Will-writing also has to be, according to the law, to have validity. This article covers all the pointers on writing a will singapore.
Requirements to write a will
Check the following points to check the validity of a will.
- It must be in a written format.
- The age of the testator should be 21 years or more.
- There must be the testator’s signature at the bottom of the will.
- The signature should have two or more witnesses.
- The witnesses should also sign at the foot of the will in the testator’s presence.
- The witnesses should not be any will beneficiaries, including their spouses.
- A testator unable to sign his will can allow another person to sign it instead of him but in the testator’s presence.
- Other than the two witnesses, other witnesses can be beneficiaries.
When writing a will, you must include some required points.
Points to be involved
- You must include all your assets. However, any co-owned asset, such as a joint bank account or property, cannot be included.
- You must include all your liabilities. You must clearly state the distribution of the debt cash to the creditor ahead of dividing your assets among your beneficiaries.
- You must include an adequately stated distribution of your assets to your beneficiaries. Their names (guardian’s name in case of a young beneficiary) and the amount of wealth to be given. You can also include reserve beneficiaries. This is in the case of the co-death of beneficiaries.
- You must include your will executor, who can also be a beneficiary.
- Others you must include are the advisors such as accountants and your lawyers.
- There must also be a revocation clause to nullify all previous wills.
- There also should be a residuary clause to tell how the remainders of your estate will distribute as you want if a beneficiary dies ahead of you.
After you have drafted and signed your will, there is the question regarding a lawyer.
Should you involve a lawyer?
The answer is that it is up to you. You may involve a lawyer if your will is complex. You can also hire non-lawyers who offer such will-writing services. Sometimes, you can get a lawyer for the same price as these non-lawyers. You can also make use of online will-writing services.
Other additional points
Here is some additional information regarding will-writing.
- A simple will with lawyers might cost you around $200 to $400, whereas a complex one could cost $500 or more.
- If you have Central Provident Fund savings, you should apply for a CPF nomination. According to your nomination, you will get a proportion of the fund. If you don’t do it, it will get transferred to Public Trustee’s Office and come under the Intestate Succession Act.
Thus, you now have all you need to write your will.