Friday, December 5, 2008

Some things about Wills (1)

I have been emailing articles called "Health & Wealth" and "The 3 minutes investment updates" on a monthly basis to my clients and prospective clients over the years. I strive to keep them abreast with the investment climate and Financial Plannings issues such as CPF Changes, Medishield changes, etc. It has been my service and commitment to my clients over the years. Unfortunately, many of my clients who don't have an email will never know that I write all these for them.

In one of my "Health and Wealth" series, I wrote about Will Writing. Its not a new topic in my blog, but I like to beef up my readers knowledge in this area again.

Definition of a Will
* Legal document to provide for the proper administration and distribution of all estate among Beneficiaries after death
* Will includes a testament and an appointment by Will or by writing in the nature of a Will in exercise of a power and also a disposition by Will and testament and any other testamentary disposition
* A Will operates as a declaration of the Testator’s intention only. While he is alive, he can deal with his assets and property in any way he deems fit. Therefore, during his lifetime, his power of disposition remains intact and any Will that he has made does not restrict him

Why make a Valid Will?
* Easier to obtain Grant of Probate
* The Court requires less documentation as the identities of the Executor are already established. There is no need for different Petitioners for the Letters of Administration
* The Court Procedure is simpler as there is no requirement for an Administration Oath, Sureties, etc

Court Procedure after testator dies with a valid Will
a) Will to be produced
b) Petition for Grant of Probate
c) Original Will to be deposited and kept in court
d) Establish identity of Executor/Trustee
e) Call in all assets and property of the Deceased / Testator, in and outside of Singapore
f) Determine amount of Estate Duty payable
g) Executor/Trustee to distribute assets and property accordingly

Where the Deceased has made a Will, the appointed Executor / Trustee will petition to Court for a Grant of Probate. The Deceased’s estate will then be distributed in a manner as directed in the Will. All other arrangements specifically stated in the Will shall also be carried out in the manner specified by the Testator.

In my next posting, I'll write about who are the people you need to think of before you write a Will.

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