OCBC Bank launches free online will writing service

SINGAPORE — Getting a lawyer to prepare a basic will typically costs between S$99 and S$500, though there is no legal requirement in Singapore that it must be prepared or witnessed by a lawyer.

To make will writing more accessible here, OCBC Bank has rolled out a free online service for Singapore citizens and residents aged 21 and above to prepare their wills within 10 minutes on their computers, laptops or mobile devices.

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A survey conducted last year by OCBC involving 200 participants between the ages of 55 and 69 showed that one in three need more advice on “after-life plans” and leaving an inheritance for their families, said the bank in a press release on Thursday (Dec 27).

Mr Dennis Tan, head of consumer financial services (Singapore) at OCBC Bank, said the bank wants to make “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”.

Users of the OCBC Online Will Generator have to fill in an online form with his or her personal details, and will require at least two witnesses above the age of 21 who are not the beneficiaries to ensure that the will generated is recognised in Singapore.

The individual will be prompted to appoint an executor to carry out his or her will and list the beneficiaries who will receive the various assets after the user’s death. A legal guardian has to be appointed for the listed beneficiaries if they are below 18 years old.

The user will also be prompted to indicate the percentage allocation of overall assets, alongside other options such as specific gifting of Singapore-based property and listing of assets. Other instructions for funeral arrangements and after-life matters can also be included.

They can then download the will for free and sign the printed copy. The will has to be kept in a safe environment and its location registered with the National Will Registry.

OCBC said the free service uses a basic will template for general use, and it does not deal with "every important topic or cover every aspect of the topics with which it deals". Users should seek legal advice from qualified lawyers for more specific requirements.

The service is part of the bank’s Silver Years programme launched in May which offers advisory and lifestyle initiatives to seniors here. 

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HOW TO WRITE YOUR WILL

Visit www.ocbc.com/OnlineWill (after agreeing to the terms and conditions)

Step 1: Fill in personal details and the online forms

Step 2: Review the completed forms

Step 3: Download the generated will for free and sign on printed copy. Keep the will in a safe environment and register the will’s location with the National Will Registry.