So you have just gotten married and you are either still on Cloud Nine or have already settled down on rock-hard Mother Earth.
The very first thing you should be aware of is this : whatever Will you had made, prior to that moment that you inked the marriage certificate, is now officially void….no longer valid…..as good as torn up.
That’s the law with regards to Will Writing in Singapore and all common law countries….at least.
After marriage, your spouse would be entitled to at least 50% of your estate, your assets. If you have no child yet, then only your parents will be entitled to share the other 50%. Find out if you can make a Will for your unborn child.
But every other beneficiaries that you may have named in a prior Will, will now no longer be entitled.
So if you had every intention to retain the list of beneficiaries to your assets, then you have to make a new Will.
A common train of thought for a newly wedded person, starting a new life with a spouse, will be that you want to continue to ensure that your living parents should have, if not the substantial part, then at least a good portion of your assets.
At least, until the marriage has settled down and you are sure that you will be able to live the rest of your life with your spouse. Or there is a new special person in both your lives.
LIKELY ASSETS :
Your assets are likely to have more economic value. Some are in constant flux and ever changing.
You may be trading stocks and shares or building up your savings.
You may also have purchased a life insurance policy, or two and the occasional travel insurances when you do travel.
You may already have purchased a roof over both your heads, and likely this will be held as “joint-tenants” with your spouse and the survivor is entitled to the whole of the property.
But you will still have other assets in your own name : bank accounts, CDP account, insurance policies and your own personal items (all with sentimental values to yourself or to some of your close friends).
If the above description fits your profile, then you will surely need a Will, if you had not made one before.
At WillsSmith.com, we would like to remind you that you have to make a Will. If you had made one already, then you have to make a new Will.
You should know that without making a Will, all of your assets, bank accounts and insurance policies pay-outs would go ONLY to your spouse and your parent(s) (on the assumption that your plans for a child is some years away).
Your sibling(s) will not be entitled. None of your close friends will be entitled.
Think for a moment. Of your after-life.
More Than Just Leaving behind Assets
Perhaps your very close friend may want something from you to remember you. Nothing with intrinsic value. Something with all the memories of you, of the times that you have spent with them.
Perhaps a watch or a pen or a chess set or a collection of books or anything that your close friends associate you with.
The list can go on indefinitely of things with sentimental value to your close friends.
Perhaps you have a favourite collection of books that you want a nephew or niece to have.
At WillsSmith.com, we want people to make an emotional Will. You should take the time to consider which of your close friends, buddies or potential life partner should have something of yours for memento, in the unlikely event of you moving on to a better world.
At WillsSmith.com, you can bequest specific personal items to your loved one.
The one thing we want to highlight is that, with regard to your valuable items, you can’t really effectively make bequest of a car, for e.g. , which has an outstanding car loan attached to it.
Any effective bequest, must be in respect of items which are not burdened with any outstanding loan.
You can, however, bequest the net sale proceeds from the sale of the car, net of the outstanding loan, to a specific person. We have a click item for that.
Requirements to making your Will :
1. Naming your Executor/Trustee :
This is the person you select to administer to your assets after your demise and implicitly must be a person you will trust to carry out your wishes.
This Executor/Trustee will be the person handling the vesting, distribution or the sale of your assets and will be handling the cash proceeds from any sale of your assets.
2. Naming your Beneficiaries and determining the percentages each will share of your estate :
One of the Beneficiary can also be the Executor/Trustee. This actually makes sense as it would be strange to get a non-Beneficiary to administer to your estate as technically he gains nothing from carrying out the tasks set out in your Will.
3. Naming your Beneficiary for each important personal item that you wish to bequest to each of these Beneficiaries.
WillsSmith.com’s template allows you to state and describe each personal item or memorabilia, to be given to a beneficiary of yours.
4. Determining your 2 Witnesses who have agreed to witness your execution of your Last Will & Testament.
Super Important : DO NOT name a Witness who is a Beneficiary or related to a Beneficiary by marriage.
Final Preparation Work
5. Preparation work : GET READY a photocopy of the IDENTITY CARD or the correct spelling of the names of each person, who is :
(i) an Executor,
(ii) a Beneficiary; or
(iii) the two (2) Witnesses,
before you start the Will-Making process on our website. This ensures correct identification of these people. You should key in their particulars as per their Identity Card to prevent any identification failure, which can prevent your effective bequests to the people you love.
We will not require you to fill in the Identity Card numbers of your Executors or Beneficiaries, so long as you specify your relationships with each of these people. But you may, if you choose to do so. This may be necessary, if any of them bears an identical name to another person in your group of loved ones.
(iv) We recommend that you name your parents as your primary executors as they are likely to still be able to take care of things. You should also name one of your siblings as a secondary executor to replace your parents in the event your parents predecease you or is subsequently too ill to be your Executor/Trustee.
Our “NEWLY MARRIED BUT NO CHILD” package Will-Making product will guide and prompt you along to completing your Will.
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