 |
| Frequently Asked
Questions on Will Making |
| 1. |
Who can make a Will? |
| |
Answer: Anyone who is above 21 years
old. You must also be of sound mind (mentally sane). If you
are below 21 years old, you can still make a Will if you are
in active military service or a seafaring mariner. |
| 2. |
What happens to my assets if I
die without a Will? |
| |
Answer: Your assets will be distributed
in accordance with the Intestacy Rules. |
| 3. |
Since the law takes care of
my assets if I die without a Will, why should I consider making
a Will? |
| |
Answer: The Intestacy Rules may not
be ideal for you as your assets are distributed according
to a set formula and not according to your wishes. You cannot
alter the share each beneficiary is entitled to. You also
cannot make provisions for those outside the Intestacy Rules.
|
| 4. |
What are the benefits of making
a Will? |
| |
| Answer: The key benefits are:- |
| - |
You have total freedom
to decide who you want to give your assets to. |
| - |
You can appoint those that you
are comfortable with to be your Executor and Trustee. |
| - |
It will be easier to obtain the
Grant of Probate. |
|
| 5. |
What is the Grant of Probate? |
| |
The Grant of Probate lends authority
to the Will and the executor. |
| 6. |
What is the role of an Executor?
|
| |
Answer: An Executor’s role is
to apply to the Court for the Grant of Probate, call in your
assets and distribute them in accordance with your Will. |
| 7. |
What is the role of a Trustee? |
| |
Answer: If you have beneficiaries below
the age of 21 years old, then you have to appoint a Trustee
to hold the assets for them until they reach the age of 21
years old. |
| 8. |
Can the Executor and Trustee be the same person? |
| |
Answer: Yes |
| 9. |
Can the Executor/Trustee also be the beneficiary?
|
| |
Answer: Yes. |
| 10. |
Can a Muslim execute a Will? |
| |
Answer: Yes, but you are subject to
the provisions of the Administration of Muslim Law Act. You
cannot give away more than 1/3 of your assets to a non specified
beneficiary. |
| 11. |
Once I have executed my Will, is it valid forever?
|
| |
Answer: Yes, unless you revoke your Will
or make a new Will to override it. If you have executed your
Will while you are unmarried, it will become void when you
marry. |
| 12. |
What are the situations for amending my Will? |
| |
| Answer: You should amend your Will if :- |
| (a) |
You intend to change your beneficiaries
or to include new/more beneficiaries. |
| (b) |
You have additional new assets which have yet to be
assigned to any beneficiaries. |
| (c) |
Your Will was executed before you were married. |
| (d) |
You are legally separated from your spouse. |
| (e) |
Your Executor / Trustee has died. |
|
| 13. |
How often should I review my Will? |
| |
Answer: It may be a good idea to review
your will once every 3 to 5 years |
| 14. |
Do I need to engage a lawyer to write my Will? |
| |
Answer: Although you may write your
own Will, it is advisable to engage a lawyer since he may
be able to advise you on the various aspects of the law. This
is especially so if you have significant assets. Seeking legal
expertise will also give you peace of mind. |
| 15. |
What about the monies in my
CPF Accounts? Can my Will also deal with it? |
| |
Answer: No. You must make a nomination
in the prescribed form as provided by the CPF Board. If there
is no nomination, the monies will be paid to the Public Trustee
for disposal by him in accordance with the law. This is provided
under section 25 of the CPF Act. Hence, it is best for a nomination
to be made. |
| 16. |
I bought an insurance policy
and nominated my spouse to be the beneficiary. Can my Will
override this nomination? |
| |
Answer: If you have nominated your legally
married spouse and/or legitimate children as your beneficiaries,
you might have created a statutory trust in favour of them
under Section 73 of the Conveyancing and Law of Property Act.
If this is the case, your Will cannot override this nomination.
|
