OCBC Bank Lets Users Prepare Free Online Will
As part of its Silver Years programme, OCBC Bank has rolled out new service that lets Singapore citizens and residents aged 21 and above prepare a basic will online for free in only 10 minutes.
OCBC Bank has rolled out the OCBC Online Will Generator, a service that allows Singapore citizens and residents aged 21 and above to prepare a basic will online at no cost, the bank announced in a press release on Thursday.
The bank developed the service in-house as part of the bank's Silver Year programme that focuses on retirement planning for people aged 55 and above, and includes elements outside traditional banking products, as it noted the inaccessibility of will writing services and demand from this demographic.
«We have seen news articles reporting that people were put off making wills as they are worried about the complexity and costs. We want to change all that by making 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,» Dennis Tan, Head, Consumer Financial Services Singapore, OCBC Bank, said.
Legal Recognition
In a survey conducted by the bank in 2017, one in three respondents said they wanted more advice on after-life plans and leaving an inheritance for their family. The also bank noted that despite the fact that self-written wills are legally recognized in Singapore, many people still go to laywers when preparing one, which typically costs between $99 and $500.
The system will prompt the testator to provide personal details and appoint an executor of the will. Other instructions, such as funeral arrangements and any other after-life arrangements, may also be included. To ensure the will is valid in Singapore, two witnesses who are not beneficiaries underthe will are required. The generated will has to be printed and signed, and its location registered in the National Wills Registry.
The bank noted that the will generator is ideal for persons with a straightforward distribution of assets and that it «utilises a basic will template and does not necessarily deal with every important topic or nor cover every aspect of the topics with which it deals.»
