Will - Draft out a will from lawyer

[Gecko]

You don'treally need a lawyer. A simple will:


1st Para
Revole all your former wills and similar documents (eg a codicil) where ever made.

2nd Para

Appoint an executor and trustee of your will. If you are kiasu, appoint a replacement should he/she dies before you.


3rd Para

Set our who you want to give things to (ie beneficiaries). Like para 2, if you want to be kiasu, you can name \"replacements\" should your beneficiary die before you.

How do you want to distribute your property? Individually or by percentage?

If individually, Identify/describe the item you want to bequeath clearly. For example \"the contents of bank account number 123456 at UOB\" or \"property known as 123 Bt Timah\". Remember, some things cannot be bequeathed via a will as set out in the post above. Add a catch all phrase at the end to cater for stuff you may have forgotten. For eg\"any remaining property to xxx\"

A simplier way would be divide by percentage eg \" 75% to my wife ....\"

Essentially thats it.

You sign the will. Have 2 witnesses. Make sure they are NOT your beneficiaries.

If the will is not in English, make sure you identify the language that it was interpreted intoand the Name of the interpreter and some identification eg NRIC

Gecko

PS did I miss something out?

[daisyt]

Some facts to share with you all.


CPF funds and proceeds of insurance policies devolve upon
beneficiaries nominated under the CPF rules or in the insurance policy. They
therefore cannot be given away in your will. If there is no nomination for
CPF, the CPF fund/shares and interest will devolve in accordance with
Intestate Succession Act and not in accordance with the Will.

Joint property (e.g. joint tenancies in real property) may pass to
a surviving joint owner automatically on the death of the other joint
owner(s). For all bank accounts, it depends on the bank mandate. Again, you
cannot will these assets away.

[duriz]

My Mom had her will drafted aboout 20 years ago. Cost was S$250. I am the executor and one of the beneficiaries but not one of the two witnesses required. You can go to a Notary Public for that (witnesses), and if the lawyer has that department in their office, even better. Can draft and sompa altogether in the same office.

[Sun_2010]

daisyt:

Some facts to share with you all.


CPF funds and proceeds of insurance policies devolve upon
beneficiaries nominated under the CPF rules or in the insurance policy. They
therefore cannot be given away in your will. If there is no nomination for
CPF, the CPF fund/shares and interest will devolve in accordance with
Intestate Succession Act and not in accordance with the Will.

Joint property (e.g. joint tenancies in real property) may pass to
a surviving joint owner automatically on the death of the other joint
owner(s). For all bank accounts, it depends on the bank mandate. Again, you
cannot will these assets away.

so for nominations for CPF- If put 98% DH , 1% DD and 1% DS. That way should both DH and me kick the bucket at the same time, the money can still go to DD and DS only ...

Why i want this- :?
One the money will be held in trust till kids reach the legal age if there is no nomination or the nominee is not alive
two eliminates any one else making claims as heirs

Any advice ???

:?:

[mwchua]

Correct me if I am wrong - I thought distribution of bank balances fall under the will, i.e. it can be willed away.


The following are subjected to specfic nominations made & not subject to will:

- CPF: As per CPF nomination;
- NTUC Income policies: As per policy nomination
- Property: If under joint tenancy, then to surviving owner.

The rest of movable & immovable assets all should all fall under the will. Pls help to advise if my understanding is correct.

Thanks

[Gecko]

mwchua:

Correct me if I am wrong - I thought distribution of bank balances fall under the will, i.e. it can be willed away.


The following are subjected to specfic nominations made & not subject to will:

- CPF: As per CPF nomination;
- NTUC Income policies: As per policy nomination
- Property: If under joint tenancy, then to surviving owner.

The rest of movable & immovable assets all should all fall under the will. Pls help to advise if my understanding is correct.

Thanks

Correct I think.

Except for 1 thing that I am not sure: ie. where there is no CPF nomination.

Can't recall whether it can be \"willed away\" or whether it comes under our intestate succession laws. :?

Gecko

[tree nymph]

if the bank account is held in joint name and one party passed away, does it mean that the money under this account is automatically passed to the surviving account holder?


will half of the balance in that account form part of the estate of the deceased and distributed as in the will?

[usaik]

Glad I stumble upon this thread…great information thanks to all. Dh and I have also been thinking of approaching a professional to draft a will for a long time. We do not have much assets as such the purpose of drafting a will is more to make sure our only child be protected should anything happen to both of us. However, we couldn’t agree on who do we want to entrust our child to, to execute the will and more importantly to be the legal guardian.


Anyone here have similar woes?

[jonyfords09]

If the separate identification / description of items to be left clear. For example, "the contents of the UOB bank account 123456" or "property for the 123 known as Bt-Timah." Remember, some things can not be left will be contained in the above post by

[SaSaMum]

I tot a beneficiary cannot act as an executor at the same time?