We often insure our property, set up long-term investments and cover ourselves via life insurance to ensure those that we love will be looked after after we die, however it is alarming how many people still have not had a Will prepared. Many of us realise that we are not invincible when it’s too late, ensure that you’re prepared.
As an expat in Singapore or elsewhere in the region, it is also important to consider cross-jurisdictional wills. While Singapore is also part of the Commonwealth, there can be differences in the way a Will is treated between various countries, including Australia. This can include incapacity instruments such as Testamentary Trusts, tax treatment on the distribution of assets and other discrepancies. With our third-party relationships, we can guide and assist you in assessing whether a separate Will is required.
Important Considerations When Preparing Your Will
Current assets held
Location of assets
Purchase cost of assets
Members to inherit assets
Full details of beneficiaries
Burial or cremation wishes
Guardians for children
Executor of your Will
Location/s of your Will
A DIY Will Often Leads to Disaster
Below are just some of the errors that are made when people try and make their own Will, or rely on a ‘cheap’ online service…it’s always important to remember that you get what you pay for.
Financially incompetent Executor
Forgetting to include debts
Dating the Will incorrectly
Ignoring tax implications
Including jointly owned assets
Incomplete names of beneficiaries
Why It’s Important to Act Now
If there is no Will in place, then an Administrator would generally be appointed instead of an Executor and they must act in accordance with the law rather than carrying out your own wishes. It is always therefore important to have your Will prepared avoiding emotional stress and further problems with your loved ones at a distressful time for them.