Will - Draft out a will from lawyer

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Will - Draft out a will from lawyer

Postby daisyt » Thu Jul 22, 2010 10:36 am

Hi, anyone has ever asked a lawyer to draft out a simple will before? What is the price for a simple will that consist the usual normal assets we have, eg. CPF, house, insurance. What are the documents require and procedure? Any lawyer to recommend? TIA :D

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Re: Will - Draft out a will from lawyer

Postby 24by7mum » Thu Jul 22, 2010 4:21 pm

daisyt wrote:Hi, anyone has ever asked a lawyer to draft out a simple will before? What is the price for a simple will that consist the usual normal assets we have, eg. CPF, house, insurance. What are the documents require and procedure? Any lawyer to recommend? TIA :D


Hi daisyt

You can check out http://www.lawsociety.org.sg/public/you ... _will.aspx

Look at the directory for lawyers who can assist you. Make sure that you deposit the will at the will registry. See


http://app2.ipto.gov.sg/IPTOServices/Pu ... fault.aspx

Hope it helps!

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Postby BigDevil » Thu Jul 22, 2010 4:26 pm

http://www.income.com.sg/legaltips/wills.asp

3. Can I write my own Will? Do I need to engage a lawyer to write my Will?

A Will is a legal document. Therefore, it is advisable to engage the help of a lawyer to write your Will.

NTUC Income provides a hassle-free and affordable Will writing service. Please feel free to email will@income.com.sg.

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Postby hquek » Thu Jul 22, 2010 4:35 pm

hi daisyt,

I wrote my first will by myself - interesting experience, you can get template off websites. Years later, I got it done via lawyer - this one certainly opened my eyes. I think I paid about less than 2k for me and hubby's will (cannot recall liao).

A lot of things you have to consider, some of those more memorable ones:
1. all items to include - including jewellery, paintings, watches etc stuff of value.
2. if one pass away while kids are minor, who will be their guardian. When and how the money to go to your kid.
3. properties that you share with others under joint tenancy (eg your siblings/parents) will go to that person directly...there is no willing it to another person. ONly if it's tenant in common then you can will it.
4. who should be the executor, preferably 2 who can work together.
5. 2 witnesses to sign on your will - to make it 'legal'.

Interesting tidbit, if my DH and I pass away in a plane accident for eg and there is no way to determine who died first, the law will take it that the older one (my hubby) passed away first and so his will gets acted upon first, and then mine.

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Postby daisyt » Thu Jul 22, 2010 4:56 pm

Thanks 24by7mum, bigdevil for the link and hquek for your personal experience.

Didn't know properties that you share with others under joint tenancy, cannot be willed. And interesting to know the law will take it that the older one passed away first.

:D

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Postby hquek » Thu Jul 22, 2010 5:08 pm

hi daisyt,

Going to the lawyer will mean he take care of the nitty gritty bits. But remember you got to update your will every so often.

My personal feel is that if yours is a non-contestible thing (eg only 1 child) and unlikely anyone will contest, you can consider doing it the DIY way. It's probably those who have tonnes of money and many offspring who are likely to fight then will need a lawyer's expertise.

But it's good to get a will done nonetheless, else I heard that that distribution of assets after one's passing may be held up due to admin work etc.

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Postby daisyt » Thu Jul 22, 2010 5:35 pm

Hi hquek, if property cannot be willed, and both joint tenants died and no will are made by both parties, so how?

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Postby hquek » Thu Jul 22, 2010 7:00 pm

daisyt wrote:Hi hquek, if property cannot be willed, and both joint tenants died and no will are made by both parties, so how?


The 'intestacy' law apply. So the beneficiary of the last assumed) surviving owner will get the property. In case of hubby and wife, I think the older of the 2 assumed to die first.

I believe generally if no kids, then estate goes to spouse and parents (equal portions). If there are kids, then estate goes to spouse and kids (in equal shares). If unmarried, then estate goes to parents and siblings.

Having a will keeps out the mozzies (blood suckers i say) relatives who claim they have an interest. And setting one up will ensure for instance that a young child don't come into money immediately and learn to fritter money away.

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Postby daisyt » Thu Jul 22, 2010 10:40 pm

Spoken to a lawyer found on the website from 24by7 mum, a simple will charging $250.

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Postby Gecko » Thu Jul 22, 2010 10:50 pm

You don'treally need a lawyer. A simple will:

1st Para
Revole all your former wills and similar documents (eg a codicil) where ever made.

2nd Para

Appoint an executor and trustee of your will. If you are kiasu, appoint a replacement should he/she dies before you.


3rd Para

Set our who you want to give things to (ie beneficiaries). Like para 2, if you want to be kiasu, you can name "replacements" should your beneficiary die before you.

How do you want to distribute your property? Individually or by percentage?

If individually, Identify/describe the item you want to bequeath clearly. For example "the contents of bank account number 123456 at UOB" or "property known as 123 Bt Timah". Remember, some things cannot be bequeathed via a will as set out in the post above. Add a catch all phrase at the end to cater for stuff you may have forgotten. For eg"any remaining property to xxx"

A simplier way would be divide by percentage eg " 75% to my wife ...."

Essentially thats it.

You sign the will. Have 2 witnesses. Make sure they are NOT your beneficiaries.

If the will is not in English, make sure you identify the language that it was interpreted intoand the Name of the interpreter and some identification eg NRIC

Gecko

PS did I miss something out?

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