For a single person between 21 to 35 years old, you are probably living foot-loose and fancy-free lifestyles. You may be determined to live a single life style or you have yet to find the person that you wish to spend the rest of your life with. Or you may have an alternative lifestyle.
Not much savings or tangible asset because you are building your career, meeting more people and feeling your way through the jungle of life.
You may have some collectible items (pen, cuff-links, brooches, bags, rings, bracelets, etc), hobbyist’s equipment for a hobby you share with some close friends. You may have a pet dog, cat, an arowana fish or other exotic pets.
You are likely to have only your parents or a younger sibling(s) to worry about in terms of economic considerations. Or perhaps you have a special fondness for a nephew or a niece.
LIKELY ASSETS :
Your assets are likely to be 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.
If the above description fits your profile, then you are likely to feel that you need not make any Will, as you have nothing to give away.
At WillsSmith.com, we would like to persuade you otherwise.
You should know that without making a Will, all of your assets, bank accounts and insurance policies pay-outs would go ONLY to your parent(s). Your sibling(s) will not be entitled. Neither will any of your close friends, nor your potential life partner that you are exploring a closer relationship with.
Think for a moment. Of your after-life. Wouldn’t you want your close friends to remember you if you should suddenly depart.
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 favourite jacket or bag or bracelet or golf clubs or golf putter or watch or pen 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 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 online will writing platform 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.
5. Preparation work : GET READY a photocopy of the IDENTITY CARD or the correct spelling of the names of each person, who is :
- an Executor,
- a Beneficiary; or
- 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.
- 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 “SINGLE” package Will-Making product will guide and prompt you along to completing your Will.
Sharing is Caring!