By Lena Teng, CFP®, Acting Head of Solutions and Investment Lead, MoneyOwl
Amongst all the pillars of financial management, from savings to investments to retirement planning, will-writing is definitely the one that’s most misunderstood.
A will is a legal document through which a person declares how his/her assets will be distributed in the event of death. A simple internet search on ‘will-writing’ brings you to a long list of suggestions, of which a good number of them focus only on breaking down its misconceptions and common myths. The immense number of articles on this just goes to show that many are still unsure of this confusing and misunderstood aspect of financial planning.
This is a significant knowledge gap that needs to be addressed—as it contributes a big part to why will-writing remains to be a taboo topic amongst most in Singapore, with 56% of adult Singaporeans reporting that they have not made a will.
Will writing is not only crucial, but also a surprisingly simpler process compared to all other aspects of financial planning. The quick questionnaire below will help you unpack the seemingly mysterious concept of will-writing.
Question 1. Which of these is closest to the sum left unclaimed …