Should I Gift Specific Assets in My Will?

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    Making a Will in Singapore can be simple and easy, and besides giving your entire estate to your loved ones, you can also consider gifting specific assets to individuals.

     

    When we mention about specific gifts, it usually entails giving specific items to individuals, such as gifts of your engagement ring, artwork, handbags and jewelry.

    It is important to make sure that your will is drafted properly according to the relevant laws. We would suggest that you consult a Will specialist on how to make a will in Singapore. 

    Types of Gifts in a Will 

    There are different types of gifts you can include while making a will in Singapore, such as:

    Specific Bequests:

    Specific items or assets to named individuals or organizations. For example, if you have a diamond ring collection that you want to gift, you can leave it by a will.

    Residuary Bequests:

    After the distribution of specific gifts, the rest of your estate is called residuary bequests, and this is usually what is left after the specific gifts are given away.

     

    Conditional Bequests:

    These are gifts that are subject to certain conditions before it can be passed to the beneficiary. For example, you may specify that a beneficiary must reach a certain age before receiving their inheritance.

    Gifting Assets While Making a Will in Singapore

    1. Real Estate (houses, land, condominiums, etc.)
    2. Cash (in the form of savings accounts, checking accounts, or cash on hand)
    3. Vehicles (Cars, boats, motorcycles, etc.)
    4. Personal Belongings (furniture, jewelry, artwork, collectibles, and any other valuable possessions)
    5. Business Interests (Ownership stakes or partnerships)
    6. Retirement Accounts (IRAs (Individual Retirement Accounts), 401(k) plans, and other retirement savings)
    7. Digital Assets (online accounts, cryptocurrencies, etc.)
    8. Pets

     

    However, these gifts can also be given when you are alive. Let’s have a look over some pros and cons of both making gifts during your lifetime and leaving bequests in a will:

    However, these gifts can also be given when you are alive. Let’s have a look over some pros and cons of both making gifts during your lifetime and leaving bequests in a will:

    Pros & Cons of Making Gifts During Your Lifetime

    Pros:

      1. You have full control over how your assets are distributed, and you can see the impact of your gifts while you’re alive.
      2. You can provide financial assistance or support to loved ones when they need it most rather than waiting until after your death.
      3. It avoids the probate process. They can be transferred to the recipient without the delays and expenses.

    Cons:

      1. Once you’ve given away an asset, you no longer have control over it. This could be problematic if your circumstances change or if you need the asset in the future.
      2. Depending on the size of the gift, there may be gift tax implications both for you as the donor and for the recipient.

    Pros & Cons of Leaving Bequests in a Will

    Pros:

      1. It gives you the flexibility to make changes if your circumstances or wishes change.
      2. You stay assured that your wishes are carried out according to the law when you make a will online in Singapore.
      3. You can do proper estate planning, including naming guardians for minor children, nominating executors and trustees, and establishing trusts.
      4. Assets remain under your control until your death, allowing you to retain full use and enjoyment of them during your lifetime.

    Cons:

      1. The probate process can be time-consuming.
      2. The Will become public records after probate.

    Bottom Line

    I hope this little piece of content is helpful to you. Gifting is one of the most beautiful feelings when you bring a smile to people’s faces. By making a will in Singapore, you can avoid various conflicts and leave a legacy for your descendants and family members.

    To know how to make a will in Singapore, you can directly contact NobleWills. It is one of the most affordable will writing services, helping thousands of people to create valid wills in Singapore.

    Gift your assets in a Singapore will with confidence. Explore types of bequests, pros, cons, and consult NobleWills for affordable will writing services.


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