At Silver Consultancy, we have partnered with our counterpart to provide an all inclusive and comprehensive estate planning services to our customers. The services include will writing service and creating a trust. We provide solutions and support service in the areas of succession, management and distribution of wealth.
Writing a will is an integral part of estate planning. It can help you to distribute your assets according to your wishes, such as passing your estate on to your loved ones upon your death. Under the Wills Act, a will devises, bequeaths or disposes of one’s real estate and personal estate. Without a will, the State can distribute one’s property according to the Intestate Succession Act. Pass on is a taboo subject in Asian countries hence often not discussed. Yet it is important to ensure preparations are done so that your family is well taken care of.
WHAT YOU SHOULD KNOW ABOUT A GRANT OF PROBABTE?
If one passes on with a valid will and has appointed an executor, he/ she will validly dispose the assets of the deceased within Singapore. In this instance, the estate goest into “Probate”. A Grant of Probate is a court order officially recognising and giving powers to the executor to carry out the duties. This is essential because financial institutions and authorities require it before allowing closure of accounts or transfer of ownership of assets.
WHAT YOU SHOULD KNOW ABOUT A GRANT OF LETTERS OF ADMINISTRATION?
If one does not have a will or if the will is invalid, the spouse or next-of-kin of the deceased will be appointed as administrator(s). This process is called the Grant of Letters of Administration which is a count order officially recognising and giving powers to the next-of-kin to carry out the duties.
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