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Aside from your will, there are several other documents to be filed during the probate process, and one of these is the schedule of assets. This document is an important reference for the court and for all the parties in your will.
The schedule of assets provides details about the value of your estate which will be useful in ensuring the distribution of your assets in accordance with your will and the probate law.
What is the schedule of assets?
The schedule of assets is a supporting document that is required by the court when a personal representative applies for either the Grant of Probate or the Grant of Letters of Administration.
If you do not provide a Schedule of Assets, your personal representative will have to prepare this document for you after your death, which could take more time and effort, depending on the depth of their knowledge of your estate.
The Family Justice Courts Practice Directions provides a basic structure for the specimen form for the Schedule of Assets. Here are the three categories to be included:
Schedule of Assets Category 1: Property in Singapore
It is essential to list all your local assets, regardless if you want these assets to be distributed or not. An incomplete probate assets list may only prolong the probate process or hinder the release of an asset to your personal representative.
In preparing your inventory of assets for probate, take into account both real estate, and personal property. For both of these asset types, you must specify their market value without deducting the debts owed towards them.
Make sure that you also specify a description for these assets that would help your personal representative or executor in locating them. These could be information like bank account numbers, policy numbers and addresses.
Among the assets you can include in the probate assets list are:
- Private properties such as a condominium or landed property
- Shares in a flat or property
- HDB flats
- Funds in your bank accounts
- Stocks and shares
- Insurance policies (where applicable)
- Items in your safe deposit box
Note that CPF savings are not part of your estate, and the money will be distributed to your nominees. Without a nomination, your CPF monies will be subject to the rules of intestacy. However, investments under the CPF Investment Scheme form part of the estate and are covered by the probate law.
Schedule of Assets Category 2: Outstanding debts in Singapore which are secured by a mortgage
These are the debts incurred for immovable property only, as probate statutes do not allow for the deduction of other debts when calculating the value of the estate.
Schedule of Assets Category 3: Probate property outside Singapore
Under the Wills Act of Singapore, any overseas movable property mentioned in your will would also be subject to Singapore law, provided the will was created in this country. On the other hand, immovable properties, including land, houses and condominiums, will be subject to the laws of the jurisdiction where the immovable property is located.
Regardless whether you have movable or immovable properties overseas, it is important to list them in your schedule of assets so proper action can be done with respect to your intended beneficiaries.
It is also paramount to understand the probate laws in these locations and to draft a valid will in these jurisdictions as it can affect the distribution of your assets.
Ultimately, your probate assets list is essential for probate and estate administration. The list above is not exhaustive, so you may need to consult with a professional like an accountant or a probate lawyer to make sure all your assets are accounted for.
While you can easily search online to determine ‘Can I apply for grant of probate myself?’ it can be worthwhile to hire a probate lawyer so you can bank on their expertise as you prepare your probate assets list.
Here at Kith & Kin Law Corporation, we offer expert advice on Grant of Probate Singapore to assist you on the best approach for your unique circumstances and needs.
To discuss how we can assist you in state planning and administration, particularly in preparing your inventory of assets for probate, schedule a consultation with us today.