5 Stages Of Wealth: What They Represent And Financial Tips You Need At Each Stage Every one of us dreams of becoming wealthy. But did you know that there are actually five different…
Life is full of surprises, and as your circumstances evolve, so should your will change. Whether you’re in Singapore or elsewhere, understanding how to change your will is a critical aspect of responsible estate planning. In this comprehensive guide, we’ll explore the process step by step and offer expert tips to change your will and ensure your estate planning remains current and aligned with your wishes.
The first step in modifying your will is to review your current one for potential changes. Take a close look at the provisions and beneficiaries outlined in your existing will. Consider if you want to revoke the entire will or make specific amendments or changes.
Perhaps your family dynamics have changed, you’ve acquired new assets, or your philanthropic goals have evolved. Whatever the reason, it’s essential to have a clear understanding of what needs to be updated.
Example: Let’s consider a hypothetical scenario. Suppose you’ve recently welcomed a new child into your family. It’s essential to review your existing will and make necessary changes to ensure that your newborn is included as a beneficiary and that your assets are distributed according to your updated family circumstances.
If your desired changes are substantial or if you wish to revoke your existing will entirely, creating a new will is the way to go. Your new will should explicitly state that it revokes all previous wills and codicils to eliminate any potential confusion.
When it comes to making significant changes to your will or revoking the existing one, you have options:
Need to change your will? If you’re confident in your ability to draft a legally sound will that complies with Singaporean law, you can write a new will by yourself. This option is suitable for straightforward situations.
If you need to change your will, a viable alternative to seeking legal assistance is to work with a certified will planner, who doesn’t have to be a lawyer. Many will writing companies or financial advisory firms offer certified will planners who can guide you through the process of the change. This option is cost-efficient, especially if your requirements aren’t overly complex.
Example: Consider Sarah, who wanted to change her will to include her daughter, Emily, as a beneficiary. Sarah opted to work with a certified will planner from a reputable will writing company in Singapore to reflect this change in her estate planning. The will planner provided expert guidance and ensured that Sarah’s wishes and any changes were accurately documented, all while keeping the process affordable.
For those with complex estate plans or those who want the highest level of legal assurance, if you need to change your will, consulting a qualified wills and estate lawyer is recommended. Legal experts can ensure your new will after any changes are legally valid and properly executed.
Whichever option you choose to change your will, ensure it aligns with your specific needs and provides the level of professional guidance you require.
Once you made the changes and have your new will ready, it’s essential to follow the proper legal procedures for its execution. This typically involves signing the will in the presence of two adult witnesses who are not beneficiaries named in the will. The witnesses must also sign the will to confirm its validity.
Proper execution is crucial to ensure that your changed wishes are legally binding after the change and that there won’t be any disputes or challenges down the road.
Expert Tip: When selecting witnesses, it’s advisable to choose individuals who are impartial and have no vested interest in your estate.
For minor changes that don’t require revoking your entire will, you can create a codicil. A codicil is a separate document that amends specific provisions of your will while keeping the rest intact. Just like a will, a codicil must be signed in the presence of two adult witnesses who are not beneficiaries named in the codicil.
Creating a codicil is a more streamlined way to change your will when only certain aspects need adjustment.
Example: Suppose Sarah only wishes to adjust the distribution percentages between David and Emily without revoking or changing her entire will. In this case, she can create a codicil specifying the new distribution percentages or change her existing will with the assistance of a certified will planner.
After creating a new will or codicil to reflect the changes, it’s crucial to store these documents in a safe and secure place. Consider these options:
Whichever option you choose after you make changes to your will, inform a trusted person, such as your executor or a family member, about the location of these documents. This ensures that they can access them when needed, especially in the event of your passing.
Expert Tip: Consider providing your lawyer or your trusted friend/family member with copies of your changed will and codicils, even if you choose another storage option. This additional layer of security can be invaluable.
If you have named an executor in your will, it’s essential to inform them of the changes you have made to your will or the addition of a codicil. Open communication with your executor ensures that they are aware of your updated wishes and can carry out their responsibilities effectively.
In conclusion, changing your will in Singapore, or anywhere else, requires careful consideration and adherence to legal requirements. Life is dynamic, and your will should adapt accordingly. By following these expert tips and staying proactive in managing your estate plan, you can ensure that your legacy will be distributed precisely as you intend, no matter how life’s circumstances may change.
Additional Tip: Set a reminder to review your will periodically, especially after significant life events changes like marriages, divorces, births, or changes in your financial situation. Regular updates will help you keep your estate plan current and aligned with your evolving wishes.
Ready to Update Your Will? Contact Us Today for Expert Guidance!
