Do you need to write a will? You might be surprised by how many people don’t have one. However, there are some things that everyone should know about wills before they decide if they want to create one or not.
In this blog post, we’ll cover the basics of what a wills Singapore is and why you might want one. We’ll also talk about what it entails for both executors and beneficiaries who receive the assets from your estate after your death.
- A last will: This is the simplest form of a will that you can write. It’s also known as a “holographic will.” This type of will doesn’t require any witnesses to be signed to be valid after your death.
- A living trust: This legal document goes into effect during your life and not after. It’s also known as an “inter vivos” will. With this type of will, you can direct how assets are distributed to beneficiaries before or even after you pass away using survivorship agreements for insurance death benefits.
- An irrevocable trust: This is a type of will that can’t be changed after you write it. It’s also known as an “ex-Vivos” (meaning from the living) will.