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The term ‘will’ commonly evokes thoughts of sentiments and final goodbyes. However, regardless of one’s perspective, the universal goal is to guarantee the security and future well-being of one’s family and beneficiaries when the time comes. Therefore, crafting a will emerges as a crucial and unavoidable task.
The absence of a will can lead to various legal complications, creating uncertainty and potential disputes among surviving family members. This lack of clarity can result in unintended consequences, potentially leaving loved ones without the necessary resources. Don’t leave the fate of your estate to chance – consult the lawyers at Bethel Chambers to navigate the complexities of wills and provide you with the peace of mind you and your family need.
Singapore Intestacy Laws
Intestacy occurs when an individual passes away without having a valid will in place. In such cases, the distribution of the deceased’s assets is governed by the Intestate Succession Act. The familial relationships of the deceased primarily determine the distribution according to this law.
In cases of intestacy in Singapore, the distribution of the estate is as follows:
- Sole surviving spouse: The surviving spouse is entitled to 100% of the estate.
- Only surviving parents: Each parent would receive an equal share of the estate.
- Surviving spouse and children: The estate is split in a 50/50 ratio between the spouse and children.
- Surviving spouse and parents: The estate is equally divided in a 50/50 split between the spouse and parents.
- Siblings: If no surviving spouse, parents, and children exist, the estate is distributed equally among siblings.
- Grandparents: In the absence of a surviving spouse, parents, children, and siblings, the estate is divided equally among grandparents.
- Uncles and aunts: If all the relatives mentioned above are absent, the estate is equally split among each uncle and aunt.
- Government: If none of those mentioned above relatives are present, the government assumes possession of the deceased’s entire estate.
To ensure that assets are allocated according to one’s wishes, individuals should be mindful of asset distribution laws. Such laws can also vary depending on family structure and relationships, and having a valid will can help one accomplish such a goal.
Advantages of Making A Will
Explore the advantages of creating a will, such as securing your loved ones’ financial well-being and guaranteeing your assets are distributed as you wish. Discover the empowering benefits of making a will to your estate planning journey:
You Decide Where Your Assets Go.
A will is a legally binding document that enables you to specify the distribution of your estate upon your passing. Through a will, you have the authority to allocate different proportions of your assets to specific family members and friends. You can ensure your wishes are precisely reflected in the disposal of your assets following your demise.
Without a will in Singapore, the distribution of your assets will be governed by the Intestate Succession Act if you are domiciled in Singapore, adhering to the above stated predetermined set of rules. This may not align with your preferred distribution of assets.
Designate A Guardian For Your Children.
Creating a will empowers you to choose the guardian for your minor children in the event of your demise. While Singapore law typically designates the surviving parent as the guardian, you have the option to appoint a trusted individual or family member to serve jointly with the surviving parent in this crucial role. This is especially important when you are the care and control parent in a divorce case.
Designating a guardian is vital to ensure your preferred individual oversees the care of your children. If there are no guardians chosen ,sometimes, the Court-appointed guardian may differ from your chosen preference, especially regarding upbringing and parenting style.
Choose Who Will Manage The Affairs Of Your Estate.
Appointing an executor and trustee in your will is crucial. They manage your estate affairs, settle debts, handle funeral expenses, and communicate with financial institutions. Without a will, the Probate and Administration Act limits the classes of eligible individuals for letters of administration, potentially appointing those not aligned with your preferences.
Considering the effort invested in building one’s life, designating someone trustworthy becomes essential. Acting as the executor, the personal representative ensures beneficiaries receive entitled shares. Without a will, legal appointments of personal representatives may not align with your ideal choices.
Prevent Possible Disputes And Avoid Unnecessary Delays.
Avoiding familial disputes over your estate is crucial, as probate claims can be emotionally draining for everyone involved. Even in the absence of disagreements, the administration process without a will tends to be more time-consuming than with one as there are additional processes
Experiencing the loss of a loved one is undoubtedly one of life’s most challenging moments, and having a will reduces the likelihood of family disputes. It will provide space for mourning without the added stress of legal negotiations.
Consult Bethel Chambers Lawyers
Creating a will is more than just a legal requirement; it’s crucial to safeguard your family’s well-being. Without a will, there can be legal issues and potential conflicts among your surviving family members, putting your family at risk of no resources.
To navigate the complexities of wills and secure the peace of mind you and your family deserve, consult the experienced lawyers at Bethel Chambers. You can trust that your assets will be distributed according to your wishes, ensuring your estate’s smooth and timely administration. Take proactive steps to plan for your family’s future by consulting with Bethel Chambers today.
