"I do not have a lot, so no need Will or Trust lah..."

Last Saturday, I spoke to a group of distinguished Singaporeans about something many of us tend to put off: planning what happens to our assets when we’re no longer around. The excuses were familiar — “I don’t have much to distribute,” or “The government will help settle everything.” But here’s the truth: whether you have a little or a lot, having a clear plan through Wills, Living Trusts, and Lasting Power of Attorney (LPA) is crucial. Let me share what I covered and why these tools matter, even if you think you don’t need them.

Why People Delay Making a Will or Trust

Many people I met last weekend admitted they delayed because they thought:

• They had too few assets to bother with.

• The government would sort things out if anything happened.

• It was too complicated or expensive to set up.

• They didn’t want to think about death or losing control.

  
  

These are common but risky assumptions. In Singapore, without a Will, the law decides how your assets get distributed. That might not match your wishes. The government does not “help” in the way many expect — it follows strict rules under the Intestate Succession Act, which can leave loved ones out or cause delays.

Understanding the Role of a Will and Executor

A Will is your voice after you’re gone. It tells the court and your family who gets what. You also appoint an executor — the person who manages your estate, pays debts, and distributes assets according to your Will.

Think of the executor as the project manager for your legacy. They handle:

• Collecting and valuing your assets.

• Paying off any outstanding debts or taxes.

• Following your instructions on who inherits what.

• Dealing with legal paperwork and court processes.

  
  

Without a Will, the court appoints an administrator, which can be a stranger or a family member who might not know your wishes. This can cause confusion and conflict.

What is a Schedule of Assets and Why It Matters

When I spoke about the schedule of assets, many were surprised. This is simply a detailed list of everything you own — property, bank accounts, investments, valuables, and even digital assets.

Why is this important?

• It helps your executor know exactly what to manage.

• It speeds up the process of estate administration.

• It reduces the chance of assets being missed or forgotten.

• It clarifies what you want to pass on and to whom.

  
  

Even if you think you don’t have much, listing your assets ensures nothing slips through the cracks.

The Role of Lasting Power of Attorney (LPA) and the Donee

The LPA is often misunderstood. It’s not about what happens after death but what happens if you lose mental capacity while alive. You appoint a donee; someone you trust to make decisions for you.

The donee can:

• Manage your financial affairs.

• Make personal welfare decisions.

• Handle property matters.

  
  

Without an LPA, if you become mentally incapacitated, the court may appoint a deputy, which can be a lengthy and costly process. Choosing your donee in advance gives you control and peace of mind.

How a Living Trust Complements Your Will

A Living Trust is a legal arrangement where you transfer ownership of your assets to a trust during your lifetime. You can be the trustee, managing the assets, and name beneficiaries who will receive the assets after your death.

Why consider a Living Trust?

• It avoids probate, which can be time-consuming and public.

• It offers privacy since trusts are not public documents.

• It can provide ongoing management of assets for beneficiaries, especially minors or those with special needs.

• It works alongside your Will, not replacing it.

  
  

I explained to the audience that a Living Trust is like setting up a safety net that complements the Will. It ensures smoother transition and management of your assets.

The Letter of Wishes: Your Personal Touch

Besides legal documents, I introduced the idea of a Letter of Wishes. This is a non-binding letter you write to guide your executor or trustee on how you want things handled.

It can include:

• Personal messages to family.

• Preferences on how assets should be used.

• Instructions on caring for pets or sentimental items.

• Clarifications on your intentions behind certain decisions.

  
  

While not legally enforceable, it helps those managing your estate understand your values and hopes.

Real-Life Example: Why Even Small Estates Need Planning

One attendee shared a story about her late uncle who had a small flat and some savings but no Will. After he passed, his siblings fought over the assets, causing months of stress and legal fees. The government’s intestacy rules didn’t reflect his wishes, and his closest friends were left out.

This story reminded everyone that no matter the size of your estate, having a Will and clear instructions can prevent family disputes and delays.

Final Thoughts: Take Control of Your Legacy Today

If you think you don’t have enough to worry about, remember this: planning your legacy is about control and care, not just money. A Will, Living Trust, LPA, and a Letter of Wishes give you the power to decide how your affairs are handled, protect your loved ones, and avoid unnecessary Complications: Confusion, Conflict, Contempt, Chaos and Court battles....

Start by listing your assets, think about who you trust as executor and donee, and consider how a Living Trust might fit your situation. Don’t wait for a crisis to force decisions on your behalf...

Your legacy is your design. Make it clear, simple, and thoughtful. That takes structure, That takes clarity and that takes action!