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Pang Zhe Liang
07 May 2020
Fee-Based Financial Advisory Manager at Financial Alliance Pte Ltd (IFA Firm)
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Hariz Arthur Maloy
07 May 2020
Independent Financial Advisor at Promiseland Independent
Without a will, you pass on all your assets and liabilities via the Intestate Succession Act.
So if you're unmarried and without kids but your parents are around, they'll get the property and the mortgage.
But since you're buying resale, you'll have the Home Protection Scheme which will clear the mortgage of your HDB upon your demise.
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Your legal beneficiary will be responsible. Here is how it works in Singapore.
Upon your demise and without a valid Will, the administrative process will take place and your estate (including the resale flat) will be distributed according to the Intestate Succession Act in Singapore.
More Details:
The Administrative Process on Dying without a Will in Singapore
Intestate Succession Act Singapore
Above all, the law will dictate who is the legal beneficiary for your resale flat. If you have an insurance policy that covers the mortgage, e.g. Home Protection Scheme (if you are using CPF to pay for a HDB), private term insurance, then the mortgage should be cleared.
Otherwise, your beneficiary will be responsible to clear your liabilities, or to sell the flat.
In order to prevent unnecessary complications, I will always advise my clients to go through comprehensive estate planning and to draft a Will. This protects both your beneficiaries and your rights.
More Details:
What is a Will Singapore
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