Without a will, your estate will be distributed according to the law rather than your wishes. This could be your bank savings, your property (or properties), your Central Provident Fund monies or even your investments in cryptocurrencies or stocks.
In Singapore, only legal family members are recognised under the Intestate Succession Act. Your fiance, godchildren or the charity you’ve spent years donating to or volunteering for will not get a single cent.
A will prevents disputes among family members, which can help preserve family harmony even when you’re not around to play mediator. For instance, my children are closer to my parents-in-law, so I’ve stipulated in my will that in the event my spouse and I are both deceased or incapacitated, they will live with his parents instead of mine.
But let’s say you’re married with no children. Following your death, your spouse gets half your assets while the other half is distributed to your parents. Want to leave your money to only your mother who single-handedly raised you instead of splitting it between her and your estranged father? No will, no way.
CARING FOR THOSE YOU LEAVE BEHIND
Not only does having a will ensure your money and possessions go where you want them to, it also spares your loved ones from a prolonged and stressful process waiting for the courts to distribute your assets.
When a person passes away, their personal assets are frozen. No one can withdraw from their bank accounts, take over their properties or sell their stock investments.
If they had been the sole or main breadwinner, this can result in great inconvenience and hardship for their living family members. The next-of-kin will have to apply to the court for Letters of Administration to obtain access to these assets – in the meantime, they may struggle to cover daily living expenses, or even funeral arrangements for their lost loved one.
