Will

WHAT IS THE DIFFERENCE IN DOING YOUR WILL AT PRECEPTS GROUP?

Precepts Group are specialists in estate planning, and drafting Wills is something we carry out every day. At Precepts Group, we recognise the importance of REPs explaining to clients the process in estate planning. This also includes the security and safekeeping of the Will through our custody arrangements.

In planning the client’s Will, the REP and the Precepts Group legal counsel’s role is to present a draft that captures the instructions and objectives of the client comprehensively. The terms of the Will must also be practical so that its execution can be carried out unambiguously when the time comes.

When the above aspects are addressed in the client’s estate planning, he will draw utmost satisfaction, fulfilment and peace of mind, by leaving behind a meaningful legacy with his Will.

Wealth Succession

Checklist

Factors to look at when preparing your will

Before meeting your REP, please bring along the following information/documents:

  • Your personal particulars

  • Details (copy of NRIC No./Passport No. & address) of all Executors

  • Details (copy of NRIC No./Passport No. & address) of all Guardians

  • Details (copy of NRIC No./Passport No./Birth Certificate & address) of all Beneficiaries. It will be useful to draw up a family tree and any other dependants

  • Details of gifts intended to be given to the respective Beneficiaries. e.g. insurance policies, accounts with financial institutions (sole or jointly held), all real estate (HDB or private properties and manner of holding), details of private companies and shareholdings, Club Memberships, Vehicles etc.

  • Details of any assets located outside Singapore

  • List of specific gifts – small but valuable or treasured items such as antiques, collections, jewellery, heirlooms, or generally categorised as household items etc., that are to go to specific individuals

  • Details of Liabilities such as loans and mortgages etc

  • Payment of S$449.40 – minimum deposit, should you decide to engage us to draw up your Will

Also consider and decide on the following points:

  • Payment to Guardian (if any), such as source, amount and mode

  • The gifts to the Beneficiaries (what, to whom and how much), and include any substitute Beneficiaries in case the primary Beneficiaries pre-decease you

  • Any specific powers to the Executor/Trustee to deal with certain assets in relation to distributions to the Beneficiaries

  • The reasons, if certain family members are excluded or given less in proportion to the other Beneficiaries

  • Whether on your demise, any jointly owned assets are not to pass for the benefit of the surviving person

  • Your Residuary Beneficiaries and their Substitutes

  • If you would like to impart any final words of love and encouragement to your loved ones

  • The persons who are to hold the Will PreceptsGroup Custody Cards for retrieval of your Will when the time comes

Family Tree

Executor

Executors / Trustees & Guardians

Executors / trustees and guardians must be chosen with care. Appointing the wrong person may have dire consequences. 

An executor / trustee looks after your estate or allocated assets when you are no longer around. While you may be considering the appointment of an individual that you trust to do the job, you need to ask yourself whether such a person is competent or have the commitment to carry out onerous tasks such as filing for tax and preparing financial reports for beneficiaries. You also have to considedr if he / she is vulnerable to illness, age and mental incapacity. The alternative is to appoint a reputable and licensed trustee company for such responsibilities.

While a trust is created for the benefit of children, a guardian needs to be appointed to take care of handling finances to meet the children’s needs, such as their education, medical and living expenses. An allowance may be considered as compensation for the guardian to take on the role. If you are not an expert, do not try to do estate planning by yourself because aspects that are overlooked can be expensive and troublesome to correct in future. Consult your REP.