“When there is no will, there may be a war”
What is a “Will”?
A will is a declaration of a person’s intention on matters, which he/she wishes to take effect, after his/her death. A will allows you to transfer your estate to the ‘right’ person(s). Making a will signifies an act of maturity and responsibility in planning for the future well-being of your loved one(s).
It is important to understand that a will is not a contract. It does not need stamping in order to legalize it. For this reason, a valid will may be effective as long as it abides to the Will Act.
More importantly, with the will, you, as the testator, are still in control of your assets during your lifetime.
A will actually serves you by:
- Ensuring that your hard-earned assets are given to the people you want to benefit rather letting the law decide it for you.
- Preventing unnecessary litigation between different parties (families, companies, and partners).
- Relieving your loved ones from legal hassles at a time when they are probably least able to cope.
- Allowing you to express your last instruction to your loved ones, in a personal manner that you may not be able to achieve without a Will.
- Giving you a choice to decide who should be your beneficiaries.
- Allowing you to appoint your own executor or trustee to administer or execute your Will.
- Giving you the right to appoint backup guardian, other than you and your spouse, to safeguard the welfare of any infant child.
As the testator, you can also appoint a guardian for your children in the event that your spouse predeceases you or when both you and your spouse pass away at the same time.
If both lawful parents die, the appointed guardian shall have custody over the children and matters’ pertaining to the latter’s life maintenance, health and education will be taken care.
- Taking a shorter time to obtain a Probate (for death with a will) than a Letter of Administration (for death without a will). As a result, it costs less in term of legal fees and time consumption.
- Waiving the need for guarantors when applying for a Probate. Without a will, the Court needs two guarantors who own the same amount of estate as the deceased. The beneficiaries may face difficulty when getting such guarantors.
- Encouraging you to keep a record, which documents your wealth/estates. With documentation in-hand, fewer complications would surface (upon your death), as your beneficiaries would be well-informed of the various estates owned by you.
- Allowing you to be in control of your assets while you are still alive (since a will is revocable at any time).
