OCBC Bank has launched a free online will writing service, the first of its kind in Singapore.
Developed in-house as part of OCBC Bank’s Silver Years programme, the OCBC Online Will Generator helps Singapore citizens and residents aged 21 and above prepare their own wills within 10 minutes.
In a press release on Thursday, December 27, OCBC noted that a lawyer in Singapore typically charges SGD 99-500 to prepare a basic will. However, it is actually not a legal requirement in Singapore that a will must be prepared or witnessed by a lawyer.
At the same time, few would know how to prepare a will entirely without guidance.
“We have seen news articles reporting that people were put off making wills as they are worried about the complexity and costs," said Mr Dennis Tan, Head, Consumer Financial Services Singapore, OCBC Bank.
"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."
In a pilot session conducted among a group of about 10 seniors from the NTUC Health Active Ageing Hub, respondents were given a hands-on experience at trying out the OCBC Online Will Generator.
Mr Heng Gee Choo, a retiree, 65, said: “The process is simple and easy to use. With this in place, there is really no excuse for me to procrastinate and delay the writing of my will.”