Your loved ones do not know what you own
Every year people die leaving millions unclaimed. It was reported that US$58b of unclaimed cash and benefits were held in US on 2013 (CNN Money) and S$150m of unclaimed money were held in Singapore on 2016 (Straits Times).
Without a Will, your parents may get nothing
Without a Will, your assets will be given according to the Intestate Succession Act. You have no say in who receives what, who to be in charge to find and distribute your asset, or who to take care of your kids.
If you are married with kid(s), 50% goes to your spouse and the remaining 50% is divided equally among your kid(s). Your parents get nothing.
Wills are voided by marriage but not divorce
A marriage will automatically revoke your Will, and also your CPF nominations. A divorce, however, has no such effect.
Expensive Will ≠
Fool-proof Will
Any Will can be contested and made invalid. It can be due to incomplete formalities (e.g. lack of at least 2 witness), failure to make reasonable provision for dependents under Inheritance (Family Provision) Act, or due to evidence of fraud, undue influence or unsound mind etc (e.g. Yan Yin saga, LKY’s, LSP's, Yeo’s family last will).
Anyhow, there is no way to ask the dead if the Judge got it right.
People can be worse off after inheritance
If you inherited a property with huge outstanding mortgage, you may not have the means to continue paying the monthly mortgage. If you try to sell it during bad times, you may have to pay for any losses with your own money. Likewise for inheriting a business with huge liabilities.
The Nobel prize is an instruction from Alfred Nobel’s Will
“The whole of my remaining realizable estate ... shall constitute a fund, the interest on which shall be annually distributed in the form of prizes to those who … have conferred the greatest benefit to mankind.”
