Why you need a will now, and how to do estate planning for every life stage

If you’ve ever ventured to ask your parents if they have done their estate planning or written a will, chances are you won’t receive the best answer. “You want me to die, issit?” is probably a common retort, since death is not exactly an easy topic for Asian families.

Nevertheless, estate planning, even from a very young age, can be prudent. But according to a Yougov study in 2024, only 22 per cent of Singaporeans had a legally drafted will that outlined how their assets were to be distributed.

There’s also the prevailing misconception that you only need a will if you’re rich, or have a lot of assets to pass down to your children, but that isn’t really the case.

Cynthia Tang, joint managing partner at law firm Tang Thomas believes this misconception tends to hold a lot of people back from getting it done when they’re young and healthy, which is actually the best time to do it.

“A will is not a document about death,” she stresses. “It is a document about intention when you are young.” She points out that it’s easier to start when you’re young because life is less complicated.

“As your assets grow and your relationships deepen, estate planning becomes more layered. Starting early means the foundation is already in place,” she adds.

In particular, she also believes it’s a powerful choice for women. “It is an act of agency. I am in control of my life and my legacy, not just while I am here, but after I am gone.”

The basics of estate planning

When you get started with estate planning, it’s good to know when you need a Lasting Power of Attorney (LPA) and a will. “Each protects you at a different and critical stage of life,” explains Cynthia.

An LPA is someone you trust, whom you appoint to make decisions on your behalf when you are unable to do so. This covers medical treatment, living arrangements and financials.

After you pass, your will comes into effect. “A will ensures that everything you have accumulated goes to the people and causes the way you intended,” Cynthia explains. It protects a wide range of assets, from investment portfolios to personal valuables like jewellery, watches and artwork.

It even covers digital assets like cryptocurrency, intellectual property and family heirlooms.

It’s important to note that CPF savings do not fall under the purview of a will and is governed solely by your CPF nomination. Jointly held assets are also passed on to the surviving owner. Assets in a trust are governed by the terms of that trust.

Also worth keeping in mind is that Muslims are governed by the Administration of Muslim Law Act, so different inheritance rules apply.

“I always encourage clients to approach estate planning holistically,” says Cynthia. “A will is essential, but it is one part of a broader picture. Reviewing everything together ensures that nothing falls through the cracks. Without a will, the law decides who gets all of it, following a rigid formula under the Intestate Succession Act that may have nothing to do with your actual wishes.”

Your 20s: The start of intentional planning

“Increasingly, more people in their 20s own digital assets like crypto or online income streams,” says Jessica Peh, an executive financial consultant with Finexis. She notes that in the past, 20somethings might not have had such assets in place.

“Without a will, their loved ones might not know of its existence, and if they do, might not be able to claim it,” she adds.

At this stage, keep things simple:

• Name who you want to receive your savings, personal belongings and digital assets, even if they are modest.
• Appoint someone you trust as the executor of your will.
• Critically, if you have a long-term partner you are not married to, a will is the only legal way to ensure that they receive anything. Unmarried partners have zero automatic inheritance rights under Singapore law.
• Make your CPF nomination separately through the CPF Board.

Your 30s: When the stakes rise

As you potentially move into a new life stage, consider how you want your assets distributed.

“Children’s inheritance is locked until age 21, so would you prefer your spouse to receive it? Some might be concerned their spouse will use the inheritance to finance other activities,” cautions Jessica. “So if you have specific instructions on how you prefer your assets to be utilised, you might need to set up a trust.”

Crucial things to keep in mind now:

• If you are married, consider whether your spouse should be sole beneficiary or if parents, siblings or others should receive a share.
• If you have children, naming a guardian is arguably the single most important thing you can do in your will. This person would care for your children if both parents were to pass away.
• Consider a testamentary trust within your will, so that assets left to young children are managed responsibly until they reach an age you specify.
• Review your insurance and CPF nominations.
• For DINKs (dual income couples with no kids), be explicit about what you want to happen to assets in your sole name.
• In the case of women who have taken career breaks or stepped away from work for caregiving roles, always ensure that contributions to the family are properly reflected in your estate plan.

Your 40s and beyond: Legacy, protection, and the bigger picture

Life continues to evolve at this stage and major life events like divorce, remarriage or even the birth of grandchildren might prompt a review of your will.

Estate planning at this age becomes more about the needs of your loved ones and what you plan to leave behind. Things to consider include:

• Ageing parents you have to provide for, or dependents with special needs.
• Business interests, shares or partnership stakes. Business succession planning should sit alongside personal estate planning.
• Think seriously about a Lasting Power of Attorney and an Advance Medical Directive alongside your will. At this stage, planning for incapacity is just as important as planning for death.