For example, will it be more convenient? Or will you be able to save some money? Or is it faster for dependants to receive their inheritance?
DollarsAndSense Answers:
Part of the will-making process is compiling a full list of all your holdings, including bank accounts, life insurance policies, properties, shares in companies, investment accounts, and even personal IOUs. This in itself is immensely valuable, since our family members might not have full knowledge of all our holdings.
In addition, even if you agree to the proportion that each surviving family member receives based on the Intestate Succession Act, if you have non-cash assets like property, artwork, or jewellery, your surviving family members might be required to sell those assets (usually at a substantial loss) before splitting the proceeds.
Part of the process of making a will in Singapore is to also do a CPF Nomination, since CPF funds are not covered under the Intestate Succession Act. This ensures that your CPF monies are also distributed in accordance to your wishes.
For more information about what happens to one’s assets and liabilities if one didn’t make a will, you can refer to this previous JustAsk question.