Does someone who is an only child of 2 living parents need to do a will? Or will everything be settled by Intestate Succession Act?

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As a financial consultant specializing in foundational planning for Singapore's young professionals, I see this question regularly—and the assumption that "simple family structure equals simple estate planning" is one of the costliest misconceptions I encounter.

Here's a real example: Last year, I worked with Sarah, a 28-year-old marketing manager and only child, whose father passed unexpectedly. Despite having "clear" succession under the Intestate Succession Act (mother inherits everything), the family spent 8 months and over $15,000 in legal fees navigating probate, frozen accounts, and property transfer complications. Sarah's mother couldn't access essential funds during the most difficult time of her life.

The Intestate Succession Reality Check

Yes, under Singapore's Intestate Succession Act, if you're an only child, your surviving parent inherits everything. But here's what most people don't realize:

Without a will, your family faces:

• 6-18 month probate delays while courts verify assets and beneficiaries
• Frozen accounts preventing immediate access to funds for funeral costs, mortgage payments, or daily expenses
• Joint property complications that can trigger unexpected tax implications
• No clear guidance for digital assets, business interests, or personal wishes
• Higher legal costs because lawyers must reconstruct your intentions rather than execute clear instructions

The Foundation Years Advantage: Strategic Will Planning

In your 20s and early 30s, when asset complexity is manageable, a well-drafted will typically costs $800-2,500 but delivers exponential value:

Immediate Benefits:

• Express probate eligibility reducing settlement time from 12+ months to 3-6 months
• Clear beneficiary designation for CPF, insurance, and investment accounts
• Specific asset allocation preventing family disputes over sentimental items
• Guardian appointments for future children
• Digital asset management covering social media to cryptocurrency

Long-term Strategic Value: A will established early becomes your evolving financial foundation. As you acquire property, start businesses, or build investment portfolios, updates cost $200-500 versus starting from scratch.

My Recommended Framework:

Phase 1: Basic Will Setup ($800-1,200)

• Standard will with residuary clause to surviving parent
• CPF nomination alignment
• Basic digital asset provisions
• Future guardian designations

Phase 2: Asset Growth Updates ($300-500 per update)

• Property acquisition provisions
• Business succession planning
• Tax optimization structures
• Charitable giving provisions

The Real Question: Can Your Family Afford NOT to Have a Will?

Simple math: Will cost ($1,200) versus intestate complications (average $8,000-20,000 in additional legal fees, plus 6-15 months of family stress during an already devastating time).

For Singapore's forward-thinking young professionals, estate planning isn't about complex tax strategies—it's about ensuring your financial foundation protects those you love when they need it most.

Your Next Steps:

If you're building your financial foundation during these crucial years, start with a consultation with an estate planning lawyer to understand your specific situation. The investment in clarity and peace of mind typically pays immediate dividends.

I work with young professionals navigating these exact decisions as part of comprehensive financial planning that integrates protection, growth, and legacy considerations. If you'd like to discuss how estate planning fits into your broader financial architecture, feel free to reach out @ngooooied on Instagram —I'm happy to share insights from working with 250+ professionals who've faced similar questions.

What's your biggest concern about estate planning as a young professional? Happy to address specific scenarios below.

You not aware u can write your own simple will?

The problem without the will is the time, effort, and cost required to settle the distribution of your assets, do you want to place that burden on your Aging parents? There are will writing service out there that are free or low cost (SimplyWills is $399) - I strongly advocate having a simple will than to rely on the Intestate Sucession Act.

Both will do the same but problem is how fast and convenince to those living

• Act requires time and cost and courts to act before the living can start claminig your stuff