Why “I’ll Do It Later” Is the Biggest Estate Planning Risk

Estate planning is often postponed with good intentions. Many people believe they have time, that it’s something to deal with after life becomes more “settled.” However, under Singapore local laws, if no plans are made, decisions are made for you, often in ways that may not reflect your wishes.

“It’s Too Complicated and Time-Consuming”

Many people delay estate planning because it feels overwhelming or complicated. Ironically, choosing not to plan often creates far more complexity in the long run.

In Singapore, when a person passes away without a will, their estate is distributed according to the Intestate Succession Act (which does not apply to Muslims). These statutory rules may not reflect personal intentions and can result in outcomes that differ significantly from what the deceased would have wanted.

“I’ll Do It After I Reach the Next Milestone”

Marriage, property ownership, children, and retirement are often seen as the “right time” to start estate planning. The risk is that life doesn’t always follow a neat timeline.

For example, in Singapore:

• Marriage generally revokes an existing will. Under Section 13(1) of the Wills Act, any will made by a man or woman is automatically revoked upon marriage. This means that if you created a will before getting married, it becomes invalid once the marriage takes place. However, a will may remain valid if it was made in contemplation of marriage.
• Divorce does not automatically revoke a will. If your will was made while you were married, it can remain legally valid even after a divorce, unless you take steps to update or replace it.

“I Don’t Have Enough Assets to Worry About This”

Estate planning is often mistaken as something only relevant to the wealthy. In reality, almost everyone in Singapore has an estate. This may include:

• CPF savings
• Bank accounts
• Insurance proceeds
• A share in HDB or private property
• Digital assets and online accounts

Without clear instructions, even modest estates can lead to delays and conflicts among family members. The issue is rarely how much you own, but whether your loved ones know what to do and who is entitled to what.

The biggest consequence of delaying estate planning is the loss of control. Once something happens, there is no opportunity to clarify or correct those decisions. A simple estate plan put in place early can provide certainty and peace of mind.

Sources:

1. https://singaporelegaladvice.com/law-articles/in-the-absence-of-a-will-how-is-the-deceased-estate-distributed/
2. https://www.singaporedivorcelawyer.com.sg/marriage-or-divorce-do-i-need-to-update-my-last-will/

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.