As the times progress and the society advances, the awareness of the importance of estate planning is growing. However, there are still a lot of misconceptions when it comes to making a Will. We still find that people hold on to the concept of “I am not rich enough” or “I am still young”.

Here are the reasons why making a will is importance:

1. You can decide how to distribute your estate You will have the absolute freedom to choose your beneficiaries and their entitlement. If you die intestate (without a will), your estate will be distributed according to the Distribution Act 1958. Your estate will generally be distributed among your parents, spouse and issue, which isn’t always the way you might want.

2. You can appoint the executor An executor is the one appointed by you to carry out the terms and instructions in your will and administer your estate until they are distributed. Thus, you can appoint a person who you think is reliable and capable of dealing with the task in hand. If you die intestate (without a will), the administrator can be appointed among your next of kin and the person might against your wish.

3. You can appoint a guardian for your minor If you have children under age of 18, you can appoint reliable Guardians in your will to look after them if they are still under the age of 18 at the time you pass away. You can make sure that your children’s interest are well protected by the Guardians.

4. Minimize Family Conflicts You can minimize the possibility of conflicts among your beneficiaries because your wished has been clearly spelled out in your will.

5. Avoid lengthy administration process Your estate will not automatically go to your next of kin when you are no longer around. There is a legal process to go through before your estate can be transferred to your loved ones. If you died intestate, your next of kin will need to go through the lengthy process of applying a letter of administration. We will discuss the process of letter of administration in the next article. On the other hand, if your died testate (with a will), your next of kin will just need to go through the probate process which is much faster.

6. Because tomorrow is not promised The common reasons for people not having a will are the unwillingness to accept death as the nature and procrastination. People always realize the importance of a will only in the situation of unexpected death or disability occurs and it’s always too late to realize this.

There are more than 6 reasons why making a will is importance. Making a will can avoid added trouble and stress on your loved one during the emotional time. Thus, you may contact your estate planning lawyer to help in making a will before it’s too late.

I’m always welcome you to contact us for further consultation.