When it comes to planning their finances, many people in Singapore put off writing a will because they think it’s a complicated matter. In fact, a valid will requires adherence to technicalities and careful use of complex terminology and phrases. As with all other legal documents, carelessly written wills can cause misunderstandings which, in turn, can lead to disputes between the beneficiaries.
In this article, we take a look at the basic components of a will, i.e. the key people involved in writing a will in Singapore:
testators
A testator refers to the person who owns the assets to be distributed upon your death. Under Singapore law, anyone over the age of 21 can have a will written on their behalf, but people over the age of 35 are often the most in need of a will, especially if they are married with children. This is because, in addition to instructions on how to distribute their wealth, testators can also name legal guardians for their children. In other words, parents can make plans to ensure that their children are cared for by the family members they prefer.
Beneficiaries
Beneficiaries are people who may receive financial and/or non-financial gains when a testator dies. Beneficiaries can be anyone, including but not limited to minors, spouses, organizations (eg charity), strangers, illegitimate children, etc. According to the Singapore Ministry of Law’s Public Trustee’s Office, the inheritance of beneficiaries who are also minors, such as dependent children, will not be distributed directly to them. Instead, that inheritance will be held in trust for them until they are at least 18 or 21 years old, depending on the nature of the money they inherited.
Executors
Executors refer to the people who are entrusted with the duty of distributing the wealth of the deceased according to the will. The testator can name as many executors as he wants, and everyone from professional executors licensed by the Monetary Authority of Singapore (MAS) to the beneficiaries of the will can be executors. However, before making plans, please note that there are legal restrictions in Singapore that must be adhered to, such as:
- Executors must be over 21 years of age.
- The executors must be financially sound, that is, not bankrupt.
- The executors must be of sound mind.
witnesses
The role of a witness is to testify that the testator is acting rationally and is not under duress in signing the will. Therefore, when writing a will in Singapore, it is important to note that at least 2 witnesses must be present when the will is signed by the testator.
There are no specific professional requirements to be a witness. However, there are other requirements that a witness must meet, such as:
1. A witness cannot be a beneficiary.
2. A witness cannot be the spouse of a beneficiary.
3. Mentally sound and capable witnesses are preferred.
4. A witness cannot be a creditor.
5. A witness cannot be the spouse of a creditor.
6. An executor can also be a witness (as long as they are not a beneficiary).
will writer
As the name suggests, will writers are the professionals who take on the responsibility of drafting a clear and error-free will to ensure that the decedent’s wishes are protected by law and are carried out upon the testator’s death. Many avoid hiring a professional because they are under the impression that it would be expensive, but that may not be true in the long run. After all, hiring a will writer means there is less chance of rewrites. Also, a well-written will can be more affordable than you think. The price of a will depends on its complexity.
Some independent financial advisory firms also provide will drafting services to their clients and it is a convenient one stop shop for testators. In addition to helping a testator write a will professionally, they may also help plan and/or manage the testator’s finances and insurance coverage.
