“When you make a will, you are taking matters into your hands and reserving the right to execute affairs exactly the way you want to. Otherwise, the Intestate Succession Act will take over,” declared Mr Chandra Mohan, a practising lawyer for 40 years.
Invited guests attended the first National University of Singapore (NUS) Greater Good Forum (GGF) titled GGF: What you should know about planning your will for a chance to hear the former NMP (Nominated Member of Parliament) speak about the importance of making a will and share tips on mistakes to avoid.
How to choose executors and witnesses? What are assets that can be willed? How to make amendments to an existing will? Who should see the contents? Where is the best place to keep the will? What are ways it can be challenged? What happens after divorce and remarriage? Do wills override CPF and insurance nominations? What about overseas assets?
There were numerous questions at the intimate dialogue session, which was the perfect opportunity for getting clear answers and clearing misconceptions about the entire process of planning and executing a will.
A partner of Tan Rajah & Cheah and also a management committee member of the National University of Singapore Society, Mr Mohan cautioned that for a will to be effective, the language has to be very clear as ambiguity allows intestacy laws to kick in, regardless of what the testator (person who signs the will) may have intended.
Mr Mohan’s advice?
“Life is unpredictable, just as family members can be unpredictable too. Never leave it to chance and assume all will be well. For peace of mind, make a will.”
The NUS Greater Good Series and Forums are a series of intimate dialogue sessions and workshops that allow the audience to connect with the speaker on topics related to philanthropy as well as issues that impact community and society. For further information on the NUS Greater Good Series and Forums, contact the Events team at firstname.lastname@example.org.