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Read MoreSINGAPORE WILLS
| Service | Price | Number of Executors | Number of Beneficiaries | Remarks |
|---|---|---|---|---|
| Singapore Will | SGD 480 | Up to 2 | Up to 4 adults | Additional fees apply to appoint more than 4 adult beneficiaries OR to appoint legal guardian for children under 21 years old |
| Will Deposit Filing @ Wills Registry | SGD 100 | NA | NA | Per filing. Same fees apply for conducting a search of Will Record |
Hilda Loe Associates provides a will planning service for your Singapore assets and estate. A will is a legal document that sets out your wishes for the distribution of your assets and estate (e.g. Singapore company shares, bank accounts, real estate, jewelleries, etc) and the care of your children upon your death. If there is no will, your estate will be distributed, by default in accordance to the rules in Singapore’s Intestate Succession Act and such distribution may not be according to your wishes.
The following is some basic information for your consideration when you are considering the idea of making a will:
What can a will do for me?
- To specify who received your assets and cares for your children and under what conditions. If you die without a will (i.e. if you are intestate) then the decisions on your behalf in accordance with local laws. This may not accord with your desires.
- You can name someone whose judgement you trust as the executor to ensure that your wishes are carried out.
- You can name a guardian for your children (i.e. below 21 years old) rather than leave it to the state to decide in accordance with its laws.
- You can name a person to manage the property of your children, someone whom
you trust. - Ensure that your pet is provided for by naming a caretaker who will treat it well.
- Provide a backup for your other estate plan. With a will, you can ensure that anything that is missed in your other plans is caught and handled as you wish.
What are the requirements to make a will in Singapore?
- The will must be committed to writing.
- The testator is the person who makes the will and must be at least 21 years old.
- The testator must sign the will at the bottom of the will.
- The testator’s signature must be witnessed by at least two witnesses, neither of whom may be beneficiaries of the will, or spouses of beneficiaries.
What are the requirements to make a will in Singapore?
- The will must be committed to writing.
- The testator (the person whose will it is) must be at least 21 years old.
- The testator must sign the will at the bottom of the will
- The testator’s signature must be witnessed by at least two witnesses, neither of whom may be beneficiaries of the will, or spouses of beneficiaries.
The following is a sample of the things to include. No list can be exhaustive.
- A list of all of your assets. Jointly owned assets cannot be divided by a will.
- A list of all your liabilities. You must state how you want your debts to be paid off before your assets are distributed to the beneficiaries.
- The beneficiaries (who to give the assets to).
- The guardians for any beneficiaries who are too young to manage their own affairs if both parents die simultaneously.
- Reserve beneficiaries and/or guardians should the originals not be available (e.g. through their own death.)
- The executors to carry out your will. A beneficiary may also be the executor.
- The advisors. For example, lawyers and accountants.
- A revocation clause to revoke any and all previous wills.
- A residuary clause that distributes any remainder of your estate according to your wishes. For example, if a beneficiary dies before you, the asset bequeathed to him becomes the remainder.
Will Central Provident Fund (CPF) monies be covered by your will?
As CPF savings are not covered under your will, you must make a CPF nomination if you want your CPF savings to be distributed according to your wishes upon your passing. Each nominee will receive a proportion as specified in your nomination.
Otherwise, your CPF savings will be transferred to the Public Trustee’s Office and distributed according to the rules in the Intestate Succession Act.
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