Tying up loose ends with a Will

Writing a will is not a topic that most people enjoy thinking about, as it forces us to confront our own mortality. However, creating a will is an essential part of responsible financial planning, and it is something that everyone should consider regardless of their age or wealth.

It's not uncommon for people to think that they're too young or have too few assets to write a will. However, the reality is that creating a will is an important part of responsible financial planning, regardless of your age or wealth.

One important reason to create a will, even if you're young and don't have a lot of assets, is to ensure that your wishes are respected in the event of your untimely death. Without a will, your assets will be distributed according to Singapore's intestacy laws, which may not align with your wishes. Additionally, a will allows you to appoint an executor to manage your affairs after your death, and to make provisions for any dependents you may have.

Creating a will can also be an important step in protecting your family's financial future. In the event of your death, your loved ones may be left with a significant amount of debt or financial obligations, which can be challenging to navigate without proper planning. A will can help to ensure that your assets are used to pay off any outstanding debts, and that your loved ones are not burdened with unexpected financial obligations.

On a more emotional note, writing a will is effectively your last letter to your loved ones. Some assuring words can help your loved ones process their grief and potentially have closure.

By creating a will, you can ensure that your wishes are respected, and that your loved ones are protected in the event of your untimely death. So, it's never too early to start thinking about your own will, regardless of your age or wealth.

What is the will writing process like?

The process of writing a will in Singapore is relatively straightforward, and it involves a few key steps. First, you will need to decide on your beneficiaries and the assets that you wish to distribute to them. Beneficiaries could be anyone you wish - family members, friends, charities, organizations and even businesses. Assets could also include sentimental personal belongings, valuable jewelry, watches or even golf clubs!

It can be a tedious or "leceh" process but think about it on the flip side. If it is tedious for you now while you have all the information at hand of your own assets and affairs, imagine how difficult it will be for your loved ones to trace all your assets when you're gone!

Next, you will need to appoint an executor to manage your estate and carry out your wishes. You can choose a family member you trust, a friend or even hire a professional to do so! Picking an executor wisely is important as they will be responsible in helping you carry out your wishes and make decisions should there be unclear instructions. I usually guide my clients to help them pick out the most suited executor and name substitutes as well, in the event the main executor not be able to fulfill the duties some way or another.

Finally, you will need to draft the will itself, which should be done with the help of a certified professional (like me) to ensure that it is legally binding and reflects your wishes accurately.

How much does it cost?

While the cost of writing a will in Singapore can vary depending on the complexity of your estate and the services that you require, it is typically a small price to pay for the peace of mind that it provides. The cost of not having a will can be far greater, as it can result in lengthy legal battles, family disputes, and a significant amount of stress and uncertainty for your loved ones.

In 2023, the cost of writing a will can range from a few hundred to a few thousand dollars, depending on the complexity of your estate and the services that you require. It's also good to note that doing it with a lawyer could incur hourly rates especially if you need to edit the will along the course of your life, which is very likely.

For Financial Consultants who are Certified Estate Planners like me, we help to draft out the will and provide insights on potential problems that may arise thus reducing the risk of arguments after as we have helped many beforehand. We also provide solutions for your consideration to plug any potential problems that could arise. This drafted will, will also be vetted and checked by a qualified lawyer through our partnerships. As this is an added service to provide a one stop solution for our clients on top of being a financial advisor, usually charge a one-time fee compared to hourly consultation fees and sometimes, free edits over a period of time as we usually provide annual reviews for our clients and their policies. This is an efficient way to reduce costs to complete your financial matters.

Ultimately, the importance of will writing cannot be overstated, especially in a society like Singapore where family ties are strong, and assets are often significant. By creating a will, you can ensure that your loved ones are taken care of after your death, and that your assets are distributed according to your wishes. So, if you haven't already, it's time to take the first step and start thinking about your own will. After all, as the saying goes, it's better to be safe than sorry.

Don't wait as tomorrow is not promised! Book a consultation with me to kickstart your will writing now!