A will is a legal document that specifies how your estate should be distributed after you die. It’s essential to have one in place, so your loved ones don’t need to go through the time and expense of probate court proceedings. However, there are many forms of wills Singapore services available today:
- Basic Will
A basic will includes the essentials of a legal will. It typically divides your property up among those you want to receive it, and it names someone as executor so they can carry out your wishes for distribution after your death.
- Revocable Living Trust
A revocable living trust is a type of will that allows you to transfer your property into the trust while still alive. The trustee manages all assets and distributes them upon your death according to your wishes laid out in the document.
- Testamentary Trust
A testamentary trust is a type of will that comes into effect if you still have property after your death. It’s designed to protect beneficiaries from creditors and may even provide for the care of minor children. The trustee manages the assets until they are transferred out according to the wishes laid out in the document.
In conclusion, the three types of will services available are an essential will, revocable living trust, and testamentary trust.