Where there is a WILL, there is a WAY.

By Graham Choo, PromiseLand Independent

The online Merriam-Webster Dictionary defines the idiom to mean that “if someone has the desire and determination to do something, he or she can find a method for accomplishing it”.

In many ways, this is true for the humble instrument known as the “will” that estate planners use in their arsenal of solutions offered to their clients – pardon for the play-on-words.

A will simply put, is a written instrument legally executed by which a person makes disposition of his or her estate to take effect after death. Who would have thought that even after death, someone’s wishes or intentions could still be executed for the benefit of those left behind. But the will does that. The will is one of the “methods for accomplishing it”.

In Singapore, if someone passes away without having written a will, his or her estate would be distributed according to the Intestate Succession Act. The Act applies templated instructions across the board for everyone, depending on their family structure. For example, if a husband passed away leaving behind his wife and children, half of his estate would be distributed to his wife, with the remaining half equally distributed among his children.

ISSUES TO CONSIDER

While coming across as fair to all parties, the above arrangement could pose some unintended issues. What if the relationship between father and wife or child(ren) is estranged? What if there are particular children who require more special care due to a medical condition, and hence more resources to manage? The list goes on.

And that is where a will, if carefully crafted, could come in handy to solve those issues.

Unfortunately, most people lack the “desire and determination to do something” about it.

Too often do we hear or read of stories in the newspapers where siblings have taken each other to court over their share of the inheritance. Familial relationships are strained and soured, and the parent who had passed away would no doubt be rolling in the grave had he or she known that his or her lack of estate planning had led to such dire consequences. Conflicts can arise from erroneous assumptions because actual intentions were not communicated.

A VIRUS GAVE VISION TO 2020

Interestingly, the silver lining in the midst of this Covid-19 pandemic is that more individuals are keen to write up their wills.

A Straits Times article entitled, “More keen to make wills amid pandemic” dated 15 Jun 2020 reported that figures from the Wills Registry show a rise between January 2020, when 250 wills were registered, and April 2020, which had 307.

There were 3,911 wills registered last year, up from 3,535 five years ago.

This rising trend bodes well for us, our families and loved ones. Have you been procrastinating or putting off asking the uncomfortable question of what happens to those left behind after your death? Take action – speak to a trusted financial adviser representative or estate planner today!

“Where there is a will, there is a way.”

This article was prepared by Graham Choo in his personal capacity. The opinions expressed in this article are the author’s own and do not reflect the view or position of PromiseLand Independent Pte Ltd.

If you are reading this, you are already taking or have taken steps to seek wisdom in making good choices in your finances. At PromiseLand, our ethos is “Trusted Advice, Trusted Advisor”. It means that we will walk the journey with you to make those choices which protect what you value most.