Estate Matters and Distribution of Assets — Part 1
This is the first part of our four-part series, where we will introduce you to Grants of Representation, including Grant of Probate, Letters of Administration, and the Resealing of a Foreign Grant.
GRANTS OF REPRESENTATION
A Will informs your beneficiaries your wishes for the distribution of your assets.
However, in most cases, your executors or administrators will still need a Grant of Representation to distribute the assets.
In Singapore, the different types of Grants of Representation are:
1. Grant of Probate – where there is a Will
2. Letters of Administration – where there is no Will
3. Resealing of a Foreign Grant – where a Grant has been issued by a Commonwealth country (example, Malaysia)
Estate Bank Account
Upon obtaining a Grant of Representation, the executors or administrators will be required to open an estate banking account for the funds to be transferred into.
This also helps to ensure that the funds are properly accounted for and distributed.
These processes will be further discussed in our subsequent posts.
OTHER ASSET DISTRIBUTIONS
Approaching the Public Trustee
Other than the above Grants of Representation, the Public Trustee also has the discretion to administer the estates of deceased persons, where the value of the estate does not exceed $50,000.
Typically, beneficiaries may want to approach the Public Trustee where the assets are not major, and the distribution is not complicated.
Central Provident Fund (CPF)
Not all assets may be dealt with via a Will and/or Grant of Representation.
The Public Trustee is the exclusive administrator of the CPF belonging to deceased persons.
Distribution of CPF will go according to either, (1) nomination, if there is a nomination, or (2) the Intestate Succession Act (Cap. 146).
Even if there are provisions in a Will that deals with CPF, such provisions will not take effect.
The Public Trustee also holds on trust CPF for minor beneficiaries who are below 18 years of age for nominated beneficiaries, and 21 years of age for unnominated beneficiaries.
Insurance
Insurance proceeds are generally dealt with via a revocable or non-revocable nomination with the insurance company. This is typically the fastest and easiest method to obtain insurance payouts.
Distribution clauses in a valid Will pertaining to insurance proceeds will take effect in the event a nomination was not made.
Stay tuned for the next few parts of this series, where we dive deeper into each topic on the Grant of Probate, Letters of Administration and Resealing of a foreign grant. Don’t miss out on the valuable insights and practical tips coming your way.
Be sure to check back soon!
This article was written by
Timothy Wu
Director, LP Law Corporation
Questions? We’re here to help
Deed Polls – Changing your name in Singapore
A deed poll is a legal document that states your current name and the new name that you would like to be referred as.
1. Procedure
A lawyer will draft the change of name deed poll. You will need to arrange for a meeting at the law firm for signing of the deed poll.
You will need to bring your identification documents along to the law firm.
You will sign the change of name deed poll before witnessing lawyer who will then paste red sticker seals against your signature to signify that it is signed as a deed.
2. Choosing a new name
There are no requirements when choosing a new name, however, the ICA may reject certain names which are considered offensive or vulgar.
3. Parental Consent
Parental consent for change of name is necessary for minors below 21 years old and parents will need to attend at the law firm together with the minor for signing of the deed poll.
4. After Signing the Deed Poll
You should inform your change of name to important organizations such as:
- the ICA to replace your NRIC and Passport
- your banks and insurance companies
Disclaimer:
This is intended for informational purposes only and does not constitute legal advice. For personalised legal assistance, please consult our qualified professionals.
This article is written by
Timothy Wu
Director, LP Law Corporation
Questions? We’re here to help
Read More
Understanding Wills in Singapore: What is it and Common Types
What is a Will?
A will is a legal document that explains how you want your assets to be distributed after you pass away. In Singapore, it is essential to create a will to ensure that your estate, comprising properties, finances, and belongings, is managed according to your preferences. This gives you peace of mind, certainty, and control over your affairs. Without a will, distribution of your assets will follow the guidelines of the of the Intestate Succession Act, potentially diverging from your intended wishes.
Types of Wills in Singapore
Before writing a will in Singapore, it’s important to understand the different types available, as each one serves different needs and situations. These can be customised to suit various circumstances. In this context, we explore four common types of wills in Singapore: simple wills, joint wills, mutual wills, and mirror wills.
Simple Will
The widely chosen option for writing a will in Singapore is the simple will. This legal document clearly states your preferences regarding the distribution of your assets. With a simple will, you can make changes to the distribution of your assets at any time while you are still alive.
Joint Wills
A joint will is a single document created usually by two parties, typically spouses, which details how they wish to divide their combined assets.
Upon the death of one party, the surviving party inherits and manages the estate.
Upon the surviving party’s death, the combined assets are distributed according to the provisions in the joint will. Importantly, the surviving party cannot unilaterally alter the terms of the joint will; any changes require the consent of both parties involved.
Mutual Wills
Similar to joint wills, mutual wills are agreements between two or more parties with identical content, detailing the assets and distribution instructions. Once a mutual will is created, it cannot be altered without the consent of all parties involved.
This type of will is commonly used by spouses who wish to guarantee that their estates are distributed according to their agreed-upon plan.
Mirror Wills
Mirror wills are like mutual wills in that they consist of two nearly identical documents. In mirror wills, each partner typically leaves their assets to the other in the event of their death. For instance, if one spouse passes away, the surviving spouse inherits everything, and vice versa. Unlike joint or mutual wills, mirror wills allow each party to independently modify their own will without needing the consent of the other. This flexibility makes mirror wills popular among married couples or partners who want to ensure their spouse is provided for, while still retaining the freedom to revise their will if circumstances change.
Conclusion
Writing a will in Singapore is an important step in ensuring your assets are distributed according to your wishes. Whether you choose a simple will, joint will, mutual will, or mirror will, it’s wise to consult with a lawyer to make sure everything is done correctly.
Disclaimer:
This is intended for informational purposes only and does not constitute legal advice. For personalised legal assistance, please consult our qualified professionals.
Questions? We’re here to help
Read More
