The Frightening Realities of Not Preparing a Will

Halloween is the season for scary stories and haunted houses that send chills down your spine. But what could be scarier than the actual horrors that await you if you pass away without a will? Uncover the consequences of not having a will in place.

The Horrifying Possibility of an Untrustworthy Executor

Selecting an executor for your estate is an important decision. Without a will, the courts may choose someone you wouldn’t have chosen to manage your affairs. What if an estranged relative or someone with questionable intentions is in charge of splitting your property? This can result in mismanagement, disagreements among heirs, or, worst of all, an executor who prioritises their own interests over yours.

The Nightmare of Dying Without a Will (Intestate)

Passing away without a will, or intestate, can be a legal and emotional nightmare for your loved ones. In the absence of a will, Singapore’s Intestate Succession Act dictates how your assets will be distributed. This means your estate may go to relatives based on a rigid legal formula, which might not reflect your personal wishes. Your estate will be split rigorously according to the law, with no regard for the needs of your loved ones or their emotional attachment to you.

The Horror of Joint Assets Gone Awry

Joint ownership of property and bank accounts is common in Singapore, but without a clear set of instructions, joint assets could end up in the wrong hands. For example, if you share ownership of an HDB flat and pass away without a will, your share could automatically pass to the other joint owner, regardless of your desires. This could lead to unintended consequences, such as the surviving owner keeping all assets, while your other loved ones are left with nothing.

The Ghastly Spectre of Hefty Legal Costs

Another unsettling effect of failing to prepare a will in Singapore is the possibility of incurring significant legal bills. When someone dies intestate, the estate must go through the legal process, which can be time-consuming and difficult if instructions are unclear. The expenses associated with employing lawyers, submitting documents, and resolving disputes could reduce the value of your estate, leaving less for your loved ones.

Sources:

1. https://sso.agc.gov.sg/Act/ISA1967
2. https://www.forbes.com/sites/nextavenue/2020/04/20/the-dangers-of-dying-without-a-will/
3. https://mylegacy.life.gov.sg/when-death-happens/wills-and-inheritance/

Disclaimer:

The information provided is for general information only and does not constitute financial advice. While we have taken care to check the source of the information, we cannot guarantee that the information is accurate, complete, or will suit your individual financial needs. You are advised to seek professional assistance.