Many Singaporeans shy away from making a will. But this is an essential task that should not be put off by those who own property or other assets. Although one of the primary purposes of a will is to specify how your wealth will be distributed after your death, this legal document can serve several other functions.
If you have young children, you can appoint a guardian to look after them till they become adults. You can also appoint an executor to distribute your assets. Distribution of assets, according to the instructions given in a will can be a complicated process and an executor can simplify matters. This is especially helpful if you have elderly parents who you intend to leave a share of your assets to.
The Wills Act governs the manner in which wills can be made and the functions that they can perform in Singapore. To be legally valid, a will should satisfy certain criteria:
- It must be made in writing.
- The document must be signed by the person making the will. The testator must be at least 21 years old.
- It is essential that the document is witnessed by two people. The witnesses cannot be the beneficiaries of the will.