How to Prepare a Schedule of Assets for Your Will in Singapore
Most of us understand the significance of making a will in the estate distribution process but we often overlook the importance of maintaining a Schedule of Assets.
What is a schedule of assets and why make one?
A Schedule of Assets is a supporting document attached to your will which lists the value of your estate at point of death. A person’s estate comprises of property, investments, bank account balances and investments held worldwide.
It provides a clear representation of the assets you own so that the value of your estate may promptly be determined. It enables your estate to be distributed to your beneficiaries faster after you have passed away. Without it, your personal representative will take a long time to write to the various financial institutions to verify your assets under them.
How should the Schedule of Assets look?
It requires you to structure your assets under 3 main categories:
1. Local Assets
- Bank Accounts
- Investment Accounts
- Insurance Portfolios
2. Outstanding Local Debts
- Car Loans
- Property Loans
- Unsecured Loans
3. Overseas Assets
And state your assets’ corresponding market value, up to the current date.
Are there any Special Requirements for Making the Schedule of Assets Legally Valid?
No, there is no special requirement to make a Schedule of Assets legally valid. However, if the Schedule of Assets has already been filed but does not list all the assets you have, it will have to be amended to include the missing asset(s) for your personal representative (whether executor or administrator) to have access to it, which will lead to additional cost and delay the probate process.
Updating your Schedule of Assets should be a periodical affair. Come talk to me if you need help with your schedule of assets or are simply looking for a specimen of a Schedule of Assets from our legal department for your reference. I will be more than happy to assist!
Important: The information and opinions in this article are for general information purposes only. They should not be relied on as professional financial advice. Readers should seek unbiased financial advice that is customised to their specific financial objectives, situations & needs. This advertisement or publication has not been reviewed by the Monetary Authority of Singapore.
Published By:
Christina Ang
Having personally experienced the importance of financial and estate planning, Christina is deeply committed to providing holistic, fee-based financial advice tailored to her clients’ best interests. She specializes in analyzing family portfolios, optimizing every hard-earned dollar, and helping clients achieve their financial aspirations.
Christina’s practice is built entirely on referrals—a testament to her professionalism and dedication. Beyond serving clients, she is on a mission to Mentor, Empower, and Equip a new generation of financial advisers. Through a proven, step-by-step coaching methodology, she guides advisers in delivering unbiased financial advice, mastering referral-based client acquisition, and fostering long-term trust—raising the bar for professionalism in the industry.
As a leader of one of the most Productive and Passionate Teams at Financial Alliance, Christina balances her career with the joy of raising her children and sharing meaningful conversations over coffee with friends and clients. After all, financial advisory is a business by people, for people.
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