Many understand that having a Will is important to ensure your assets are to be distributed according to your wishes after your passing. However, a poorly drafted one may instead cause conflicts and misunderstandings among family members during this emotional period.
“A Will is a legal document which sets out the instructions to distribute a person’s assets (money, property, and other forms of assets) and responsibilities upon passing.”
Here are some of the common issues many tend to overlook when drafting a Will.
- Being unclear or vague in the naming of the beneficiaries and executors.
It is always beneficial to be as detailed as possible when setting out your wishes in a Will. Instead of writing “John will inherit this portion of the estate”, clearly lay out the beneficiaries’ legal name, NRIC, and relationship to the testator to avoid any potential conflicts and misunderstandings. - Including assets not governed by the will
Not all assets can be distributed according to the wishes you set out in your Will. Example includes:- CPF Monies, which can only be distributed under CPF nominations
- Irrevocable Insurance policies with named beneficiaries
Making separate arrangements and taking into consideration those assets will allow your Will to truly relay your wishes on how to distribute your assets to your loved ones.
- Not taking account of the dependents and how you wish the assets to be handled by the beneficiaries
Appointing guardianship for minors and dependents is an important part of the Will not to be overlooked to ensure that they are well taken care of upon your passing. Setting clear outlines on how the money inherited is to be used can reduce the possibility of mismanagement of the assets by the beneficiaries. - An outdated will
As we go through different life stages and changes, an outdated Will might not reflect your true wishes accurately. Life events like divorce, and the welcoming of a new family member may change your priorities and considerations on how to distribute your assets. As our beneficiaries go through their own life events or start their own family, it is important that we update our Will to accurately reflect our wishes and intentions.
The above issues are definitely not exhaustive, and each family is different with their own unique circumstances and needs. Here at Malcus Poh Law Corporation, we are able to advise you on the different considerations with regards to a Will to ensure that it truly reflects your wishes and that your loved ones are properly provided for and protected.