Understanding Wills in Singapore: What is it and Common Types
What is a Will?
A will is a legal document that explains how you want your assets to be distributed after you pass away. In Singapore, it is essential to create a will to ensure that your estate, comprising properties, finances, and belongings, is managed according to your preferences. This gives you peace of mind, certainty, and control over your affairs. Without a will, distribution of your assets will follow the guidelines of the of the Intestate Succession Act, potentially diverging from your intended wishes.
Types of Wills in Singapore
Before writing a will in Singapore, it’s important to understand the different types available, as each one serves different needs and situations. These can be customised to suit various circumstances. In this context, we explore four common types of wills in Singapore: simple wills, joint wills, mutual wills, and mirror wills.
Simple Will
The widely chosen option for writing a will in Singapore is the simple will. This legal document clearly states your preferences regarding the distribution of your assets. With a simple will, you can make changes to the distribution of your assets at any time while you are still alive.
Joint Wills
A joint will is a single document created usually by two parties, typically spouses, which details how they wish to divide their combined assets.
Upon the death of one party, the surviving party inherits and manages the estate.
Upon the surviving party’s death, the combined assets are distributed according to the provisions in the joint will. Importantly, the surviving party cannot unilaterally alter the terms of the joint will; any changes require the consent of both parties involved.
Mutual Wills
Similar to joint wills, mutual wills are agreements between two or more parties with identical content, detailing the assets and distribution instructions. Once a mutual will is created, it cannot be altered without the consent of all parties involved.
This type of will is commonly used by spouses who wish to guarantee that their estates are distributed according to their agreed-upon plan.
Mirror Wills
Mirror wills are like mutual wills in that they consist of two nearly identical documents. In mirror wills, each partner typically leaves their assets to the other in the event of their death. For instance, if one spouse passes away, the surviving spouse inherits everything, and vice versa. Unlike joint or mutual wills, mirror wills allow each party to independently modify their own will without needing the consent of the other. This flexibility makes mirror wills popular among married couples or partners who want to ensure their spouse is provided for, while still retaining the freedom to revise their will if circumstances change.
Conclusion
Writing a will in Singapore is an important step in ensuring your assets are distributed according to your wishes. Whether you choose a simple will, joint will, mutual will, or mirror will, it’s wise to consult with a lawyer to make sure everything is done correctly.
Disclaimer:
This is intended for informational purposes only and does not constitute legal advice. For personalised legal assistance, please consult our qualified professionals.
