6 Important Things To Think About When Writing Your Will

SCENARIO A: NO WILL AT ALL

1. 1. Why should I write a Will?

      You would get to decide how you would like to distribute your assets after you have passed away. Besides, you would have the power to determine the followings:

      1. The beneficiaries i.e. the receiver of your estate
      2. The executor i.e. the person who would manage your estate
      3. The legal guardian of your child
      4. The proportion of the estate each beneficiary would get
      5. The timeline and/or ways to distribute the estate

      Most importantly, it is also to minimize and/or prevent any potential disputes that might arise in the future due to the failure of having a valid will, which is a common occurrence nowadays.

      Your Executor eg. Your child might also have difficulties in tracing your current assets such as bank accounts, investments or properties and thus left it intestate.

   2. What happens if I die without a Will?

      Your estate will be distributed according to the Distribution Act 1958 as follows:

      If you die without leaving a Will	Spouse Entitlement	Child’s Entitlements	Parents’ Entitlement
      Spouse only, but no parents and child	Whole estate	–	–
      Child only, but no spouse and parents	–	Whole estate to be shared equally among the child	–
      Parents only, but no spouse and child	–	–	Whole estate to be shared equally among parents
      Spouse and child but no parents	1/3	2/3	–
      Spouse and parents but no child	1/2	–	1/2
      Spouse, child and parents	1/4	1/2	1/4

   3. What happens if I die without a will before my divorce proceeding has completed?

      Your ex-spouse would have a right to inherit your estate although it might not be your intention to do so.
      Besides, your ex-spouse would also get the guardianship and custody of the child (if any).

SCENARIO B: I HAVE AN EXISTING WILL

1. How does remarry or divorce affect my will?

   In general rule, your will is automatically revoked upon your marriage or remarriage.
   Hence, a new will is necessary in such circumstances due to the following reasons:

   1. That your marital status has changed
   2. The assets you own may have changed
   3. You may not want to distribute your assets/property to your ex-spouse after the divorce
   4. You may want to distribute your assets/property to your current spouse/child of the subsequent marriage.

2. Why should I make a new will after divorce/separation?

   1. To ensure your estate is clearly divided in your own way.
   2. To ensure your new partner and child are provided for.
   3. To appoint a suitable guardian to look after your child after your death.

   Most importantly, to avoid and/or prevent any potential disputes that might arise in the future due to the failure of having a valid will.

3. What happens if I die before my divorce is final?

   There might be a potential dispute on the validity of your existing will.
   In the event that the court has declared your existing will to be null and void, there is a possibility that your ex-spouse would get a share of your assets.
   In worst case scenario, your ex-spouse may become a legal guardian and/or custodian of your child although he/she might not be the best candidate to take care of your child.

CONCLUSION

It is important for you to have a Will not only to protect your legacy but also your loved ones.

This article is written by 

Sharon Lim Yun Zheng
Associate, Low & Partners