"According to the recent UBS-Credit Suisse report, household wealth rose in Singapore, defying downtrend elsewhere across the world. With more Singaporean households having greater wealth and with quite a few owning more than one property or couples who decoupled to save on ABSD property tax in their attempt to own more than one property," Kiwi Lim from the largest listed real estate agency in Singapore - Propnex Realty believe "with increased wealth, the need to make a written will is now more urgent than before in order to pay closer attention to individual specific needs and requirements after we leave this world."
Writing a will is an important task that ensures your wishes are carried out after your passing. When writing a will in Singapore, it's essential to avoid common mistakes to ensure that your wishes are accurately reflected and legally binding.
Delaying the creation of a will can lead to unintended consequences, especially if unexpected events occur. It's essential to have a will in place as soon as possible, regardless of your age or health status, to ensure that your wishes are carried out in the event of your passing.
"As a real estate guy, I helped many clients with their wealth assessment and progression and they often discuss with me about doing up a will to prevent disputes and unhappiness among their surviving family as well as to have their final wishes fully adhered to" said Kiwi Lim.
Several potential issues could arise with will writing in Singapore if not done properly. Below are 13 mistakes you may want to avoid when writing your will:
1. Invalid Will:
If the will does not meet the legal requirements outlined in the Wills Act of Singapore, it may be deemed invalid or may be contested in court. This could happen if the will is not properly signed and witnessed or if the testator (person making the will) lacks testamentary capacity at the time of signing.
2. Unclear Language:
Ambiguous or unclear language in the will can lead to confusion or disputes among beneficiaries. It's essential to be clear and specific in outlining your wishes to prevent misunderstandings and ensure that your intentions are carried out as intended. Clearly outline your wishes in the will, including the distribution of assets, specific bequests (e.g., heirlooms, sentimental items) and any conditions or stipulations you want to include.
3. Failure to Update:
Failing to update your will after significant life changes, such as marriage, divorce, birth of children, or acquisition of new assets, can result in unintended consequences or distributions that no longer reflect your wishes.
4. Undue Influence:
If there are suspicions of coercion, fraud, or undue influence exerted on the testator during the will-writing process, the validity of the will may be challenged in court.
5. Lack of Capacity:
If the testator lacks mental capacity at the time of signing the will, it may be contested on grounds of incapacity. This could occur if the testator is suffering from dementia, Alzheimer's disease, or other cognitive impairments.
6. Omitted Assets:
Failing to include all assets in the will can result in unintended distributions or assets passing according to intestacy laws. It's essential to conduct a thorough inventory of all assets and update the will accordingly. Make a list of all your assets, including bank accounts, investments, real estate, vehicles, valuable possessions and in today's digital age, it's essential to consider digital assets as well when drafting your will such as online accounts, cryptocurrency and digital files. Failure to address these assets can result in them being overlooked or inaccessible to your beneficiaries. Understanding what you own will help you determine how you want to distribute your assets.
7. Family Disputes:
Disputes among family members or beneficiaries can arise if they feel unfairly treated or if there are disagreements over the distribution of assets. Open communication and clarity in the will can help mitigate these conflicts. If you have children who are minors, decide who you want to appoint as their guardian(s) in the event of your death. Discuss this decision with the chosen guardian(s) beforehand.
8. Executor Issues:
An executor is responsible for administering your estate according to your wishes. Choose someone you trust to carry out your instructions, and discuss your decision with them beforehand. Choosing an unsuitable executor or failing to appoint an executor can lead to delays or complications in the administration of the estate. It's important to select someone trustworthy and capable of carrying out the responsibilities of executorship.
9. Decide on Beneficiaries:
Consider who you want to inherit your assets and how you want them distributed. Be specific and include alternate beneficiaries in case your primary choices are unable to receive their inheritance.
10. Using Templates Without Understanding:
There are will templates available online, however using them without fully understanding the legal implications and requirements can lead to mistakes or omissions. Each person's situation is unique, and a one-size-fits-all template may not adequately address your specific needs and circumstances. While it's possible to create a will on your own, consulting with a legal professional can ensure that your will is legally valid and properly executed especially when you have overseas bank accounts, assets or estate where you may need to adhere to cross border laws and legalities.
11. Consider a Letter of Intent:
In addition to your will, you may want to write a letter of intent to provide additional guidance to your executor and beneficiaries. This letter can include explanations of your decisions, funeral preferences, and other personal instructions.
12. Store Safely:
Keep your original will in a safe and accessible location, such as a fireproof safe or with your law firm. Inform your executor of its location and provide copies to trusted individuals if necessary.
13. Communicate Your Wishes:
While not required, discussing your wishes with your loved ones can help prevent misunderstandings and conflicts after your passing. It can also provide them with peace of mind knowing your intentions.
Disclaimer: While every reasonable care is taken to prepare this article, no responsibility can be accepted for any loss or inconvenience caused by any error or omission. The ideas, suggestions, general principles, examples and other information presented here are for reference and educational purposes only.
If you feel you need to speak to a certified wills and succession practitioner to discuss about writing a will that truly reflects your deepest personal wishes clearly to your loved ones to maintain harmony and avoid future contests after your passing, you may fill in your contact details below for assistance:
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