When you decide to write your will in Singapore, do you know the essential things you should consider including in your Will? This is the Part 1 of our multi-part series on what you need in your will.
Almost everyone has heard of a will – the document that helps with distributing one’s estate after one passes away. Very few people, however, actually know what goes into a will. In our three-part series, we discuss some common clauses and provisions you should include in your will to help you to think and plan for this important process so that your loved ones will be able to see to your last wishes.
It is always recommended that you seek legal advice from a professional when preparing your will.
An executor is a person nominated in the will to administer the estate of the testator (person making the will). He or she is in charge of ensuring the provisions in the will are carried out. In the case of complicated estates or sensitive family situations, sometimes two or more persons are named as joint executors to minimize the potential for dispute or conflict. It is also a good idea to nominate backup or alternate executors in the event the primary executors are ineligible or not around at the time they are called upon to act as executors. It is possible to appoint professionals (e.g. lawyers) to be the executor, but it uncommon as the estate will have to bear all legal costs that they may charge for their services in administering the estate.
A guardian is a person nominated in the will to hold care and control of any minor children of the testator, in the event that both parents are no longer around. Guardians will raise the testator’s children and will take over the role of the parent to make all major parenting decisions. It is possible to appoint guardians for your children even if the other parent is alive (especially in divorce situations where you are the parent with custody of the children).
Even after the testator has passed away, his/her outstanding liabilities to creditors remain and the estate will be accountable for any such liabilities. Hence, the will should provide for the repayment of any such liabilities, expenses incurred in administration of estate and funeral expenses borne by family members.
Find out what else you need to put in your will in Part 2, coming soon.