In this post, we will explore the topic “can a foreigner make a will in Singapore?”
Under the Singapore Wills Act, expats who possess assets in Singapore are able to include mention of those assets in a legitimate will.
A foreign national with assets across several nations may choose to have a single consolidated will or individual wills for each nation, depending on the extensive nature of their inheritance.
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You should obtain appropriate financial advice if you wish to include assets located outside of the country while making a will in Singapore.
Can a foreigner make a will in Singapore?
Yes. As aforementioned, a will in Singapore for foreigners can be drafted under certain conditions as per the Singapore Wills Act. Making, carrying out, and revoking wills are all covered by the law.
Written wills must be signed by the testator and attested by two witnesses, according to the law. A will’s revocation under certain situations, like marriage or the making of a new will, is also covered.
A few more important clauses deal with the ability to use a will to dispose of both personal and real property, the legality of wills created by people over the age of 21, the procedures involved in the execution of wills, and the legal implications of attesting witnesses and creditors concerning wills.
It also covers international wills and the exact circumstances under which a foreign will may be recognized.
How do you know if a will is valid?
In Singapore, a valid will is determined by the testator’s age, the written nature of the will, the testator’s signature, and the presence of two witnesses who are not beneficiaries. The will should be deemed legitimate provided such formalities are completed according to the will in Singapore law.
How to create a will in Singapore
To draft a legally binding will:
- Your will needs to be typewritten or written by hand.
- You must be at least 21 years old.
- The will must be signed at the conclusion; electronic signatures are not recognized.
- At least two witnesses must be present at the same time to witness your signing.
- The will must also be signed in your presence by the two witnesses.
- Witnesses are not permitted to be beneficiaries or to be linked to or married to one.
Some clauses you can incorporate in your will:
- Your personal information
- A revocation provision that voids earlier wills
- Your status as a married person
- The designation of executors
- The designation of guardians for minors
- Beneficiary names and shares of assets
- A residual provision for residual assets
While expats can execute their Singapore will outside of the country, doing so in Singapore enables a local attorney to guarantee that the correct legal procedures are followed.
How much to make a will in Singapore
When created by a lawyer, basic wills usually cost under $1,000 but more elaborate wills can cost more. Certain legal businesses provide clear, predetermined fees. Although not required, retaining legal counsel is advised for legal legitimacy.
Inexpensive $50–$100 DIY kits include templates and instructions, but they don’t provide legal counsel and might not be appropriate for complicated estates.
There are additional expenses such as yearly safe deposit box fees and reduced prices for revising pre-existing wills.
There are no stamp taxes or government expenses associated with making a will in Singapore.
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Adam es un autor reconocido internacionalmente en temas financieros, con más de 830 millones de respuestas en Quora, un libro muy vendido en Amazon y colaborador de Forbes.
