Without a Will, you may be leaving the intention of your inheritance out of the calculation. As such, it may mean that people you care about might not receive what you have, such as savings or jewelry that you want them to receive.
These are the likely consequences if you pass on without a Will:
- Distribution of Your Assets: Everything you own will be distributed according to Singapore Intestate Succession Act. As such, unintended parties may receive what you don't wish for them to receive. In addition, your estate may also fall into the hands of creditors.
- Delay in Settlement: Your family may need help to identify your assets which is time-consuming, and the distribution of your assets might involve fees that can be costly. In addition, while the court reviews and determines your assets' allocation, all your assets will be frozen. This process may take months or years to settle.
- Minor Children Impacted: Your children may need someone to care for them when you are not around. Without a Will, the court will determine who will take care of your children, and they may be raised by someone you do not trust. In cases with special needs children involved, their livelihood may be impacted if you do not have a plan to ensure they are cared for.
- Family's Conflicts and Disagreements Everything: Without a Will, it may destroy a family's harmony when beneficiaries fight over their rights of your inheritance. It may happen when they are unhappy about how your assets are unfairly distributed, especially when you have communicated your intention during your lifetime or when certain assets are distributed based on rules of survivorship.
It is essential to draft out your intention via a Will to communicate your wishes clearly.
A Will can ensure that your family is well taken care of upon your death. You can ensure that funeral arrangements are respected and minimize the chances of disagreement between your family members.
Writing a Will is crucial for everybody, especially those with elderly parents, spouses, and young children. It can provide your family peace of mind and tide them through this challenging period.
I look forward to hearing from you if you do not know where to start or require professional advice.
