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Any coupon for registration?
Hi,
I have the following questions:
1) Does WILLS cover overseas assets? or only local assets?
2) Does INTESTATE SUCCESSION ACT include overseas assets? or only local assets?
Thanks.
all assets of the estate, however, there might be complications on liquidation of overseas assets, eg the countries' estate duty/other taxes, so best to consult lawyer on this
Hi,
I have same question on overseas assets.
What if my overseas holdings is mainly in cash deposits (bank)? Would this be covered by a Will drawn up in Singapore?
Hi,
I am not a lawyer and I am not entitled to give legal advice, but as far as I know the answer is yes; you need a will in the country where you reside, and the will can cover oversea assets as well. If you have many complex assets (properties for example) in a specific country, a localized will helps to speed up the distribution of the assets located in that country.
So is C the beneficiary of A's Portion of the HDB flat ? You mentioned the will but not specifically the flat itself.
And A is not intending to leave the flat to his 2 other children ?
The wills of A and B mentioned only the flat and silent on others - willing to leave other assets (unlikely any) to intestacy laws.
A has no intention of leaving flat to her 2 other children who are cognisant of this matter.
If A wants to prevent B from selling the flat, then this needs to be stated clearly in the Will. Also, I'm assuming that both C and B will hold 50% equal share in the flat ?
At the end of the day, HDB will look at whether the remaining beneficiaries are able to form a family nucleus or not. If B is really insistent on selling the flat, and raises his case to HDB, I'm not sure how HDB will review this situation.
But you are also right in saying that C can delay the probate as much as possible. I've seen this happen in a similar case where the deceased died in 2011 and till now, no probate has been obtained.
What right has A to state in her Will that flat cannot be sold after her demise?
Yes, C will inherit A's 50% share when A uplorry. Fortunately, C must dispose his share as his own flat is under MOP. Hence, C's wish is to delay obtaining probate for as long as B is alive to prevent the disposal.
B is ever ready to sell the flat even with A around. When A goes, B will definitely want to let go the flat, unless C can exercise some delay indefinitely in getting probate.
The problem is that C may be forced by statute or HDB to finalise the probate and dispose his (C) inheritance as C is not eligible to own half share or by B who is keen to let go the flat.
If C is already ineligible to hold the flat, then the answer is very clear.
The issue now is how long C can delay the probate. If he delay too long, B can go to court to force the issue. What is B's state of health and how much energy does B have to pursue the matter ?
When you create an asset in the Bank Accounts category, you can provide Additional Information about your asset. In that section you can be as specific or generic as you wish.Looks at samples and i realise it's very troublesome to write will if u have new estate every other month (new fixed deposit, buy new stock in scb, etc)
How is everyone dealing with this? Only change the will when there is a significant change in estate?
When you create an asset in the Bank Accounts category, you can provide Additional Information about your asset. In that section you can be as specific or generic as you wish.
If you are very specific and include the account numbers and maturity dates of your fixed term deposits, then after the maturity date you may need to change the description of your asset which can be inconvenient in case you signed your will.
However, if you include a more generic description you won't need to update the will every time a deposit matures. I have the same situation myself, and I used a generic description along the lines of "any bank accounts held in my name at XYZ bank".
I hope this helps.
Don't hesitate to contact us again should you require further help.
From legacy nest
Certainly C can't hold on to his half share of the flat ownership. The only alternative is for C to delay obtaining the probate. What C's worry is that HDB may force C to execute the Will within a time frame or there is a statute bar on obtaining probate. Like that C will be cash rich and B will be homeless and certainly will squander his share of the sale within months
B is in no position to force the issue as he is ignorant and has no money to pursue the matter unless there are parties prompting him with financial aid. Quite certainly, B will leave it to C to manage the affairs after A's demise.
So the most important question is how long can C delay in obtaining the probate. Or how can C deliberately delay in obtaining the probate?
My understanding is that it can be forever. (I'm serious)
HDB isn't going to force the issue of its own accord and even if they did, C can always say that the probate is pending.
I wish it can be forever.
I did write to hdb in another case where a sole owner died and the RESALE flat is under MOP. I asked HDB whether I can delay the probate so that the flat will pass MOP. HDB replied that the flat cannot be disposed in the resale market and has to be returned to HDB as it is still under MOP as delay does not satisfy MOP and the estate will be given time but not more than 6 months after obtaining the letter of administration. The only play I have is delay in obtaining letter of administration. But how long and what reason can I have for delaying in obtaining LOA?
Legally, under section 55 of the Probate Act, it's 6 mths from the date of death. After 6 months, the court has the right to appoint the Public Trustee.
Practically is another story all together, which is why I asked about the state of B's health and whether he has the capacity to pursue the matter legally.
Like I've said before, I've seen cases where the issue just dragged on for years with no resolution simply cos one party didn't have the means to pursue the matter.