Everyone above the age of 21 years old with distributable assets should write a will. The impetus becomes particularly acute for those relatively senior in age, and should a senior depart without having made a will, the distribution of the assets of the deceased becomes complex, and may even be contested.
Yuen Law advises on the writing of your will so that even the most complex of instructions can be accommodated according to your wishes. We ensure your wills are legal and enforceable.
Will generally will have a list of assets and liabilities, and if there are overseas assets (and/or liabilities), the will writing becomes more complex and we need to consider the issue of Probate.
If you currently have debts or liabilities, you need to specify how they will be managed. Generally, debts will be paid out of the estate, such as the sale of property. Only when debts are settled, will the executor of the will be able to distribute the remaining assets according to the instructions in the will.
It is very important to note that monies inside the Central Provident Funds (CPF) are not covered under the will. You need to make a CPF nomination if you have not already done so.
Of course, the will would include a list of beneficiaries, guardians (if the beneficiaries are too young), and backup beneficiaries. The will would also clearly list its executors. A beneficiary may also be an executor of the will.
A will should also contain a revocation clause that revokes any and all previous wills. In the event that the listed beneficiaries have died before the will is in effect, there should also be a residuary clause that distributes any remainder of your estate according to your wishes.
After you have written the will, it must then be signed in the presence of two witnesses. The witnesses cannot be beneficiaries of the will, or spouses of beneficiaries. Our lawyers can act as witnesses.
There are online will-making templates, and there are even will-making apps. However, if you have significant assets, or if you have complex and joint ownership structures of assets, and if you have a number of beneficiaries, you must ensure that the will is enforceable and the least likely to be contested. Our lawyers, being experts at drafting wills, will give you the peace of mind.
Yuen Law LLC provides assistance in matters regarding wills. Do contact us to make an appointment.