So I Finally Wrote My Will.

So I finally spent a moment to write my will today – as I have been out for the last 6 weeks leading up to the recent passing of my beloved grandma.

However, what spurred the writing of the will was not due to a disagreement on the allocation of her assets. However, it is about the real potential issue of conflicts that could arise from death which will affect all of us, should proper planning not be done before hand.

Estate planning (which includes writing a will) is also one of the pillars of financial gerontology, which in my opinion is an area which will be of increasing importance especially given the longer average life spans in Singapore.

It is Not Just for the Old

Any one who has turned 21 can write a will. Truthfully (and also morbidly), tomorrow is never promised, so it’s never too early unless you’re under 21. However, I also understand that the issues of discussing death especially in Asian cultures can be viewed as taboo. I encountered it myself with my parents when I brought it up a few years ago:

Me: Hi Mummy and Daddy, I am thinking of drawing up my will.

Parents: Meimei, are you ok??? Are you sick????

Me: O_O

Ever too often, the unwillingness to discuss death and general procrastination are common excuses for not having a will. Unfortunately, there are times when the realization of the importance of well-planned wills comes too late – especially when an unexpected death occurs.

It is Certainly Not Just For the Rich

Anyone in my opinion should write a will simply because it is a legal document that allows for your wishes to be carried out after you’re gone. At the same time, it saves your heirs from the extra emotional energy and time (and sometimes additional money) to settle your affairs upon your demise.

When it comes down to the allocation of financial assets for your heirs, it is also important to consider which parties are more in need of your financial assets. For example, take the case of someone who is married with no children and has listed beneficiaries as his family and his spouse’s immediate family. In the case that he and his wife pass away jointly due to an unforeseen incident resulting in a death earlier than that of their parents (not ideal but it does happen), their parents would be the beneficiary. Consider if his parents and siblings are more well-off than his spouse’s immediate family – it might make more sense to make a heavier allocation toward his spouse’s family, who might benefit more from the financial assets. Should he not have indicated the above allocation in a will that serves as a legal document, his wishes would not have been carried out.

It Forces You to Think Ahead

Most of my peers in my generation (millenials) do not have a concrete answer when I ask them how they would like their assets to be distributed upon their passing. The common response I get is: Let me get some assets first.

Even for the more well-heeled ones, the response I get is: Wahlao eh you curse me ah! I will live a long life ok!

There is no harm to thinking ahead about what you would like. In fact, it is important for your will to be updated as life circumstances change, eg. death of a beneficiary, new-born baby being included in the list of beneficiaries, or a beneficiary who has pissed you off so much that you want to exclude them in the list of beneficiaries going forward.

The Will is NOT Just All About Money

While will-writing is often linked to the splitting of financial assets, it can also include other details such as your preferences for funeral arrangements. This includes making the choice between cremation and burial, for example. And even for cremation, there might be the likely conflict of how you would like your ashes be distributed. It is best to decide on this, lest the younger generation disagree on scattering ashes into the sea vs keeping it in an urn at Mandai vs making the ashes into gemstones for everyone.

How to Start: The Basic Things You Need to Write Your Will

• List of your beneficiaries including your immediate family members, extended family members, charitable organizations and close friends (and their NRIC numbers)

• Allocation of assets to the above list

• List of who you know (and these people must also be agreeable) to be your executors and trustees (at least two); and their respective NRIC numbers

• List of who you know (and these people must also be agreeable) guardians of your children (if you have kids); and their respective NRIC numbers

• A comprehensive list of all the assets in your estate that you’ve accumulated over the years

• You will need to choose 2 witnesses to witness you signing your will.

It seems that MoneyOwl and OCBC provide a free online will generator which you could play around with to see what are the elements which go towards a basic will, which I think is worth checking out. However, for the ones who have their assets tied up in many less liquid vehicles, it might be worthwhile to get an estate planning lawyer to draft the will.

Til the next time!v