What Are The Benefits To Writing A Will?

Your family means the world to you, and you will do whatever it takes to make sure they are safe and protected, even if you can’t physically be there with them. Have you made the same arrangements for when the unthinkable happens, and your family must move on without you after your death?

Getting Help with Creating Your Own Personal Will

Creating a will can be an overwhelming experience when you begin to think about how your spouse and your children will survive without you there. Who do you want to assign to take care of your estate? And how will you divide your belongings and the money that you have among those you care about?

Making sure that your dependants are protected once you are gone will require you to do plenty of planning. However, many people do not know where to begin. That is why there are estate planning specialists available to help so that you can guarantee your estate will be handled the way that you intended.

Why Estate Planning is Important When Expatriates are Involved

Estate planning in Singapore is important, especially for expatriates. An expatriate is an individual that has citizenship in one country, but they are currently living in another. Most will only remain in a foreign country for a temporary period since they plan on returning to their home, yet there are some expatriates that never return to the country where they are a citizen.

If you are estate planning as an expatriate, it is likely that you have personal belongings in your new place of residence, as well as in your home country. There are several other things to consider if your spouse was born in a country different from your own. These circumstances require you to have a written will that is valid in each jurisdiction that you are connected to.

Why Should I Consider Writing a Will Today?

The benefits of writing a will are as follows:

  • It can help to reduce the amount of stress your family endures during a difficult time.
  • It guarantees that each person gets the inheritance you intended from your estate.
  • It helps to speed up the legal process.
  • It prevents or reduces the amount of family distress and disagreements.

What if You Die While Living Overseas?

If you are living in a country where you are not a citizen in the event of your death, it can have serious consequences on your beneficiaries. Your underage children could become orphans in a foreign land, with no one named to be their guardian. In Singapore, if there is no legal guardian assigned or documented in your will, your children will stay in the country under social care until a legal guardian is granted by the court.

Your will should always be updated to reflect major life changes such as a new place of residence, marriage, new child, or inheritance. It should always reflect your family’s current financial situation to ensure that your dependants will get the support you intended.