Why a Will is essential?

Will is an essential document but people often ask why a Will is necessary when there is the Distribution Act 1958. Reasons as follow;

1. Choice of Executor/Trustee - Testator has right to choose who to administer his estate
2. Continuity with RWT - When RWT is appointed in the Will as Executor, there is assurance of continuity in estate administration.
3. No dispute ove administrator - With appointment of executor in the Will, no dispute over who to appoint upon death.
4. Determine distribution -With a Will, can decide who, how much to get, when and ever defer distribution till beneficiaries reach certain age.
5. Allocation instead of sharing - Testator can choose a particular assest for each beneficiary.
6. Faster distribution - Avoids waiting for Letter of Administartion (LA) which can take longer time.
7. Guarantees not required - With a Will, avoids requirement for 2 sureties to get LA to administer estate.
8. Appointment of guardian - Testator has right to choose a guardian for his/her children who are minors.
9. Can take care of non immediate family members - With a Will, can bequeath to non-immediate family members.
10. Probate less costly - Shorter time means less legal costs.
11. Can protect minors' future - Testator can set up testamentary trust in the Will to protect the interest of dependants who are minors or disabled.
12. Prevent estate going to government - With a Will, prevents estate going to government for those without surviving family members.
13. Can raise emergency money - Trustee can obtain finance on behalf of beneficiary to raise emergency funds.
14. Can make provision to settle debts - Can allocate specific assests to clear liabilities.
15. Future acquired & inherited assests - Testator can choose his/her beneficiary for a particular assest which he/she will acquire or inherit in the future.
16. Can do charity - Testator canmake charitable donations.

Contact for more information;
Professional Estate Planner
Candy Loo +6012 6366468