When there’s a Will…
There’s a way to avoid – in the worst case – leaving loved ones with the trauma of a legal battle over who gets what. Even in the best case – when there’s supposedly an “understanding” in the family over the division of your earthly possessions, things might fall apart as old resentments and jealousies surface.
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Too many people put off making their Will, thinking they have lots of time, or because they find dealing with death too repugnant or macabre. Yet, like the Advanced Medical Directive (AMD) and Lasting Power of Attorney (LPA), a Will is a must-do – a practical and responsible way to settle our affairs.
While you can write a Will yourself, you might want to consult a lawyer to ensure your Will is valid. Partners from Estate Planning firm Bequest Pte Ltd share:
3 Major Benefits of Writing a Will
Many people think that a Will is only for rich people or people with complicated family situations. Hence, they often overlook the importance of getting a properly drafted Will to help their loved ones with the management of their estate (a legal term for one’s property, entitlements and obligations) after they pass on. We seek to clarify and shed light on 3 reasons why you should definitely consider getting your Will done now:
Choice of Executor(s) and Guardian(s)
Without a Will, the person who will be in charge of handling your estate affairs is appointed by the Courts of Singapore. To do this, the court requires all eligible family members to file affidavits (written sworn statements to court) stating who they think would most suitable as administrator to the estate. This means unnecessary legal fees and other costs that your loved ones will have to bear. The court will also select who will act as guardian over your children if you and your spouse are not around. If they do not choose a suitable person, your children may suffer. With a will, you nominate the person who you intend to handle your estate (the “Executor”) as well as the Guardian for your children, greatly reducing any issues and hassle caused to your family.