Why You Should Write a Will

Death is a fact of life.

The only uncertainty is the timing and the manner in which it happens.

As such, an important matter to take care of is how your assets get distributed efficiently to your intended beneficiaries. You can do that through a written will.

However, not many of us have written one or feel there’s a need to.

Why is that?

It could be due to cost, perceived complexity in will writing or even the thought that there is nothing much to distribute. Add to that the hassle of finding time to see a professional will writer or a lawyer and you have the formula for procrastination.

But there is a need for us to write a will and make sure our beneficiaries are taken care of.

Let’s start by discussing what a will is.

What is a will?

A will is a legal document that sets aside clearly defined instructions on how to carry out your wishes after your passing.

In other words, you decide how your assets (or estate) will be distributed after your death. You also get to appoint executors and trustees who will manage your assets and estate affairs. If you have children below 21 years old, you can appoint the right guardians to take care of their welfare too.

As you can see, there are numerous benefits that come with this simple legal document. A will also help prevent serious disputes and disharmony among your loved ones in the event of your death.

Now, let’s talk about what will happen if you pass on without a will.

What happens if I don’t have a written will?

If you pass on without having a will, the distribution of your assets will be determined by the Intestate Succession Act.

This is how it will look like.

* “issue” – includes children and the descendants of deceased children.

But this is just the tip of the iceberg. The administrative process of distributing your assets is far more complicated.

The burden of deciding how your assets will be distributed will fall on your loved ones. Someone needs to step up and become the administrator, apply for the Letter of Administration and distribute the estate.

Oftentimes, it is unclear who should take up that role. On one hand, there may be no one willing to step forward to be the administrator because of the complexity of the estate’s liabilities. On the other hand, there also could be multiple people vying to be the administrator – possibly for the wrong reasons – due to the sizeable estate at stake.

Even after the administrator is chosen, he or she may not be ready with the required information on the estate. They also may not have the time to administer the estate or could even find it too complicated to execute it altogether.

Without a will, the whole process of distributing your estate will be extremely long and arduous.

And who will be the ones affected by this drawn out process?

Your loved ones, who could still be grieving over your passing.

This article and accompanying images (if any), were reposted from MoneyOwl. The views and opinions expressed are those of the author and do not necessarily reflect InterestGuru.sg.