Requirements of a valid Will in Singapore:
- The Will must be made in writing.
- The testator must be at least 21 years old.
- The testator’s signature must be witnessed by two or more witnesses
- The testator must sign the Will at the foot of the Will.
- The two main witnesses should not be beneficiaries of the Will, or spouses of beneficiaries.
- The two main witnesses must sign the Will, witnessed by the testator.
These are the terms used in a will:
- Testator: A testator is someone that creates and executes the Will. He or she will provide detailed information on the distribution of the estate.
- Trustee: A trustee takes responsibility for your assets held in trust for your beneficiaries. He or she has the duty of maintaining the trust and its assets.
- Executor: An executor is someone that administers and distributes your estate according to your instructions indicated in the Will. You may include someone trustworthy such as your spouse, friends, relatives, or even lawyers.
- Beneficiaries: A beneficiary is a person or organization entitled to your inheritance. There are two types of beneficiaries, namely, primary beneficiaries and contingent beneficiaries.
?? The primary beneficiary is the person or organization receiving your inheritance first.
?? The contingent beneficiary is the second person or organization to receive your inheritance. They will only receive your inheritance if your primary beneficiary ceases to be the beneficiary. E.g., the primary beneficiary predeceases you.
- Legal Guardian: In the unfortunate event of your death, you may want to appoint someone to care for your minor children. There are two types of legal guardians: a natural guardian and a testamentary guardian
?? A natural guardian is the surviving parent of the children.
?? A testamentary guardian is appointed by you in a Will to legally step in your shoes after your death. He or she will have the power to make the decision for your children’s welfare until they reach 21 years old. A testamentary guardian need not be biologically related to your children.
Learn about the Consequences in the Absence of a Will next week!
