Debts do not end with death in Singapore. Is Debt Inherited in Singapore? You may be curious if debts will be inherited by the family members/ next-of-kin of someone who passed away. Some common debts include: Credit card debts. Loans (including mortgages) Taxes to…
Thinking of leaving your house to charity? Or are you thinking of leaving everything to charity in your Will? How do you go about leaving your whole estate to charity? There are several ways to do it. Set Up a Non-Profit Entity You could…
There are two ways for organ donation after death in Singapore. Human Organ Transplant Act (HOTA) The Human Organ Transplant Act makes it compulsory for the donation of certain organs after death in Singapore. It applies to all Singapore citizens and permanent residents aged…
Other than immovable properties (such as your home) and monies in bank accounts, proceeds from insurance policies may constitute the largest asset you leave behind to your loved ones. An insurance policy is a contract between the insurance company and the insured. The contract works…
Estate planning in Singapore involves knowing and planning how you want your assets (at the point of death) to be managed and distributed to your loved ones. Estate duties or inheritance tax is not payable in Singapore for deceased who passed away after 15 February…
What will happen to mortgage debts and hospital bills after death in Singapore? Who will pay for them? Mortgage A mortgage is a legal document where the borrower offers to the lender as a collateral (i.e. a legal claim to the borrower’s property). If…
CPF nomination in Singapore gives you the option to specify who should receive what amount of CPF monies. CPF nomination in Singapore covers monies in your CPF ordinary, special, retirement and medisave accounts. It also includes any unused CPF Life premiums. Properties bought using CPF…
Estate duty in Singapore was abolished in Singapore on 15 February 2008. The abolishment of estate duty in Singapore does not mean that there is no tax to pay if a beneficiary inherits a property. The big question remains: do I have to pay stamp…
Are you looking for a will template in Singapore? There is no strict requirement for you to appoint a lawyer to draft a Will in Singapore. Strictly speaking, you can prepare your own Will. Under the Wills Act, a testator may devise or bequeath his/…
If you are in the process of preparing a Will in Singapore, you will need to appoint at least 1 executor (2 executors if you have at least 1 minor beneficiary). Job Scope of Executor of Will in Singapore What does an executor of…