In our previous article, seniors were suggested to decide on managing their own financial affairs in preparation of different possible situations in the future. Executing an Enduring Power of Attorney is one of the good solutions to secure financial independence against any incapacitated conditions such as stroke and dementia. This time, we are going to introduce the second of the "three treasures" in the treasure chest – Will.

A will is a legal document which is simple and does not cost much to make. Also, it is the most common instrument to plan for the distribution and gifting of one's estate upon passing away so as to alleviate possible dissension and conflicts between family members fighting for property and possessions.

Having regard to legal requirements, it is advisable to engage a solicitor to prepare a will. There are two important matters to note in making a will. Firstly, a will only takes effect upon one's death. Secondly, if a person intends to make a will during illness, it is advisable to call for a psychiatric assessment of the patient before proceeding to making and executing a will. A professional assessment of testamentary capacity is essential, because in some cases the validity of a will may be subject to subsequent challenge by potential beneficiaries or other family members.

Please stay tuned for our next article, which will look into the last treasure in the treasure chest – Advance Directives.

Special Thanks: The Guardianship Board