Often, when we receive queries regarding the drafting of Wills, clients would inform us that it would be a "simple Will". However, once we probe deeper, clients will then realise that there may be scenarios which they did not take into consideration. The following are 5 important issues to consider before you engage a lawyer to draft your Will.
If you are married and have children, consider who you wish to be the children’s guardian in the event you and your spouse pass away when your children have not attained the age of majority (21 years old).
Also, if you have young children and both you and your spouse pass away, consider whether you wish to set up a trust within your Will such that your assets are gradually distributed to your children to ensure there are sufficient funds for your children until they are financially independent.
If any of your intended beneficiaries have pre-deceased you when your Will comes into effect, consider how you wish to distribute that particular beneficiary’s share.
If you have made nominations for your insurance policies, remember to take that into account when considering the distribution of the rest of your assets.
If you have done your Will some time ago, remember to review your Will regularly to ensure your circumstances or intentions have not changed.