In our society, traditional beliefs and Asian taboos about death often result in reluctance to carry out estate planning and will writing. It is estimated that only about five per cent of Singaporeans have written a will. This is probably due to the misconception that many people hold; believing we have “adequate” time to make a will, and as a result, procrastinate.
If you pass on without a will, the state will distribute your assets according to the Intestate Succession Act. What’s not great about it: intestacy rules are rigid and it is possible your assets and money may not reach the people whom you feel need it most. For example if your spouse and children are financially self-reliant at the time of your passing, you may prefer to provide for your elderly parents or other dependants if you have had a will written.
Why should I make a will?
If you don’t make a will, these situations may happen.
- Everything you leave will be left to your next of kin according to intestacy rules. If you are married, your husband/wife and children qualify as next of kin; for single/unmarried people, close blood relatives like your parents. If you are survived by your spouse, your whole estate may not go to him or her. In some circumstances, your parents may end up with next to nothing.
- If you have young children or dependants under your care, who will take over guardianship or until they are old enough to look after themselves? Without a will, the courts have the power to appoint a guardian; it may not be the person you want to bring up your children.
- With no will in place, your representatives will be chosen according to fixed rules. They may not be the people most suitable to act in the interest of your loved ones and estate.
Why you should make a will
– with a well thought through estate plan you can:
- decide exactly what you want done with your property, assets and money after your death;
- appoint representatives and bestow them with the powers they need;
- reduce the burden of unnecessary taxes and payments;
- appoint guardians for dependants/young children; and
- specify your preference for cremation or burial.
To create your estate plan, you are welcome to speak with our Planners who will be glad to assist with your queries.
To find out more, join us at this upcoming seminar where our Principal Consultant Mr Stephen Chew will be speaking about estate planning, will and LPA.
Topic: Have Your Will, Have Your Way
Speaker: Stephen Chew, Principal Consultant, Summit Planners
Date: 19 January 2017, Thursday
Time: 7.00pm to 10.00pm
Venue: Suntec Singapore Convention & Exhibition Centre, Level 3, Room 327
Admission: $18 per person
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