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Should You Make a Will ?
While it is not true that your properties would go straight to the State
if you pass away without a Will, you should still give a thought about who and
how your property is distributed when you are not around.
The assets of a person who died leaving a spouse but without a Will is
distributed in the following manner:-
·
half share to the spouse and the
other half divided equally amongst the children;
·
if no surviving child, half share to
the spouse and the other half to be shared equally amongst the parents;
·
all to the spouse if there is no
surviving child or parent;
·
if no spouse, child or parent, then
wholly to the siblings (and children of deceased siblings) in equal shares;
·
if no spouse, child, parent,
sibling, nephew or niece, wholly to the grandparents in equal shares;
·
if no spouse, child, parent,
sibling, nephew, niece or grandparent, then wholly to the uncles and aunties in
equal shares;
·
if none of the above, then wholly to
the State.
For an unmarried person or one who is married but whose spouse died
before him/her, it is distributed to the following person in the following
priority:-
1. all
to the children equally;
2. all
to the parents equally;
3. all
to the siblings and children of siblings who had died, equally;
4. all
to the grandparents equally;
5. all
to the uncles and aunties equally;
6. all
to the State.
If
You Make a Will
·
You get to decide who to take charge
of your properties and carry out your wishes after you are gone. This will
avoid the court having to appoint someone based on closeness of blood ties and
not on ability or trustworthiness.
·
You have control over who will get
your properties using criteria other than blood ties. This way, you can benefit
people or organizations, including those not related to you by blood, based on
emotional closeness and needs.
·
The court process is simplified and
shortened. The person taking charge of your assets also does not have to come
up with guarantors when your assets exceed $250,000.00.
·
Married with young kids, you get to appoint
a guardian for your children in your Will. This will avoid them having no legal
guardian should you and your spouse pass away together suddenly.
·
If you are separated from your
spouse or in the midst of a divorce, your estranged spouse will get half or the
whole of your estate if you pass away without a Will before the divorce
proceedings, which may take up to a year, is completed.
·
Many married people travel with
their spouses often and a suitably drafted Will can avoid half or the whole of
the older spouse's assets from going to the other spouse's relatives should
both spouses pass away in a catastrophic event wherein no one can tell which of
them died first.
Making a Will is not difficult. Neither is it costly if you keep it
simple. As responsible people, the least we could do to show our care and
concern for our loved ones is to make a Will and save them the inconveniences
and unexpected troubles after we had passed on.
·
While you can try to draft a Will on
your own or with the help of non-legally qualified persons, it is advisable to
get a lawyer to understand your family situation and draw up a proper and
appropriate Will for you, especially if it is the first time you are doing so.
You want to leave behind a legacy of love and good remembrances, not a badly
drafted Will that creates more problems.
·
Each person have to make a Will of
his/her own. Married couples cannot make a joint Will although they may make a
Mutual Will. Mutual Wills are Wills of similar content executed by spouses
individually on the promise that neither spouse will change or revoke the Will
except by mutual consent while they are both still alive.
·
A simple Will costing about $250.00
should be enough for most people. The legal costs would be more for a
complicated Will.
·
To make a Will, CLICK HERE and
fill up the form. Then fax or email it to us before making an appointment to
attend at our office to sign the Will.
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CHARACTERIST
LLC (INCORPORATING
LIE KEE PONG PARTNERSHIP)
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