Finance
What Happens If I Die Without A Will?
February 21, 2022
What happens to those who die without leaving a will?
In Singapore, we have the Intestate Succession Act in law. All those who do not have a will written would have their assets go through the Act, leaving them no say in how the assets are distributed.
Without boring you too much, in a gist, this is what happens:
- Your assets are frozen after death
- Your successors would have to obtain a legal document called the “Letter of Administration”. It is NOT free. It can cost $950 today.
- The Administrator evaluates all your outstanding debts, and uses your assets to pay them off first
- The remaining asset, if any, after debts, will go to family members in priority and portions dictated by the Act.
Without a will, you have no say whatsoever in how your assets will be managed. It could turn into an ugly, financial war between the survivors. Everyone is significant, and should not have their legacy distributed against their wishes.
Get in touch with us today so that we help plan your legacy.
