Making a will is one of the most important things in life which forms an integral part of planning for the future. Without a will, the state will decide how an asset to be distributed upon death, according to the Distribution Act 1958.
Therefore, it is crucial to maximize available tax reliefs to ensure the protection and benefits of the beneficiaries. A well planned property distribution via a will ensure that the properties are distributed to the loved ones for their benefits. The appointment of a trustworthy guardian will guarantee the welfare and interests of the child (minor) upon the death of the testator.
A will should be kept in a safe place to ensure its confidentiality to hinder unauthorized alterations or even falsifications. The choice of the custodian of the will is also quite important as it would ensure the will is duly executed without undue complications after the testator’s death.
Information Required
- Name of the beneficiary (spouse, children or other lawful heirs)
- Statement of assets and liabilities
- Instruction of settlement of liabilities before distribution of assets
- Statement of intention to donate for charitable purposes
- Appointment of Administrator/Executor, Trustee or Guardian for children (minors)
- Amount to be expended for estate administration