Commentary: Why you need a will (yes, you)

SINGAPORE: I was 29 when I first sat down to write my will. 

There’s no denying that thinking about death is uncomfortable, especially if you’re going through big life changes such as getting married or raising your first child. In a time of joy and new beginnings, no one likes to think about the possibility of everything suddenly being taken away by events out of our control.

Perhaps this is why, in a 2022 survey by wealth manager St James's Place Singapore, 48 per cent of Singaporeans said they don’t have a will. To me, this is a curiously high number for a country famed for its long-term planning skills.

Facing your mortality doesn’t mean you’re being morbid or pessimistic. It means you’re being practical about what life could be like for your loved ones if you’re no longer around for them. 

PROVIDING YOUR LOVED ONES WITH CLARITY

Unlike the television dramas we watched while growing up, you do not need to be old, sick or rich to need a will.

In Singapore, anyone aged 21 and above can make a legally binding will. But rather than asking yourself “Am I at the age to make a will?”, a better question would be: “Do I have something to leave behind for my loved ones?” 

In my case, it wasn’t long after my first child was born that I started thinking about drafting a will. As long as you have assets (no matter how substantial) and people you care about, it is a good time to think about making a plan for both. 

Without a will, your estate will be distributed according to the law rather than your wishes. This could be your bank savings, your property (or properties), or even your investments in cryptocurrencies or stocks. 

In Singapore, only legal family members are recognised under the Intestate Succession Act. Your fiance, godchildren or the charity you’ve spent years donating to or volunteering for will not get a single cent.

A will prevents disputes among family members, which can help preserve family harmony even when you’re not around to play mediator. For instance, my children are closer to my parents-in-law, so I’ve stipulated in my will that in the event my spouse and I are both deceased or incapacitated, they will live with his parents instead of mine. 

But let’s say you’re married with no children. Following your death, your spouse gets half your assets while the other half is distributed to your parents. Want to leave your money to only your mother who single-handedly raised you instead of splitting it between her and your estranged father? No will, no way. 

CARING FOR THOSE YOU LEAVE BEHIND

Not only does having a will ensure your money and possessions go where you want them to, it also spares your loved ones from a prolonged and stressful process waiting for the courts to distribute your assets. 

When a person passes away, their personal assets are frozen. No one can withdraw from their bank accounts, take over their properties or sell their stock investments. 

If they had been the sole or main breadwinner, this can result in great inconvenience and hardship for their living family members. The next-of-kin will have to apply to the court for Letters of Administration to obtain access to these assets – in the meantime, they may struggle to cover daily living expenses, or even funeral arrangements for their lost loved one. 

With a will, your nominated executor can simply apply for a Grant of Probate to access your assets. This will be much faster than waiting on the courts.

Your executor can be anyone – typically a family member or good friend whom you trust to carry out your wishes. However, if your loved ones lack the knowledge or skills to best manage your assets, consider appointing someone who can also help guide them as needed. 

While drafting my own will, I was cognisant that I’m the only one in my family who knows how to manage our stocks and cryptocurrency holdings – so I made sure to name someone who could provide them with trustworthy financial advice in my stead. 

You can also update your will as and when you like – if you’ve changed your mind about who your executor should be, for instance, or if you’ve recently acquired new assets. 

DON’T WAIT FOR THE “RIGHT TIME” 

In the short term, it’s a lot easier to put off writing a will. Singaporeans are a notoriously busy people – many of us likely assume we’ll “get to it eventually”. I’m in my mid-30s and among my own friends, very few have even thought about making a will.

But one of the most overlooked truths about wills is that we don’t get to decide when we need one. Sudden accidents, unexpected health conditions or unforeseen tragedies have left countless families mired in financial and legal confusion on top of grappling with their grief. 

Consider a 2017 case where a Singaporean man died with no will, leaving behind a Housing and Development Board (HDB) flat. His 74-year-old mother (who had been living in the flat with him) was blocked from handling his assets when it came to light that, in exchange for money, her son had legally married a Vietnamese woman without the family’s knowledge. It was another eight years before the courts finally ruled that the marriage was a sham and the deceased’s aged mother was able to access his assets.

In a 2022 case, the lack of a will left a grandson battling his grandmother in court over the deceased’s HDB flat and bank monies. In another 2020 case, another Singaporean man died intestate (without a will), leading his brother and nephew into a drawn-out court fight over who should be the administrator of his estate.

True, these are dramatic examples. But the difficulties underpinning them are universal and, more importantly, can be easily avoided with a will. 

Writing a will is not for when you expect to die. It is something we should do while we still can. It’s admittedly a discomfort – but a temporary discomfort that can give us and our loved ones some vital peace of mind in the long term.

So how young is too young to make a will? In a world where unpredictability is the only constant, maybe the better question is: Why wait till it’s too late? 

Dawn Cher, also known as SG Budget Babe, has been running a popular blog on personal finance for the last 10 years.

Editor's note: An earlier version of this commentary incorrectly listed CPF savings among assets that could be covered by a will. We are sorry for the error.