I had my Will written at the age of 24. I am often met with a look of disbelief mixed with confusion, followed by the questions:
- You’re so young, how much do you have to give away?
- Do we really need to write a will?
In this article, I intend to address the urgency and importance of Will Planning as an integral area of an individual’s Financial plan, and the perils of leaving without one.
Simply put, a Will is like a key to your Treasure Box. Passing on without one is akin to giving your loved ones a 10-digit combination lock without telling them the number combination.
My initial impression about Will-writing was that it was exclusive and necessary only for the filthy rich; TV Dramas have sealed the impression of how individuals fight after a family fortune to no end. And I too, very quickly disqualified myself asking the first 2 questions that now people ask me. But after finding out more on what it is about, this is what I have to share:
Intestacy; When one dies without a Will
Usually, this is more complicated than you would imagine. Someone does not simply call up your beneficiaries and give them a portion of the inheritance. More often than not, your Administrator will find himself/herself appearing in front of the Judge several times, attempting to prove as the rightful claimant to your estate. This involves the need for stacks of paperwork, and fees incurred by legal and financial professionals. Cases can range in complexity based on whether you have beneficiaries who are Minors (children under the age of 21), the number of immediate family members you have, and the relationship between these individuals. If amicably settled, the shortest time will be around 6 months. In unfortunate cases, it could drag on for years on end.
You want to be remembered for the right reasons; not because you left a total mess and unsettled business for your family to pick up the pieces.
Reasons for having my Will written
It is a common understanding that often times, matters within the family can be settled amicably. But in regard to assets and how they are to be distributed, disputes are bound to arise. Therefore, I had my Will written because I wanted the choice of how my estate would be handled.
Having a Will written allows me the control over these things:
- I want to be clear of who the person handling my estate will be – someone whom I trust, is willing, available and with integrity.
- Have the say in who my assets will benefit according to the proportions I want.
- My beneficiaries need not be based in Singapore; they can be individual and charitable organisations based overseas.
- On the first-cut, I can benefit individuals and charitable organisations, which by way of intestacy, would never become beneficiaries.
- I want to benefit selected beneficiaries as well but understand that even after they attain the legal age of 21, I pre-assessed that they may not be responsible enough to handle the monies and prefer it to be withheld and managed by a Trustee.
- I want to dispute the fact that people think they must have a lot of assets with them before they give. In the course of Will-planning, I created an immediate estate with equal value to a property through a simple, affordable term insurance.
I strongly believe that gone are the days where Will writing is seen as taboo. Increasingly, it is becoming a topic that is gathering more attention. Having a Will written by a professional is simply stating down one’s intentions and facilitating the process so that one’s assets can benefit their loved ones as soon as possible.
Some initial objections I have with people often show that this is an area where much value can be added:
- “I will have my Will written the hour before I die…” How do you know when and how you would go?
- “I don’t have much to give…” What if I told you I could create wealth for you to give?
- “All my assets are held in joint-agreement…” What if both perish in a common disaster?
- “Should my husband and I perish together, my sister will take care of our child…” Is this what your husband wants as well? What if she is not available/willing?
- “I am a single parent and will leave all to my children…” How sure are you that they will out-survive you?
- “My family will know what to do when the time comes…” Will they know how to handle your matters as well as you do?
- “I haven’t thought of who to give and who to handle my money…” All the more with you having an opinion, I believe you wouldn’t be satisfied with letting the local law decide for you.
Life is fragile, but most people delay planning because they are under the impression that Will planning is a very complicated process. This is where it is advantageous to engage a Will Planner to discuss their concerns.
Think for a moment, of how you would like your family to be taken care off. This is akin to the last words to your family. What will they be?
I am an accredited Will Planner representative at SimplyWills Pte Ltd and I can assist you in the facilitating your Will. Our team has written more than 10,000 Wills and helped more than 500 families in applying the grant of probate/letters of administration. Our vision for the company is to be the preferred Will writing company in Singapore by providing affordable and accessible Will writing, probate assistance and succession planning service.
Contact Joshua here to find out more about Will Planning.
