Singapore residents and citizens aged 21 and above can prepare their own wills within 10 minutes.
Oversea-Chinese Banking Corporation (OCBC) launched its free online will writing service, the OCBC Online Will Generator, in a bid to cater to the needs of those who need advice on after-life plans and leaving an inheritance for their family.
The service is part of OCBC’s Silver Years programme which was launched in May 2018 that offers financial advisory and lifestyle initiatives for Singapore’s seniors to minimise the downsides of the ‘retirement risk zone’ deemed to be the period of a person’s life at 55 year old onwards.
The OCBC Online Will Generator can be used on any smart device and computer, the announcement highlighted. To use the service, users must fill in and review their personal details and the online forms, and download the generated will for free. They can then sign on it after it has been printed in the presence of two witnesses and register the will’s location with the National Will Registry.
Through the service, users will be appointed an executor who will ensure that the will is carried out as stated and list the beneficiaries who will receive the assets after the user’s death, OCBC highlighted. Additionally, they can appoint a legal guardian for the listed beneficiaries if they are still below the age of 18 as well as give other instructions including funeral arrangements and other after-life requests.
OCBC warns however, that its service does not contain or convey any legal advice and users should still seek legal counsel from qualified lawyers for more specific will requirements pertaining to topics such as Islamic laws, persons under 21 and those not residing in Singapore.
The service comes after a survey conducted by the bank found that 200 respondents aged between 55 and 69 indicated how they needed further guidance in preparing a will. Additionally, OCBC noted how lawyers typically charge between $99 to $500 to prepare a basic will.
“We have seen news articles reporting that people were put off making wills as they are worried about the complexity and costs,” OCBC’s head of consumer financial services in Singapore Dennis Tan said in a statement. “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 generation citizens.”
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