SINGAPORE: Singapore citizens and residents can now use a free online service provided by OCBC Bank to prepare their own wills in as little as 10 minutes, the bank announced on Thursday (Dec 27).
The OCBC Online Will Generator was developed by OCBC Bank as part of its Silver Years programme which focuses on people aged 55 and above.
AdvertisementHead of OCBC Bank Singapore Consumer Financial Services Dennis Tan said: “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.”
There is currently no legal requirement in Singapore which states that a will must be prepared or witnessed by a lawyer.
[h=3]READ: Do you really need a lawyer to draft your will?[/h] AdvertisementAdvertisementFor the will to be considered valid, the person writing it should be above the age of 21 and must be of sound mind. The will should also be signed before two witnesses. These witnesses cannot be named as beneficiaries under the will.
When using the online will generator, the user will first be prompted to appoint an executor who will ensure that the will is carried out as stated. The user will then have to list the beneficiaries and allocate the assets that these beneficiaries will receive.
The user will also be given the option of leaving instructions for funeral or any other after-life arrangements.
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