No one likes to talk about death, but it’s still an inevitable truth that we all need to deal with eventually.
There’s no way to avoid it, but what we can do when we’re still alive is making sure that our loved ones will be taken care of (at least, financially) upon our eventual demise.
This is the reason why life insurance policies exist.
This is also the reason why wills exist – so that we’re able to properly divide whatever assets are left behind.
Writing a basic will in Singapore with the help of a lawyer typically costs between S$99 to S$500, but many don’t know that there’s actually no legal requirement in Singapore that a will must be prepared or witnessed by a lawyer.
Thus, one could very well draft a will by themselves and it’ll still be recognised.
However, writing a will isn’t common knowledge, and many need some form of guidance when planning their legacy.
In light of this, OCBC Bank has just launched an Online Will Generator, a free online service to help Singapore citizens and residents aged 21 and above prepare their wills within 10 minutes.
Developed in-house as part of OCBC Bank’s Silver Years programme, the OCBC Online Will Generator is most helpful to those with a straightforward distribution of assets.
Said Mr Dennis Tan, Head, Consumer Financial Services Singapore, OCBC Bank: “We have seen news articles reporting that people were put off making wills as they are worried about the complexity and costs.”
“We want to change all that by making this seemingly tedious and costly process a fuss-free and free-of-charge online experience that is open to everyone, especially our pioneer generation citizens.”
How It Works
Writing a will using the OCBC Online Will Generator can be done using any computer, laptop, or smart device.
After filling in personal details, the Generator will prompt the user to do the following:
- Appoint an executor who will ensure that the will is carried out as stated
- Appoint an alternative executor (optional)
- List the beneficiaries, who will receive the various assets after the user’s death
- Appoint a legal guardian for the listed beneficiaries, if still below the age of 18 (optional)
- Allocate the user’s assets
- Percentage allocation of overall assets
- Specific gifting of Singapore-based property (optional)
- Specific gifting of fixed sum of monies (optional)
- Listing of assets (optional)
- Give other instructions (optional)
- Funeral arrangements
- Any other after-life arrangements (optional)
The online template provided by OCBC Bank will produce a pdf that needs to be printed and signed by the Testator and two witnesses.
The printed and signed will should then be stored in a safe place, and its location be added to the Wills Registry, and made known to the executor(s).
Points To Note
Before you get started, do take note of these requirements for the will to be recognised in Singapore:
- The Testator cannot be a minor (below 21) and must be of sound mind
- The Testator must sign the will before 2 witnesses
- The witness should be above the age of 21
- The witnesses should be of sound mind
- The witnesses cannot be beneficiaries under the will
- The witnesses’ full particulars should be included into the will should there be a need to contact them
- The original will must be produced in an application for Grant of Probate once the Testator has passed away
OCBC Bank also states that the Online Will Generator “utilises a basic will template and does not necessarily deal with every important topic or nor cover every aspect of the topics with which it deals”.
It also does not “contain or convey any legal or other advice”.
Those with more specific will requirements (Islamic law, persons under 21, not residing in Singapore etc.) should still seek legal advice from qualified lawyers.
Start planning your legacy with OCBC Bank’s Online Will Generator here.