Introduction
Planning for the future includes making a will. A will is a legal document that states how you want your assets to be distributed after your death. Many people think that making a will is complicated and expensive, but it doesn’t have to be. In Singapore, you can make a valid will for free using a simple process.
What is a Will?
A will expresses your final wishes regarding the distribution of your property after your death. It can also include instructions on other matters, such as who should be your executor (the person responsible for carrying out your wishes) and who should be the guardian of your children.
Why You Need a Will
There are many reasons why you should make a will, even if you don’t have a lot of assets. Without a will, the state will decide how your property is distributed, and this may not be in accordance with your wishes. A will allows you to control what happens to your assets after your death and ensure that your loved ones are taken care of.
How to Make a Will in Singapore for Free (Step-by-Step Guide)
Making a will in Singapore is a simple process that you can do yourself for free. Here’s a step-by-step guide:
Step 1: Gather your information
Before you start writing your will, you need to gather some information, including:
- Your full name and address
- Your date of birth
- Your marital status
- The names and contact information of your beneficiaries (the people who will receive your assets)
- The names and contact information of your executor and guardian (if applicable)
- A list of your assets and their approximate values
Step 2: Write your will
There are no specific requirements for the format of a will, but it should be in writing and signed by you in the presence of two witnesses. You can use a template or write your will from scratch. If you’re not comfortable writing your own will, you can seek help from a lawyer.
Step 3: Sign your will
Once you have written your will, you need to sign it in the presence of two witnesses. The witnesses must be over the age of 18 and of sound mind. They must also be independent witnesses, meaning they cannot be beneficiaries of your will.
Step 4: Store your will
After you have signed your will, you should store it in a safe place where it can be easily found after your death. You can keep it in a safety deposit box, with your lawyer, or with a trusted family member or friend.
What to Include in Your Will
In addition to the basic information required for a valid will, you may also want to include the following:
- Specific instructions on how you want your assets to be distributed
- Instructions on who should be the guardian of your children
- Instructions on who should be the executor of your will
- A statement of your funeral wishes
- A list of any debts that you owe
Benefits of Making a Will
There are many benefits to making a will, including:
- Ensures that your assets are distributed according to your wishes
- Protects your loved ones from financial hardship
- Provides peace of mind knowing that your affairs are in order
Consequences of Not Making a Will
If you die without a will, the state will decide how your property is distributed. This may not be in accordance with your wishes, and it could lead to your loved ones facing financial hardship.
Conclusion
Making a will is an important part of planning for the future. By following the steps outlined in this guide, you can make a valid will for free in Singapore. Don’t put it off any longer – make a will today and ensure that your wishes are carried out after your death.
Frequently Asked Questions
- Do I need to have a lawyer to make a will?
No, you do not need to have a lawyer to make a will. However, if you have a complex estate or if you have any specific concerns, you may want to seek legal advice.
- How often should I review my will?
You should review your will every few years, or whenever there is a major change in your life, such as a marriage, divorce, or the birth of a child.
- What happens if I don’t make a will?
If you die without a will, the state will decide how your property is distributed. This may not be in accordance with your wishes, and it could lead to your loved ones facing financial hardship.
