| Question on the need for a Will |
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| Written by Wilfred Ling | ||||||
| Thursday, 30 July 2009 | ||||||
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"Hi Wilfred, perhaps it'll be helpful if you could list out the benefits of writing a will...or what happens if we don't, etc.. esp in the S'pore context. Thks. - M" Hi M, The Will state your wishes. If a person dies, no one has the right to speak on the dead's man behalf. Therefore, family members have to guess. Legally, the law decides how the assets should be distributed. Sometime this is of no issue but at other times this split the family and the survivors are no better than dead. Moreover, the Will allows you to state the Trustee/Executor of the estate. WIthout a Will, the court could just appoint any Trustee (normally family members but could also be a creditor who has an interest over the estate). As you know, the Trustee handles money and assets. You want to ensure that you only want to have a trusted Trustee/Executor. You wouldn't want a Trustee to handle your money and run away with it leaving your family members with liabilities. Note that liabilities do not disappear on death of the borrower. Hence, if the Trustee/Executor runs away with the assets, your family members will be left with an insolvent estate. Ultimately the Will is a dead man's voice. Without a Will, the dead man has no voice. Wilfred
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