If you pass away without a Will, your assets will be distributed according to the default law called the Intestate Succession Act. According to the Act:

Source: https://singaporelegaladvice.com/law-articles/in-the-absence-of-a-will-how-is-the-deceased-estate-distributed/

Yes, you can. You do not need a Will writer or lawyer to write a Will for you.

For a Will to be valid:

• The Will has to be in writing.
• The testator must be at least 21 years old.
• The testator must sign the Will at the foot of the document.
• The testator’s signature must be witnessed by two or more witnesses, who must also sign the Will in his presence.
• The testator is of sound mind.

However, if you are thinking of a cheap or DIY Will, please think again. 

It is quite natural to appoint a beneficiary to be the executor of the Will, because the beneficiary has a vested interest in the estate. If there is more than one beneficiary, consider appointing the beneficiary with the biggest stake in the estate. If the beneficiaries have equal shares in the estate, consider appointing the one who is capable, willing and trustworthy.

Sometimes, there are situations that warrant the appointment of two executors to act jointly. For example, Mary wants her husband to be executor but she feels that he is not good with financial details. She can appoint her sister who is an accountant to act jointly with her husband.

It comes as no surprise that the executor will probably be doing the job for the first time. We recommend that a checklist of duties is prepared for the executor to follow, making it less stressful for the executor and for the family.

Some testators prefer a neutral person to act as a professional executor, such as a corporate entity. In Singapore, licensed trust companies can be appointed to act as executors in Wills.

In some cases, we need another person to hold the assets bequeathed to a beneficiary as the beneficiary is incapable of managing the gift. Such beneficiaries include young children, elderly relatives, mentally or physically challenged individuals, as well as individuals who have negative habits like gambling and heavy spending.

When appointing an individual trustee, do consider the person’s integrity, age, health condition and whether the person has the beneficiaries’ welfare at heart.

Alternatively, you may appoint a licensed trust company. Such companies hold a trust business licence to conduct trust business under the law and are supervised by the Monetary Authority of Singapore (MAS).

Click here to learn how you can appoint a licensed trust company as a Trustee in your Will

CPF savings cannot be given away through the Will. Instead, you can make a CPF nomination to specify who will receive your CPF savings, and what percentage each nominee should receive, when you pass on.

If a CPF nomination is not made, the deceased member’s CPF savings are distributed to family members under the Intestate Succession Act, or an Inheritance Certificate (for Muslims).

Click here to make your nomination now:

Like CPF savings, the proceeds of insurance policies will go to the beneficiaries nominated in the insurance policies and are not dealt with in the Will¹.

Insurance policies these days can have very large pay-outs. A female non-smoker aged 40, for instance, can purchase a 25-year $1 million term insurance policy for about $90 per month that covers death and TPD (total permanent disability).

We have come across policies with pay-outs of over $10 million, $50 million and more!

The great challenge today is how such large amounts should be distributed. We have seen teenagers become millionaires at age 18 because that is the age at which nominated policies are paid to beneficiaries in one lump sum.

The proceeds of an insurance policy can be held back in a Trust to be distributed over a period of time and with conditions included.

If a CPF nomination is not made, the deceased member’s CPF savings are distributed to family members under the Intestate Succession Act, or an Inheritance Certificate (for Muslims).

Click here to learn how you can appoint a licensed trust company as a Trustee in your Will

Your Will should be available when it is needed most at your passing, and therefore its safekeeping is absolutely important.

Some individuals keep their Will at home in a locked drawer together with other important documents. One concern is fire.

Putting it in a home safe deposit box is a safer bet. While safer in the event of fire, your home safe deposit box could still be accessed by someone with the access code.

Another option is to use a professional Will custody service that stores your Will in a secured facility with protection from tampering, destruction, fire and water damage.

It is not recommended to keep your Will in a bank safe deposit box. The safe deposit box is probably too safe. The bank will ask for the Grant of Probate before allowing a family member to access the safe deposit box, but the executor needs the Will inside the box to apply for the Grant of Probate!

Most of us would like to keep our list of assets private and confidential.

However, if you do not list your assets when you are still able to do so, your family members will face an immense task of finding out what assets you own and where they are located. 

A Schedule of Assets is required by the court before the orderly distribution of your assets can take place.

In our experience, more than 90% of applications for the Grant of Probate (or Letters of Administration if the deceased passed away without a will) are delayed because the deceased did not compile an Asset Inventory prior to his passing.

Your Asset Inventory can be updated informally whenever assets are acquired and sold. The values of the assets can be an estimate and may need updating only when the values have changed significantly.

The Asset Inventory lists what you own and owe, and that would be of great help when the Grant of Probate is being applied for.

Another reason for its importance is that financial institutions will only pay out the items listed in the Schedule of Assets and nothing more. For example, if the deceased has three accounts with a bank and only two accounts are listed in the Schedule of Assets, the bank will require the executor to have the Schedule of Assets amended to include the missing account before proceeding to release the money in the missing account.

Wills are not almighty. It takes effect only upon the demise of the person making it. You may face other uncertainties such as becoming mentally unsound or critically ill, events which are not covered by the Will.

Making an LPA and AMD are some of the other arrangements you should consider to make your estate planning more complete.

Click here to learn more about the LPA.

Click here to learn more about the AMD.