Will Central Singapore

A man who unexpectedly died in a traffic accident left no will behind, prompting his mother to launch court action, seeking ownership of a flat in Tanjong Pagar where she had been living with him.

Woman loses claim over Tanjong Pagar HDB flat to grandson in court fight Grandmother and grandson took to court to fight over the deceased's HDB flat in Tanjong Pagar worth S$450,000 and other assets including about S$181,000.

Her parents bought the property with her money. When her mother died, she was not named as a beneficiary in the will.

3 financial related things to do before you die:
1) Have an open discussion with all stakeholders about how you will be allocating your estate
2) maintain an updated & clearly stated Will (yes you can, and should review your will every few years)
3) Build a trust as long as you have more than $50 of assets to distribute. (Yes you can start a trust from $50 of assets and it prevents ugly contest like this article after death)

🖋 48% of Singaporeans don’t have a Will
🖋 63% lack understanding on how to effectively pass down generational wealth.

(Article from The Straits Times, 20 August 2022)

(Will you be one of the Rich and Abandoned)

Singapore is having a continuous increase in private wealth per adult, as well as the increase of aged population.

Many financial instruments provide for withdrawals and after-death. But what happens when you lose mental capacity in old age and are no longer able to manage your personal and financial affairs?

Will your family members & loved ones turn you into one of the rich and abandoned?

King Charles has inherited the Duchy of Lancaster Estate valued at over $750 million.

He will not have to pay inheritance tax for the estate due to a 1993 rule by the UK government to guard against the royal family's assets from being wiped out if two monarchs were to die in a short period of time.

The estate generated over $27 million of income for the Queen last year.

A joint account is a common instrument used to hold monies & investments between two persons. While it can allow the last surviving owner to inherit the proceeds; there are cases where other survivors of a deceased have contested the proceeds of a joint account.

This is why we have been encouraging clients to write in specific instructions on the distribution of their joint account in their Will.

Xiang Yun said: "Over the years, I've seen that life is fleeting and anyone can be caught off guard. So it's time to make choices while you're still healthy, which is what I did."

'It's not taboo': Xiang Yun writes her will, signs lasting power of attorney As she ages and her mortality becomes apparent, Xiang Yun isn't beating around the bush when it comes to death.In an Instagram post last Friday (Aug 26), Xiang Yun shared her decision to write her will and grant a lasting power of attorney (LPA)....

48% of Singaporeans surveyed do not have a Will despite its simple procedure.

63% lacked understanding in wealth transfer, and 59% feel estate & wealth planning is a source of stress.

Madam Christina Khoo died without a will, which means her son and husband would each be entitled to one-half of her estate.

Yes, there's how crucial a will is.

S'pore teen asks High Court to block adoptive father, who killed his mother, from inheritance The 16-year-old is the legal son of the killer, Paul Leslie Quirk. Read more at straitstimes.com.

The body of the 72-year-old man who lived alone and believed to be dead for a few days, was found by police in his flat at Towner Road.

There is also a worrying trend towards one-person households: about 15 per cent, or 208,000 of resident households in Singapore as of 2020. In 2019 alone, the police issued 51 appeals for next of kin, with most of the deceased above the age of 65.

​So what happens to your assets in Singapore if you die alone at home?

What happens to your assets when you die alone at home in Singapore? image: Shin Min Daily News

A person who dies without leaving a will is called an intestate person.

The Intestate Succession Act is designed so that close relatives can inherit estates of an intestate person under the rules of intestacy.

However two issues commonly arise:
1) Relationships change: you may be fine now with your assets going to your close relatives, but upon your demise decades later, the same good relationships may not exist.

2) After demise, without a valid will, the court may take a longer time to complete the probate procedures and it can impact the life of your loved ones depending on you.

Do note that this Act doesn't apply to the estate of Muslims.