Are you looking for a template for writing a Will in Singapore?
Before the preparation of your Will, you should understand the following:
1. Assets to be Divided
You should think about the properties which you own or have an interest in. These are the properties that can be divided upon your demise. Such assets include:
1. Your home. For instance, your HDB flat or your private property. You should also take note of the properties which are still under mortgage loans.
2. Your items. For instance, your furniture, antique and jewellery.
3. Your investments. For instance, your shares, unit trusts, businesses, insurance policies and bank accounts.
For immovable properties such as your home, there are different ownership structures that could affect your ability to pass them on to your loved ones by way of a Will.
1. Jointly-tenanted properties are properties which you and the co-owner own as a whole. This means that the ownership of the properties will go to the survivor after the demise of the co-owner. You will not be able to give away jointly-tenanted properties by way of your Will.
2. Properties under tenancy-in-common arrangements. In such cases, the property is owned by owners in different percentages. Hence, if owner A owns 50% of the property, he/ she will be able to give away 50% of the property after his/ her demise.
To find out which structure your property is under, you should have a look at the sales and purchase agreement or title deed.
2. Your Beneficiaries
You are searching for a template for writing a Will in Singapore because you would like to protect your loved ones. You should consider who will receive your assets after your demise. Your beneficiaries may be anyone including your spouse, parents, children or even charities.
Your beneficiaries may receive:
1. However, he/ she will need to repay any existing mortgage loans.
2. Residuary gifts. These are remaining assets after payment of all debts and liabilities.
3. Joint gifts. For instance, you may give a property to 2 parties who will receive the property as joint gifts.
4. Trust gifts. You may set up a trust and your trustee will hold the asset for the benefit of the beneficiaries.
You may also name a substitute beneficiary in the event that your original beneficiary is no longer around.
3. Minor Children
You can name a guardian to look after your minor children in the unfortunate event that both parents pass on together.
4. Your Body
You can provide your wishes on your funeral arrangements. You may even stipulate in your Will that you wish for your body to be used for educational purposes or organ transplants.
5. Monies in CPF Accounts
You will need to nominate a beneficiary with the CPF board. In other words, you cannot provide instructions for what will happen to your CPF money by way of a Will. If no beneficiary is nominated, your CPF savings will be distributed via the Intestate Succession Act.
There are many legal requirements to a Will. Rather than search for a template for writing a Will in Singapore, you may wish to consider engaging a Wills lawyer to prepare an affordable Will on your behalf to ensure that your Will is valid.
Contact us at +6598330314 (whatsapp) to have your Will prepared.
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