Why do you need a will

Drafting a will, allows your assets to be distributed according to your wish upon leaving this world. Many of us may think that a Will is normally written by rich people. But this perception is wrong.

I am living in Singapore, and if one does not have a will, upon his/her death, their assets will be transfered to a public trustee. It is a government unit who will distribute the assets equally among next of kin.

Some of us may want to distribute our assets to other close ones or friends who have been there for us all our life. They may not be your wife, husband, kids, parents or even siblings.

We may want to give a larger share of our assets to our kids rather then our spouse who may misuse the funds once we passed on. If your children is too young, you may want to appoint a guardian to ensure that the asset is protected or to only use part of it to ensure the children’s education before they are old enough to entrust the money on their on hands.

Will as it is meant the intent of the person. So what is your intent for your asset when you passed away. If you have no kins or relatives, you may just want to donate it to some charity.

So do think about it and get a lawyer to help you draw your will. This is to prevent your assets from being misuse or wrongly distributed.