Pitfalls of Will Planning in Singapore: A Guide to Avoiding Common Mistakes

Will planning is an essential aspect of estate planning in Singapore. However, without proper planning and execution, your Will may not achieve its intended purpose. In this post, we'll explore the common pitfalls of Will planning in Singapore and provide guidance on how to avoid them.

Pitfall 1: Lack of Validity

A Will must meet specific formalities to be considered valid in Singapore. Failure to comply with these formalities can result in your Will being contested or declared invalid.

Solution:

- Ensure your Will is signed in the presence of two witnesses.

- Use clear and unambiguous language.

- Avoid handwritten amendments or alterations.

Pitfall 2: Incomplete or Outdated Information

Failing to update your Will or provide complete information can lead to confusion, disputes, or unintended consequences.

Solution:

- Review and update your Will regularly (e.g., every 5-10 years).

- Ensure your Will accurately reflects your current assets, debts, and beneficiaries.

- Consider using a Will planning service or consulting a lawyer.

Pitfall 3: Lack of Communication with Beneficiaries

Failure to communicate your wishes with your beneficiaries can lead to misunderstandings, disputes, or unintended consequences.

Solution:

- Engage Will Infinity to assist you!

- Discuss your Will and wishes with your beneficiaries.

- Ensure your beneficiaries understand their roles and responsibilities.

- Consider using a letter of wishes or other explanatory documents.

Conclusion

Will planning is a complex process, and avoiding common pitfalls requires careful planning and attention to detail. By understanding these pitfalls and taking steps to avoid them, you can ensure your Will achieves its intended purpose and provides for your loved ones.