Learning how to write your Financial Will is one thing, but have you ever thought about the document's actual contents? Knowing what you should and should not put in the Will can be confusing. As we provided an article on the essential elements of a Financial Will, this guide will provide what contents should not be in your document.
CPF Nominations
Central Provident Fund (CPF) is Singapore’s social security saving fund, its members are those working Singaporeans and permanent residents of Singapore. It is a social security system that both you and your employer contribute which serves to meet healthcare, housing and retirement needs.
However, the CPF has a separate system for handling the funds meant for imparting to recorded beneficiaries. You should not put this in your Financial Will as it has its own parameters to operate with.
Assets Outside Singapore
If you have assets located outside Singapore, those assets will be dealt with according to the laws of the country where the assets are located even if your Will is written in Singapore.
States have varying laws and policies when it comes to Financial Wills. If you have assets overseas, then it would be best to handle them separately or to transfer or convert them to a degree where Singaporean laws could take effect.
Listing Pets as Beneficiaries
While pets hold a cherished place in our lives, they are legally considered property and cannot inherit directly from a Will. This applies even in situations where a pet survives its owner.
Estate planning offers alternative solutions to ensure your pet's well-being after your passing. These options can be explored further with a qualified legal professional.
Here are some key points to remember:
Pets cannot be named as direct beneficiaries in a Will.
Alternative solutions exist to secure your pet's future care.
It may be funny to think, but there are instances when an owner wants to give an asset to his pet.
Details of Funeral Instruction
This should be kept in a separate notation or document as it can confuse legal scenarios.
Depending on your religion, traditions, or circumstances, these types of instructions should instead be communicated with an appropriate organisation, such as a funeral pre-planning service from The Life Legacy.
Unrealistic Conditional Benefits
Making your beneficiary perform unrealistic conditions in order to get their benefits can stir up a lot of legal issues even after your departure. These conditions may be too unclear, impossible, or even violate certain laws or precautions in legal procedures.
As such, it is highly encouraged that conditional benefits are to be consulted with a Legacy Planning Expert before taking them into consideration.
Avoid These Financial Will Mistakes With The Life Legacy
While creating a Financial Will is an essential step, avoiding common pitfalls ensures a smooth transition for your loved ones. Here at The Life Legacy, we've helped countless individuals navigate the Will-writing process and avoid these key mistakes:
Unfamiliarity with Singapore's legal requirements: Wills need to comply with specific regulations to be valid. Our team stays current on legalities to ensure your wishes are upheld.
DIY pitfalls: While online resources exist, navigating legalities can be complex. Our expertise safeguards you from potential errors.
Lack of clarity: Ambiguous wording can lead to disputes. We guide you in clearly expressing your wishes to avoid future complications.
The Life Legacy: Your Partner in Peace of Mind
Don't leave your legacy to chance. Our team of Legacy Planning Consultants can help you craft a clear, legally sound Will that reflects your specific needs and protects your loved ones.
Schedule a consultation today and ensure your wishes are carried out seamlessly.
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