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.
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.
It requires you to structure your assets under 3 main categories:
1. Local Assets
2. Outstanding Local Debts
3. Overseas Assets
And state your assets’ corresponding market value, up to the current date.
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 to have access to it, which will lead to additional cost and delay the probate process.
If you need a template for the Schedule of Assets or have any queries, do feel free to reach out to me at email@example.com or chat with me here
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 independent 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.
I have been a financial advisor since 2007, starting off as a tied agent before joining Financial Alliance. I did so to gain access to a truly independent platform where I can offer unbiased advice. From managing business risks to overseeing a client’s retirement portfolio, I have undertaken the effortful task of becoming adept at personal finance and risk management for both businesses and individuals.
The best thing about what I do is people. As an extrovert, I value the conversations and connections I have made with my clients. This also gives me a sense of achievement when I help my clients to construct a financial portfolio to protect and grow their Wealth.
In my free time, I like to create visual content to entertain my loved ones.
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