Will and Testament BasicsIt is very important to write a will because it gives you power to decide what happens to your belongings after you die. You can also decide to appoint a person you trust as your executor to help manage your assets in a proper way according to your wishes. If you have young children, making a Will helps specify how you would like for them to be taken care of. If your children are adults, your Will can stipulate exactly how much of your assets you wish to leave to each child. This is very important because clear instructions will help reduce conflict among your loved ones and relatives after your passing. Surely you would not wish for your loved ones to battle over your assets and weaken your family ties. If you would like to donate some of your assets to charitable organisations, making a Will can help you with that too. In short, making a Will helps you control who gets your property after your death and ensures that your instructions are carried out correctly.
What happens if I don't have a will?Also, if you do not make a Will, the laws of intestate succession Will apply. In Singapore, the Intestate Succession Act sets out fixed rules of what Will happen to your assets (“intestacy rules”) after you die. If you were domiciled in another country at the time of your death, the intestacy rules of that country might apply. According to the Intestate Succession Act, everything you leave behind Will go to your next-of-kin. Your husband/wife and children qualify as your next of kin, and so do your blood relatives if you are unmarried. These rules might not be desirable for you because: · If you are married, your whole estate might go to your husband and wife and your parents may get nothing. · If you are not married and you have no relatives, children or next-of-kins, your entire estate might go to the Government. · If you have minor children, the court will appoint a guardian to take care of them until they are 21. This guardian may not be someone you trust or want to bring up your children. · A personal representative will be chosen to take charge of your estate. They may not be the people you would choose if you had a chance to select. The list goes on. As you can see, it is vital to control how you would like things to turn out after your death instead of leaving everything to chance.
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