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"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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Excluding executive condo (EC) residential units, developers in Singapore sold 718 units in March last month, according to Urban Redevelopment Authority (URA) data released on 15 April - Monday.
This was 4.7 times or more than quadruple of the 149 units sold in February. Of the 718 private residential condo units sold last month, 47 of these private residential condos were in the prime location or Core Central Region (CCR) while 66 private residential new condos were in the city fringe or Rest of Central Region (RCR) and the remaining 605 private residential new condo units were in the suburbs or Outside Central Region (OCR) based on data by the Urban Redevelopment Authority (URA). New private home sales, excluding executive condominium units (ECs), also hit their highest level in four months.
"If we compare last month's March figures with last year's March developer sales of 492 private residential condo units, there is a rise of 45.9 per cent - year on year, but were 13.6 per cent lower than the five-year average of 831 units for the month of March" said Kiwi Lim from the largest listed real estate agency in Singapore - Propnex Realty. "this is not surprising because home buyers are more cautious and selective now due to various factors such as economic uncertainty like job security, higher interest rates, cooling measures and higher living costs due to inflation, etc."
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Private new home sales (exclude ECs) Feb and March 2024
The number of new private residential condo units sold in March pushed first quarter of the year sales to 1,175 units. Lentor Mansion accounted for the bulk of March sales as 409 units were sold out of the total 533 units in the whole development at a median price of S$2,269 per square foot (psf) while the second top-selling project in March - Lentoria, saw buyers snapping up 60 of its new condo units at a median price of around S$2,129 psf. Two of the new launches during the month were boutique developments Ardor Residence and Koon Seng House which sold 1 and 2 units respectively.
Outside Central Region (OCR) is still the hottest
Owing to the launch of Lentoria and Lentor Mansion, along with sales at a clutch of projects in the Outside Central Region (OCR), this sub-market led developers’ sales in March, and it accounted for an overwhelming 84% or 605 units (ex. EC) of the month’s transactions – up sharply from 58 units sold in February. The other OCR projects that had helped to boost sales included The Botany at Diary Farm that shifted 33 units at a median price of $2,030 psf, Lentor Hills Residences which sold 29 units at a median price of $2,114 psf, Hillhaven which moved 16 units at a median price of $2,074 psf, The Myst which sold 13 units at a median price of $1,996 psf, and Hillock Green where 12 units were sold at a median price of $2,168 psf. Of note, Ki Residences at Brookvale sold its last three units in March, and the 660-unit project is now fully sold, based on the URA data.
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Marina View Residences is an upcoming mixed-use development that enjoys an excellent location in the prime District 01, Singapore's Central Region. Click to find out more about this highly anticipated condo project
Core Central Region (CCR) & Rest of Central Region (RCR)
The Core Central Region (CCR) also saw higher developers’ sales from February to March, with 47 units transacted in the month – up from 34 units sold in February. Watten House was the star performer in the CCR with 12 transactions at a median price of $3,255 psf, followed by 19 Nassim which sold 11 units at a median price of $3,304 psf. Since the preview sales in November 2023, Watten House has now sold 134 (74%) out of its 180 units. Meanwhile, Pullman Residences Newton and Leedon Green are completely sold out, following units transacted in March.
Over in the Rest of Central Region (RCR), developers sold 66 new units in March, marking an 8% increase from the 61 units transacted in the previous month. Grand Dunman and The Continuum were the most popular RCR projects in March, each selling 11 units at a median price of $2,474 psf and $2,786 psf respectively. They were followed by Pinetree Hill which sold 10 units, and The Landmark where 9 units changed hands. Meanwhile, new launches Koon Seng House transacted 2 units at a median price of $2,357 psf, while Ardor Residence sold 1 unit at $2,465 psf.
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Top-Selling Private Residential Projects (Ex. EC) in March 2024
Executive Condo (EC) Market
In the EC segment, new sales jumped from 34 units in February to 114 units in March, thanks to sales at Lumina Grand EC, which sold 86 new units at a median price of $1,528 psf. The 512-unit Lumina Grand – which is expected to be the only EC project launch in 2024 – is 72% (370 units) sold as at end-March. The number of unsold ECs remains tight at 358 units, with most of the units at North Gaia and Lumina Grand. The strong take-up rate for Lumina Grand reflects the keen interest among first-time buyers and HDB upgraders for well-located and thoughtfully designed properties.
Developers placed a total of 877 new units (ex. EC) for sale in March – up markedly from the 45 units (ex. EC) released for sale in the previous month. This is the highest number of units launched for sale by developers since 970 units came on in November 2023.
Executive condominiums caters to a unique group of buyers, offering a public-private housing hybrid of HDB flats and private condominiums. These apartments are a sought-after option for the “sandwich class”- those who earn too much to qualify for HDB flats yet are priced out of private condominium markets.
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Median unit price ($PSF) of new non-landed private homes sold by Region by Month
New Condo Projects to Launch in April
Three new projects are expected to hit the market this month in April, being the 142-unit The Hill @ One-North and two boutique developments The Hillshore (59 units) and 32 Gilstead (14 units). Luxury project 32 Gilstead has been launched for sales booking on 15 April.
The Hillshore and The Hill @ One-North – both in District 5 in the RCR – will be launched for sale this coming weekend (20 April). With April’s new launches offering fewer units, we anticipate that developers’ sales could likely underperform March’s new home sales volume.
The Hill @ One-North will be the latest project to be launched in the one-north precinct, following Blossoms by the Park which sold more than 70% of its 275 units when it hit the market in April 2023. As at end-March 2024, Blossoms by the Park is about 88% (241 units) sold, according to URA’s data. Going by the positive response to Blossoms by the Park, we expect The Hill @ One-North to attract interest from home buyers.
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