Sunday, May 26, 2024
HomeNews ReaderSave The Hefty Lawyer Fees, OCBC Bank Now Lets S'poreans And PRs...

Save The Hefty Lawyer Fees, OCBC Bank Now Lets S'poreans And PRs Write Their Will Online For Free

No one likes to talk about death, but it’s still an inevitable truth that we all need to deal with eventually.

There’s no way to avoid it, but what we can do when we’re still alive is making sure that our loved ones will be taken care of (at least, financially) upon our eventual demise.

This is the reason why life insurance policies exist.

This is also the reason why wills exist – so that we’re able to properly divide whatever assets are left behind.

Thus, one could very well draft a will by themselves and it’ll still be recognised.

However, writing a will isn’t common knowledge, and many need some form of guidance when planning their legacy.

In light of this, OCBC Bank has just launched an Online Will Generator, a free online service to help Singapore citizens and residents aged 21 and above prepare their wills within 10 minutes.

Developed in-house as part of OCBC Bank’s Silver Years programme, the OCBC Online Will Generator is most helpful to those with a straightforward distribution of assets.

Said Mr Dennis Tan, Head, Consumer Financial Services Singapore, OCBC Bank: “We have seen news articles reporting that people were put off making wills as they are worried about the complexity and costs.”

“We want to change all that by making this seemingly tedious and costly process a fuss-free and free-of-charge online experience that is open to everyone, especially our pioneer generation citizens.”

How It Works

Writing a will using the OCBC Online Will Generator can be done using any computer, laptop, or smart device.

After filling in personal details, the Generator will prompt the user to do the following:

Appoint an executor who will ensure that the will is carried out as statedAppoint an alternative executor (optional)List the beneficiaries, who will receive the various assets after the user’s deathAppoint a legal guardian for the listed beneficiaries, if still below the age of 18 (optional)Allocate the user’s assetsPercentage allocation of overall assetsSpecific gifting of Singapore-based property (optional)Specific gifting of fixed sum of monies (optional)Listing of assets (optional)Give other instructions (optional)Funeral arrangementsAny other after-life arrangements (optional)

The online template provided by OCBC Bank will produce a pdf that needs to be printed and signed by the Testator and two witnesses.

Points To Note

Before you get started, do take note of these requirements for the will to be recognised in Singapore:

The Testator cannot be a minor (below 21) and must be of sound mindThe Testator must sign the will before 2 witnessesThe witness should be above the age of 21The witnesses should be of sound mindThe witnesses cannot be beneficiaries under the willThe witnesses’ full particulars should be included into the will should there be a need to contact themThe original will must be produced in an application for Grant of Probate once the Testator has passed away

OCBC Bank also states that the Online Will Generator “utilises a basic will template and does not necessarily deal with every important topic or nor cover every aspect of the topics with which it deals”.

It also does not “contain or convey any legal or other advice”.

Start planning your legacy with OCBC Bank’s Online Will Generator here.

Also ReadHe Ran A Funeral Home Since Age 24, And His Sister Is One Of S’pore’s Youngest Embalmers

RELATED ARTICLES
- Advertisment -

Most Popular