Every country has different laws. If you are making a Will in Singapore, here is what you need to know.
Death is not something that we like to think about, let alone discuss with our spouses.
However, as parents, we need to think about this inevitable reality simply because we owe it to our children. If you have a will in place, you can rest assured that your children and your partner will be entitled to what is rightfully theirs.
The absence of a will can be a source of great frustration for those left behind.
In this article we tell you why you should have your Will drawn up now and how you should go about it.
Why every parent should have a Will
As a parent, making a Will is a way to make sure that your child is well provided for should anything happen to you.
All parents will hope to be there for their child to watch him grow, reach adulthood and become capable of taking care of himself. However, we must also be prepared for the unexpected and make sure that in the unfortunate circumstance that something does happen to us, we have made the necessary provisions for our children.
If you are a new parent or a parent-to-be and have yet to draw up a Will, now is a good time to seriously consider having one made.
In your Will, you should appoint:
- A legal guardian to care for your children in the event of your passing before they reach adulthood;
- A trustee to manage your assets till your child reaches adulthood; and
- 2 executors to distribute your assets and manage your affairs after your death. Being testate would eliminate any uncertainties over your assets in the event you pass away.
While making your Will you need to keep the following points in mind:
Marriage renders past Wills invalid
The first thing to remember is that when you get married, any Will made prior to the marriage is rendered invalid.
This is because, under the Wills Act of Singapore, the newly married spouse is entitled to a share of the estate of his/ her spouse in the event of their death.
You will need to execute a new Will to include beneficiaries other than your spouse whom you have intended to receive a share of your assets.
So how do you make a Will in Singapore? Read on to find out.