the 2 witnesses and the will holder should sign it.
If you wish to maintain some form of confidentiality of the distribution percentage, cover the page of the percentage of allocation with post-it notes, then let the witnesses sign it.
Then store the will in a safe place.
There! You have completed the whole process.
The cheapest Wills in this form would cost around $120 to $300, so why not make use of this opportunity and create one for free?
Let me know how it goes!
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