A Will is a legal document which enables a person to decide on how his or her assets are to be distributed following his or her passing. However, there are many types of Wills that can be drafted and one may wonder how a Will should be drafted for it to be in line with their own personal desires and intentions. In this article, we will discuss how various types of Wills may affect the testamentary freedom of the testator (the person making the Will).
CONTENTS OF A WILL
While there is no such a thing as a standard Will, most if not all Wills would include and provide for the following:-
a. Revocation Clause
It is common for a revocation clause to be put into a Will to ensure that it is the last Will of the testator after it is signed and it will revoke the earlier Wills (if any) and this intention needs to be made clear through an expressed declaration in the Will via a revocation clause.
Under normal circumstances, revocation of an independent Will can be made anytime throughout a testator’s lifetime given the testamentary freedom in Singapore.
b. Appointment and Powers of Executor(s) and Trustee(s)
For a Will to kick into effect after the testator passes away, the executor(s) must be appointed to execute the Will and trustee (s) to manage and distribute the assets thereafter to the lawful beneficiaries.
The testator must appoint his/her chosen and trusted executor(s) and trustee (s) and provide for the arrangement as to how they are going to work together on his/her passing e.g. how many executor(s) and trustee(s)? Are they acting jointly? What kind of powers are given to the them? Any restrictions? How much discretion are accorded to them? All these questions can and should be addressed in the Will itself to provide clarity on execution.
In Singapore, one is free to appoint whoever he or she prefers as the executor(s) and trustee(s) and one can appoint a minimum of 1 and a maximum of 4 persons.
CONTENTS OF A WILL
While there is no such a thing as a standard Will, most if not all Wills would include and provide for the following:-
a. Revocation Clause
It is common for a revocation clause to be put into a Will to ensure that it is the last Will of the testator after it is signed and it will revoke the earlier Wills (if any) and this intention needs to be made clear through an expressed declaration in the Will via a revocation clause.
Under normal circumstances, revocation of an independent Will can be made anytime throughout a testator’s lifetime given the testamentary freedom in Singapore.
b. Appointment and Powers of Executor(s) and Trustee(s)
For a Will to kick into effect after the testator passes away, the executor(s) must be appointed to execute the Will and trustee (s) to manage and distribute the assets thereafter to the lawful beneficiaries.
The testator must appoint his/her chosen and trusted executor(s) and trustee (s) and provide for the arrangement as to how they are going to work together on his/her passing e.g. how many executor(s) and trustee(s)? Are they acting jointly? What kind of powers are given to the them? Any restrictions? How much discretion are accorded to them? All these questions can and should be addressed in the Will itself to provide clarity on execution.
In Singapore, one is free to appoint whoever he or she prefers as the executor(s) and trustee(s) and one can appoint a minimum of 1 and a maximum of 4 persons.
c. Disposition of Property
The disposition of property through a Will after a person’s death is possibly what most are familiar with when it comes to legacy planning. That being said, there are many factors that must be considered when it comes to the disposition. For example, what can or cannot be disposed by way of a Will, the intended manner of holding of the property for the beneficiaries and whether there will be a trustee to hold the property in trust for a minor beneficiary or special needs children for example.
In general, except for jointly-owned assets, CPF monies and insurance monies where nomination has been made, a person is usually free to dispose of any property he or she owns in Singapore through the Will.
d. Residuary Clause
The Will must also provide for a residuary clause as a catch-all clause to account for the gifts not specified in the Will and/or for future and unexpected assets e.g. inheritance, striking a lottery and etc., failing which without the residuary clause these gifts would not be accounted for under the Will and unfortunately would fall under the default position of the law under the laws of intestacy which sometimes may not be what the testator wants.
e. Testamentary Formalities
One must also adhere to the testamentary formalities for the Will to be valid. In Singapore, the general principle is that the Will must be in writing and signed by the testator in the presence of 2 independent } witnesses who must be present at the same time and the
witnesses must also sign on the Will. If a witness temporarily leaves the room while the testator is signing the Will, the testamentary formalities are deemed not complied with and the Will is then treated as not properly executed and will be invalid. In addition, the witnesses to the Will cannot be the testator’s spouse and the beneficiaries of the Will.
The disposition of property through a Will after a person’s death is possibly what most are familiar with when it comes to legacy planning. That being said, there are many factors that must be considered when it comes to the disposition. For example, what can or cannot be disposed by way of a Will, the intended manner of holding of the property for the beneficiaries and whether there will be a trustee to hold the property in trust for a minor beneficiary or special needs children for example.
In general, except for jointly-owned assets, CPF monies and insurance monies where nomination has been made, a person is usually free to dispose of any property he or she owns in Singapore through the Will.
d. Residuary Clause
The Will must also provide for a residuary clause as a catch-all clause to account for the gifts not specified in the Will and/or for future and unexpected assets e.g. inheritance, striking a lottery and etc., failing which without the residuary clause these gifts would not be accounted for under the Will and unfortunately would fall under the default position of the law under the laws of intestacy which sometimes may not be what the testator wants.
e. Testamentary Formalities
One must also adhere to the testamentary formalities for the Will to be valid. In Singapore, the general principle is that the Will must be in writing and signed by the testator in the presence of 2 independent } witnesses who must be present at the same time and the
witnesses must also sign on the Will. If a witness temporarily leaves the room while the testator is signing the Will, the testamentary formalities are deemed not complied with and the Will is then treated as not properly executed and will be invalid. In addition, the witnesses to the Will cannot be the testator’s spouse and the beneficiaries of the Will.
*This information above shall not be construed and be relied upon as legal advice and all readers are advised to seek separate legal advice for all matters related or arising from the issues raised above.
