Last week we were asked \u2018Do I need to completely list out the property (sic) to you when making a will?\u2019<\/p>\n
This question has come up before. It is time we discuss this more instead of just putting the answer in our FAQ section.<\/p>\n
Some people will advise that you need to draw up a list of your assets before you start making your Will. \u00a0We do not see any point in doing this.<\/p>\n
The original reason for asking if you know what your assets is a result of the test for capacity as stated in the English case of Banks v Goodfellow<\/em> (please see : https:\/\/ezwills.com.sg\/valid-will\/<\/a>).\u00a0 Basically to have capacity to make a Will a person must understand what his or her property or assets are.<\/p>\n To do an online Will you answer a series of questions and follow directions in order to generate a Will. If you can do that can there be any doubt that you have capacity?<\/p>\n At EzWills we do not need to know what your assets are.<\/p>\n We are not involved in selling life insurance or wealth management services or anything else. What properties you own or what bank accounts you have is of no use to us.<\/p>\n If you can answer all of the questions and finished doing your Will that is enough.<\/p>\n The only reason why you may wish to draw up a list of your assets is if you plan to distribute your assets item by item.<\/p>\n However, we advise against making too many specific gifts or bequests (please see: https:\/\/ezwills.com.sg\/will-making-tips\/avoid-too-many-specific-gifts\/<\/a>) as these have a tendency to fail.<\/p>\n However, if you have family heirlooms (eg grandmother\u2019s Peranakan jewellery) that you wish to pass on in your Will that may be different.<\/p>\n If you are not planning to make specific gifts or bequests in your will or plan to simply divide the entire estate between a number of beneficiaries as a whole (equally or unequally) a list of assets is of no use.<\/p>\n After you have done your Will if you wish to draw up a list of assets to help your executor locate your assets in future that makes sense. Drawing up a list before<\/u> making a Will makes no sense.<\/p>\n Harold Carr, a former army surgeon, left the contents of a lock-up garage to his family when he died in 2007 aged 89. He never married and had no children.<\/p>\n His beneficiaries were 8 immediate family members. His nephew said : \u201cWe knew he has some cars, but we had no idea what they were.\u201d When they opened the garage door they found the car in the above picture. It is a very rare 1937 Bugatti Type 57A Atalante. One of only 17 ever made.<\/p>\n Carr had bought the vehicle in 1955 for \u00a3895\u00a0 –\u00a0 about \u00a315,500 today. He drove it for a while then parked it in his garage in 1960. See: http:\/\/news.bbc.co.uk\/2\/hi\/uk_news\/england\/tyne\/7807210.stm<\/a>.<\/p>\n Carr\u2019s car was sold at Bonham\u2019s auction in Feb 2009 for USD3.4 million!<\/p>\n Carr\u2019s Will did NOT mention a\u00a0 \u20181937 Bugatti Type 57A Atalante\u2019.<\/p>\n That\u2019s right the car was not listed as a specific gift in his Will. No one knew what was in his garage until they opened the door.<\/p>\n So if you are planning to do your Will and intend to list some specific gifts and you have a rare collectable car then knock yourself out giving it away in your Will.<\/p>\n However, if the car disappears before you pass away there will be some very upset beneficiaries.<\/p>\n It will be quite the opposite of 8 family members left the contents of a garage not knowing what was inside.<\/p>\nOnline Wills<\/h3>\n
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Specific bequests or gifts<\/h3>\n
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Where there are no specific bequests or gifts<\/h3>\n
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Harold Carr<\/h3>\n
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Why is this relevant?<\/h3>\n