Everyone eventually leaves one day, and you either leave assets or liabilities behind, or even both. I have been going through this thought process of making a will. Doing one is not expensive, it can cost anything from a few hundred dollars to zero cost. I laid out all that I might possibly have, though not the full details. You can go through my thought process pictorially when you do make yours one day.
Being an intestate after death is not exactly pleasing as my estate will be distributed according to the Intestate Succession Act instead of how I wish it to be. Also, as the probate process is quite complicated, this usually means a delay in settlement or assets distribution, resulting in higher legal costs.
Most people focus only on the center portion, or the assets distribution. This is where you decide how to distribute your tangible assets to your close-kins, usually monetary or physical assets with value. In fact, there may be more than those stated which are too numerous to name. For example, you can will your Hi-5 stereo set, valuable CDs, refrigerator or even keepsakes. Also, there is now digital money (such as cryptocurrency , paypal funds, pre-funded accounts in the name of the deceased) which I have not seen much discussion on how it can be legally be included or distributed in a will. I have also come across some unique cases of who owns the access of the deceased email or social media accounts should the close-kins not have the passwords to them.
The next thing was to be aware of what is NOT COVERED under my will, and whether they fall under the distributable or non-distributable side. Generally, CPF monies and some insurance policies (which have nominees) will be distributed by nominations. Properties which are joint-tenancy and bank joint-accounts are taken over by surviving parties. These cannot be willed.
Not many realise that everyone will end off with some form of debt when they leave. The second misunderstanding to correct is that these debts are non-transferable. The debts are first settled from the deceased’s estate. The only implication is a joint-loan with or if you were acting as a guarantor for the deceased.
Have you looked at assets distribution in the event of an unexpected dismissal?