Hi, my name is Adrean, I have a beautiful family : my dad and mom, my wife and our 2 sons. I have a house, a car and a successful business and some savings in the bank.
My wife is a homemaker. She sees to the family needs and brings our sons to School and ensure that the household is well taken care of while I concentrate on my business to bring back the needful monies.
As a sole breadwinner of the family, I am concerned that some preparation work needs to be put in place in the event I am no longer around. I know it is important to make a Will but I am not sure how to go about doing it. So I seek professionals for advice.
I understand that without having a Will, my estate will be managed by the court-appointed administrator upon my death, my estate will be distributed based on the intestate succession act in Singapore, for my case, the law states that 50% of my estate will be given to my wife and 50% of it will be given to our 2 sons equally.
I want to change this arrangement as I know my wife does not want to run my business. After I am gone, I wish to sell my share to my business partner and I want 100 percent of my monies in the bank to be given to my wife as she knows best what is good for our sons with the monies.
The professionals told me by having a Will written, I can manage the distribution of the different assets according to my wish and I have full control of it. I can name my wife as the executor to distribute my estate according to my will.
I was also told that with a Will written, the process for the distribution can be speed up as compared to those without a Will. My wife can apply for the grant of probate and as the process is faster, my wife can have access to my monies quicker during such a trying period.
If I do not have a Will, my wife can touch the money only until the court process the letter of administration. The process takes very long and my monies could be locked and no one including my wife can access to it.
Now that I have a written Will and have full control of my family’s future, my wife is comforted that if things happen she is assured that she does not have to worry financially.
I feel that I shouldn’t be delaying any further! It is my responsibility to do so! It is better to be safe than sorry! This is the way to show my family that I love them!
Writing a Will is not as complicated as I used to think. You can write your Will too. It is never too early to make a Will!