Blog Details

1.

Executor

An executor needs to be a person whom you can trust to execute your wishes clearly and without duress.

Role of Executor

1. Searching for the original will

2. Enforcing the funeral arrangements stated in the will

3. Obtaining and collating all financial assets and documents

4. Informing all beneficiaries named in the Will

5. Applying for the Grant of Probate

6. Making multiple trips to various firms and government offices

Before you appoint an executor, ask yourself following questions

1. Does the person have the necessary knowledge and ability to manage your assets?

2. Does the person has the knowledge to decide if he/she should sell the investment you are having when you pass on?

3. Does the person willing to be your Will executor? He/she can reject the appointment, and hence will be ideal if you can get consent from the person!

How fast the assets can be distributed according to Will, highly depend on how efficient the Will executor is.

Alternatively, you may choose to pay reasonable fee (up to 0.5% of total assets) and let professional team to do the job for your loved one!

2.

Minors

The age of majority applicable in Singapore is 21 years old as provided by common law.

3.

Guardian

Guardian will have the power to make decisions affecting the welfare of your children until they reach 21 years old.

These decisions may range from the basic provision of food, clothing, education and etc.

What happen when nobody willing to become guardian?

In the event that no persons apply to be the guardian of your children, any children you have that are below the age of 16 will be placed under the care and protection of the Ministry of Family and Social Development according to the Children & Young Persons Act. This entails the placement of your child in a home.

Tips: Similar with the appointment of your Will executor, will be good to have consent from the person before your appointment, as he/she can reject the appointment as guardian!

4.

Movable and Immovable Assets

Movable Assets including your cash in your bank account, insurance, share, furniture and etc.

Immovable Assets are property assets that cannot be moved without causing destruction or permanent alteration, including HDD, Condo, Land, and etc.

5.

Digital Assets

We have discussed movable and immovable assets, which most of the people will not forget about it when comes to estate planning. How about Digital Assets?

Digital Assets including information, documents, even money in electronic form stored in computers, cloud storage services online account, and etc.

Digital Assets are intangible and it can be complicated and troublesome of the executor to call in your digital assets upon your death, which always being protected by passwords.

For example, 1 Bitcoin worth about USD 10,000, do your family know about it? If not if unfortunate event happens, do you think your beneficiaries know the existing of valuable bitcoin account?

Example of digital assets: PayPal account, Cryptocurrency, Grab Wallet, E-commerce Website, and etc

6.

Beneficiary

A beneficiary is the person or entity you name in a Will to receive your estate.

Fail to name beneficiary will lead your estate to be distributed under Intestate Succession Act (Cap 146).

*Children of deceased brother or sister are substituted.

Fail to write a Will/name beneficiary, will lead to estate distribution according to Intestate Succession Act (Cap 146).

The outcome may not be what you want, especially for married couple with children, parent (s) will not be entitled for any estate. For those who need to financially support their parents, writing a Will can make sure that estate can be distributed according to their wishes.