Why Write a Will?
Published on 14th October, 2015 by Benjamin Li Yong Le
This articles discusses the most common reason for making the decision to have a Will.
To avoid the application of the Intestate Sucession Act (Chapter 146)
If a person dies without a Will, his assets will not be distributed according to his wishes. Rather, his assets will be distributed in accordance with the percentages prescribed by law under the Intestate Succession Act (Chapter 146). To determine the percentages, please refer to Section 7 of the Intestate Succession Act. If you are married with children, half will go to your spouse and the other half divided equally among all children.
For some people, the default distributions under the Intestate Succession Act may not be what they want. For example, they may be on bad terms with their spouse, immediate family or children.
Some people may also want to give some of their assets to their friends or non-immediate family members, or change the percentages under the Intestate Succession Act. They may also want to give specific gifts to a specific person which is not possible under the Intestate Succession Act e.g. a condo or painting to a certain person.
People in same-sex relationships may not want their money and assets to be distributed to their family but to their partners instead.