How to Structure Your Will
Published on 12th November, 2015 by Benjamin Li Yong Le
In general, there are three main ways to structure your Will
There are generally three ways to structure your Will as follows.
1. All your assets to one person
This is known as a simple will whereby you give everything to one person. It is up to you whether you want to go into detail to specify what assets you have but is usually not necessary.
2. All your assets to be given or sold to several beneficiaries by percentages
The next most common way to structure your Will if you have more than one beneficiary is to direct your Executor to split the assets by way of percentages e.g. give 50% of everything to my son Peter, 10% to my wife Jennifer, 10% to my daughter Alice and 30% to my uncle Robin.
If you are going to do it this way, it is advisable to specify if you want the assets to (a) be actually given to the beneficiaries; or (b) whether you want the assets to be sold and then the sales proceeds distributed among the beneficiaries in the percentages.
This is because you do not want to be in a situation whereby you end up giving away a piece of property to two or more beneficiaries who will then have to jointly decide whether to sell it or not. Usually, it is preferable to give specific instructions to the Executor to sell all properties and distribute the money by percentages instead.
3. Different assets to different beneficiaries
A more complicated way of distributing your assets is to give away different assets to different beneficiaries in different percentages e.g.
My condo at 51 Choa Chu Kang Road to John and Jane in equal shares My house at Geylang to Peter 30% of my bank monies to David, 40% to John and remaining 30% of bank monies to Sally 10% of insurance monies to Sharon, 20% to Janet and remaining 70% of insurance monies to Steven My Rolex watch to David and my jewellery to Phillip.