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Anonymous
Has anybody here experience with family members with no will upon passing? What would be the difficulties face? How long does it takes to settle everything?
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Colin Lim
17 Apr 2020
Financial Services Consultant at Colin Lim
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Pang Zhe Liang
17 Apr 2020
Lead of Research & Solutions at Havend Pte Ltd
In this case, the administrative process will apply. Let me link you to more details on how it works:
More Details:
The Administrative Process on Dying without a Will in Singapore
Accordingly, the next-of-kin may face difficulty in each step, e.g. consolidating the list of assets, share in which the beneficiaries should be entitled to.
In addition, not everyone may wish to take on the role of the administer (more work).
In most cases, the timeframe to obtain the Letter of Administration may take up to 6 weeks, assuming that all required documents are submited promptly.
Thereafter, the estate will be distributed according to the Intestate Succssion Act in Singapore (assuming that deceased's domicile is in Singapore).
More Details:
How to determine Your Domicile
On the whole, as a licensed Estate and Succession Planning Practitioner, I will strongly encourage my clients to set up a proper Will as part of their estate planning. In effect, it speeds up the entire process and ensures that the estate reaches the intended beneficiaries.
I share quality content on estate planning and financial planning here.
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If a person dies without a will in Singapore, the person is said to have died “intestate.” This means that the deceased person did not make a Will to state who should manage his estate and how his estate assets should be distributed.
So what happens to your hard earned assets and fortune if you die without making a Will in Singapore? The state decides for you – who manages your estate, who gets your assets and in what proportion. This is done through the Intestate Succession Act.
Something to share,
for insurance, I suggest do nomination as this is first money out. Will will take some Time to process.
bank account: joint name so that if 1 pass away, the money is not frozen.
cpf: nomination
normally will is written, so that the properties, investments all will be consolidated and distribute accordingly.
below link for u to read for detailed explanation.
https://www.pkwalaw.com/news/what-happens-if-yo...
you can reach out to me for more WILL queries, there will be referral discount Under my name for you to write a will. you can reach out to me if u want to do up your insurance, CPF nominations..
#planwithcolin