Summit Planners: With Will vs Without Will

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SINGAPORE, March 26, 2024 /PRNewswire/ — Have you ever wondered what happens to your assets and debts after your demise? Summit Planners have your back in highlighting the differences between having a Will and not having one. Many may assume that the government will automatically transfer the assets to your next of kin. The truth is the government will not be responsible for distributing your assets. Your assets will be distributed in accordance with the Intestate Succession Act if you do not leave behind a valid Will.

These are some critical distinctions between having and not having a Will.

With Will

Without Will

  • Assets will be distributed according to your wishes
  • Maintain harmony among loved ones
  • Appoint someone you trust to care for your minor or special needs child  
  • Fasten the overall settlement process
  • Appoint your preferred executor and trustee to handle your inheritance

  • Assets will be distributed according to the Intestate Succession Act
  • Potential conflicts between beneficiaries
  • Your minor or special needs child may be raised by someone you do not trust
  • Delay in estate settlement
  • Loses the power to appoint someone committed to act as the executor and trustee  

Without a Will, you may be leaving the intention of your inheritance out of the calculation. It would mean you lose the power to distribute your estate to your intended loved ones. In other words, people you care about may not receive what you have. To make matters worse, the people whom you do not want to benefit from your inheritance may be entitled to your inheritance.

Therefore, legalizing your distribution intention via a Will is essential to ensure peace of mind and harmony among your loved ones. It would also mean only the people you wanted to give will receive your estate.

To raise awareness of the importance of Will Planning, Summit Planners are running monthly Will Planning seminars to encourage the members of the public to take action to ensure that their affairs are well taken care of after their demise.

Click here for more information on the Will Planning Seminars.

About Summit Planners

“Summit Planners is committed to redefining the way individuals approach estate planning and make estate planning simplified and understandable.”

Summit Planners is an organisation specializing in comprehensive estate planning solutions. With a team of seasoned professionals, we are dedicated to helping individuals and families secure their financial legacies for generations to come.

At Summit Planners, we strive to provide our clients with customised solutions from our suite of services to match the size of their organisation and ambitions. From sole proprietorships to corporations and individuals to families, their trust in our services and partners has enabled us to grow from strength to strength.

 

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