Currently, on GM Legacy Will generator, you are only able to list the following asset type(s):
-
- Cash Gifts - Allocate fixed cash amounts to specific beneficiaries
- Specific Bank Account(s) – Assign individual accounts to named beneficiaries (up to 10 bank accounts)
- Specific Investment(s) – Allocate stocks, bonds, unit trusts, etc., individually (up to 10 accounts)
- Insurance Policies without Nomination – Designate beneficiaries directly via your Will
- HBD
- Specific Private Property(ies) – Distribute by address or property type to chosen heirs (up to 3 properties)
- Overseas Properties (if applicable)
Note: For other assets such as jewellery, watches, and motor vehicles, etc, they will fall under the residuary estate if they are not specifically mentioned in the Will.
-----------------
Coming soon!
GM Legacy Will generator will be able to support more asset types and greater flexibility in distribution. You can specify exactly who receives what.
The asset types include:
- 3rd Party Insurance Policies – Transfer policy ownership to the named life assured
- Personal Items – Bequeath sentimental or valuable items such as jewellery, watches, and bags
- Motor Vehicles – Pass on specific cars, motorcycles, or other registered vehicles
-----------------
What happens to assets not listed specifically in my Will?
Any remaining assets will fall under the "residuary estate" and be distributed according to the general instructions you provide in your Will.
Residuary Estate is any portion of the Testator's estate that is not specifically gifted and the destination of gifts that have lapsed. It is important to name beneficiaries and substitute beneficiaries for the residuary estate to prevent partial intestacy.
-----------------
What should I do if I want to include more asset types in my Will?
This would require more complex instructions and assistance with drafting your will. We recommend reaching out to our trusted service provider for expert guidance and support. They specialise in tailored solutions to meet your specific needs.
Please email us to schedule a consultation with our partners for a non-obligatory session.