Wills & Legacies
- WILLS – 4 W’s of Wills:
- What
- Why
- Who
- When
- What is a Will?
- A Will ensures your wishes are carried out in respect of your assets after you die.
- Allows you to provide for your spouse, children, parents etc…
- Why make a Will?
- You decide who gets which assets.
- Helps avoid unnecessary arguments on who gets what and how much.
- Allows you to appoint an executor of your choice.
- You can create a trust for your children.
- Simpler documentation, court procedure to obtain a Grant of Probate (where there is a Will) compared to Grant of Letters of Administration (no Will).
- Shows planning in your life.
- Who can make a Will?
- 21 years old and above. Sound mind.
- When does a will operate?
- Upon death.
Important Terms in a Will
- Testator : Person making a Will
- Beneficiaries : Those who will inherit a benefit under the Will
- Executor : Person appointed to carry out the terms of the Will
- Trustee : Person appointed to distribute the assets
- Testate : Person passes away leaving valid Will
- Intestate : Person passes away leaving no valid Will
What assets can be included in a Will?
- Assets in sole name.
- E.g. house, care, shares, insurance policies, monies in bank accounts, cash, jewellery.
What assets cannot be included in a Will?
- CPF monies.
- Some insurance policies.
- E.g. where beneficiaries have been nominated under the insurance policy:
- a) Pre 1 March 2009 * Death benefits – according to nomination.
- b) Post 1 March 2009 * Trust (non-revocable) nomination – does not form part of the deceased’s estate [S.73CLPA] * Revocable nomination – Will if made after nomination, prevails over nomination.
- E.g. where beneficiaries have been nominated under the insurance policy:
- Joint Assets : Properties or assets in joint-names – Right of Survivorship.
Important Note
- A Will is automatically revoked upon marriage.
- A Will should be made known to family and executors and where it is kept.
- Wills may be registered at Wills Registry – fees payable.
When to review Will?
- If you change your name.
- If an executor dies or cannot carry out his duties due to ill health.
- If a beneficiary dies.
- If you sell away property mentioned in the Will.
- If there is any significant changes in circumstances e.g. acquire property.
- If you divorce, remarry, or have more children.
Points to consider when making a Will
- Executor / Trustee
- 21 years old and above
- Not undischarged bankrupt
- List of Beneficiaries
- List of Assets
- Identify gifts to Beneficiaries
- Guardian for minor children?
- Trust for children during minority?
- Signing of Will – 2 witnesses (21 years old and above) to be present at the same time
*Note : Witnesses cannot be Beneficiaries or spouse of any of the Beneficiaries.
No Will? (Non-Muslims)
- Applicable Law : Intestate Succession Act