Wills and Estate Planning

Wills and Estate Planning Law firm with over 30 years experience specializing in Wills and Estate Planning.

We are highly trained, experienced and service oriented legal professionals always at your service.

30/07/2021

What are the duties of an Executor 👱‍♀️👨‍🦰

📌Making funeral arrangements for deceased
📌Applying for Grant of Probate for deceased's estate
📌Consolidating deceased's assets
📌Arranging to pay the debts of the deceased (if any)
📌Distributing the assets of the deceased to be beneficiaries under the Will

Executors are always under a fiduciary duty to act in the best interests of the beneficiaries.

What is the requirements to be an Executor
☑️Someone you trust to manage your assets and distribute them to the beneficiaries under your Will
☑️Above age of 21
☑️Not a bankrupt
☑️Your executor can be your beneficiary

If you do not have someone that you trust, you may appoint a professional executor like a law firm to be your executor.

Thank you for entrusting us with your Will Mr Goh 😀
30/07/2021

Thank you for entrusting us with your Will Mr Goh 😀

28/07/2021

Will Checklist 📝

Following items should be tabulated and listed in your Will
🏠Housing- HDB, Condominium, Landed property, Strata-landed housing
🏦 Bank accounts- Bank accounts (sole/ joint), savings account or current account
💹Investments - Shares, options, funds, unit trusts, ETFs, bonds, cryptocurrencies, forex, indexes etc
🚗Belongings - Vehicles, watches, paintings, heirlooms etc
♻️Insurance - Insurance with cash/ surrender values and/ or lump sum payouts

Manner of holding of immovable property 🏡

Joint Tenancy- each co-owner "owns" 100% of the property and survivor owns 100%. This is the default manner of holding of property in Singapore.

➡️For property held in joint-tenancy, the property must be "Willed" to the joint-owner first and when the person making the Will and the joint owner pass on, they are then “willed” to your beneficiaries.

Tenants-in-common- each owner owns specific shares in the property.

➡️ For property held in Tenants-in-Common and can "Will" his/ her shares to beneficiary of his/ her choosing.

My CPF 💲

You cannot provide instructions for distributing your CPF monies as CPF monies will go to the beneficiary you nominated for your CPF account with the CPF Board.

If you do not nominate a beneficiary, your CPF savings will be transferred to the Public Trustee's Office, which will distribute the monies to your family members following the rules under the Intestate Succession Act, or if you are a Muslim, under the Inheritance Certificate.

Your Executors 🕴
Executors are your appointed trusted persons to administer your estate in accordance with your Will.

He/she can be your spouse, adult children, friends, relatives etc as long as he/ she is above 21, of sound mind and not a bankrupt.

Beneficiaries can be executors too.

Your Beneficiaries 👶👧🧒👦👩

Beneficiaries are the persons that will receive your estate, they can be your spouse, parents, children, siblings, friends or even some charitable organization, religious organization etc.

Legal Guardianship 👩‍👦

For your minor children below the age of 21, you should consider appointing a guardian for them, legal guardian essentially step into the shoes of the parents when both parents of the child are deceased.

In the absence of the appointment, the courts will get to decide on issues of legal guardianship

Funeral 💒⛪️🛕🕍

It is possible to state how you want your funeral to be conducted.

25/07/2021

Why should you do a Will? 🛃

Everyone will eventually pass on and it is important that we ensure that our loved ones is provided for.

The best way to ensure that is done is to do up your Will

Reasons for writing a Will

👉Choose how to distribute your assets

If you pass away without doing your Will, your assets will be distributed in accordance with the Intestate Succession Act. This process is costly and time consuming not to mention you do not have a choice in how your assets are distributed and to whom it is distributed to

👉Appoint Legal Guardian(s) to look after your children

Choice to appoint a legal guardian to look after your children in your Will. If this is not done, a court will have to appoint a guardian and this may not be the best person you believe capable to bring up your children

👉Appoint Executors to take charge of your assets and distribute them in accordance with your wishes

Without a Will, your personal representatives will be appointed by law (usually next-of-kin, husband or widow of the deceased) and they may not be the best people to carry out your wises.

👉Choose your funeral arrangements

You can leave instructions for your funeral arrangements

👉Leave special instructions or final words to ease your loved ones pain during this difficult time

You can dictate "final words" to assist your loved ones to move on with their lives after your passing, this will have a powerful effect on minimizing the grief of your loved ones since its personal in nature and is literally coming from you after your passing.

What happens if I die without making a Will?

❌Less control over your estate - Cannot choose who to give your assets to

❌Assets distributed in accordance with the Intestate Succession Act

❌More costly for your administrators to distribute your assets

❌More time consuming for your administrators to distribute your assets

25/07/2021

Requirements for a valid Will in Singapore 🇸🇬
1. Will must be in writing
2. Person making the Will to be 21 years old and above
3. Person making the Will must sign the Will at the foot of the Will
4. Will must be witnessed by 2 or more witnesses, who must also sign the Will together with the person making the Will at the same time
5. The 2 witnesses must be above 21, of sound mind, not beneficiaries or spouses of beneficiaries.

Distribution of assets - Jointly owned property/ bank accounts must go to the joint owner first (Rule of Survivorship) before it can be "Willed" to another party if the joint owner predeceases the person making the Will.

Central Provident Fund (CPF) monies are not covered in your Will, you need to make a CPF nomination at https://www.cpf.gov.sg/Members/Schemes/schemes/other-matters/cpf-nomination-scheme
If you did not make a CPF nomination, your CPF savings will be transferred to the Public Trustee's Office and be distributed in accordance with the Intestate Succession Act

25/07/2021

Have your Will drafted for $300 nett at a local law firm.

About the law firm: Law practice founded more than 30 years ago ago in 1984. Team of experienced, motivated and service oriented legal professionals to draft your Will and manage your estate planning.

✅Validity of Wills assured
✅Professional Indemnity provided
✅Witnesses provided
✅Registration of Will at Wills registry (optional)
✅Option to keep your original Will with the law firm

"It is a myth that only the rich need Wills"

Why must I do a Will
👉A Will serves the most important function of allowing you to choose who to receive your movable assets and percentage thereof
👉To choose who to receive your immovable property
👉You can keep your assets out of the hands of estranged relatives and those that you do not think deserves to inherit your assets
👉You can decide who should look after your minor children, if not the courts gets to decide on guardianship
👉Your heirs will have a faster, cheaper and easier way to gain access to your assets with a Will

Address

1 Magazine Road #04-05, Central Mall
Singapore
059567

Opening Hours

Monday 10:00 - 20:00
Tuesday 10:00 - 20:00
Wednesday 10:00 - 20:00
Thursday 10:00 - 20:00
Friday 10:00 - 20:00

Telephone

+6591872783

Website

Alerts

Be the first to know and let us send you an email when Wills and Estate Planning posts news and promotions. Your email address will not be used for any other purpose, and you can unsubscribe at any time.

Contact The Practice

Send a message to Wills and Estate Planning:

Shortcuts

Featured

Share

Category