William Shakespeare bequeathed his second best bed to his wife, Alexander McQueen left £50,000 of his £16M fortune to his pet dogs, while inventor of the iconic Pringles can Frederic Baur requested to be cremated and buried in – no guesses – a Pringles can. Do you know what will actually happen to your assets should you pass on without a will? Let’s find out.
Words by Timothy Ho
A discussion about death is not something anyone enjoys. However, as the saying goes, nothing in this world can be said to be certain, except death and taxes. Not making a will or having a candid discussion beforehand on how your assets should be distributed after your death may actually cause more trouble in future for your family and loved ones.
But before going to a company that does estate planning (i.e., a company that helps you with will writing and its execution), it is important for you to first know that Singapore has her own default Intestate Succession Act.
[Ed’s note: When a person dies without a will, he/she is said to die “intestate”, in contrast to a person who dies “testate” with a valid will.]
This means that in the absence …read more