While it is generally a taboo in Asia to discuss about Wills, it is an important task that should be completed. That’s because death usually comes when we least expect it and absent a Will, the left over assets may not be divided among the beneficiaries in the intended manner.

No Control Over How The Estate Is Split

If you do not have a Will, the disposition of your estate would come under the Intestate Succession Act. Here are some of the rules of the Act.

If the survivor is spouse and parents, the spouse and parents both get 50% each.

If the survivor is spouse and children, the spouse gets 50% and the children get 50% shared equally

The main concern of the rule is that parents may not get anything if there is spouse and children. A Will will be able to state differently how the estate is (Read more...)