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Will and Testament laws in Chinatown, Singapore fall within the general framework of the governing law of Singapore. This refers to the legal documentation which contains the testator's wishes about how his or her estate (assets, properties, and valuables) should be distributed after their demise. The distribution is usually amongst the children, relatives, friends or charitable organizations.
Legal advice may be required for a myriad of reasons. The language of law can often be a jargon-filled space and it requires professionals to navigate smoothly. Lawyers are vital in guiding individuals through complex legal protocols, ensuring that one's wishes are accurately reflected in their will, ensuring estate planning is tax-efficient, and validating the Will to prevent any future disputes. They can also assist in complicated situations - when there are business assets, when a testamentary trust is required for young beneficiaries, or in case of disagreement among family members.
The laws pertaining to Will & Testament in Singapore are regulated by the Wills Act. The Act emphasises that the testator must be at least 21 years old and of sound mind while making the will. It should be composed in written form and signed by the testator in the presence of two witnesses, who will also sign the Will. It's crucial that the witnesses are not beneficiaries in the Will. If they are then, as per Singapore law, they will lose their inheritance.
If an individual dies without a Will, they are referred to as having died 'intestate'. In such cases, the Intestate Succession Act comes into play to manage the distribution of the deceased's assets.
Almost anything the testator owns can be included in the Will - ranging from financial savings, property to personal belongings.
A Will can be changed any time by the testator via a new Will or a codicil (addition or amendment) as long as he/she is still legally competent.
If a named executor predeceases the testator and no alternative executor is named, the court may appoint an administrator to execute the Will.
Wills may be kept with personal lawyers, at home in a safe spot, or with the Public Trustee's office for a fee. It is advised to inform a close family member or the executor about its location.
For individuals seeking legal advice regarding Will & Testament, the following resources can be useful: Law Society of Singapore provides public information related to testament and will laws. Ministry of Law's website also provides updates on all changes in Singapore's testament laws. Moreover, there are numerous non-profit organizations like Public Trustee's Office, providing inexpensive will storage services.
If you require legal assistance in matters of Will & Testament, the advisable first step is to consult a lawyer. They will guide you through the process of drafting a will, understanding the legal ramifications, or disputing an existing one. It's important to equip yourself with sufficient legal knowledge about the Wills Act and its implications, prior to any legal consultations. Remember, your will ensures that your last wishes are adhered to, thus making it important documentation in your life's journey.
