Have you ever wonder what are the consequences of intestacy and the issues that may arise.
What if you don’t plan?
What is Intestacy?
Intestacy is the term used for someone who has passed away without a Will.
So when one passed on intestate, your estate will be distributed according to Intestate Succession Act. (Chapter 146).
Take note: The Intestate Succession Act does not apply to Muslims. The estate of a Muslim is governed by Muslim law.
For Muslim estates, the beneficiaries must apply to the Syariah Court for an Inheritance Certificate to establish the share of each beneficiary. A Grant of Probate or Letters of Administration may need to be obtained after the Inheritance Certificate has been issued.
Muslims can dispose of or give away their estates through a hibah or nuzriah. However, through a Will, Muslims can only give away a third of their estate to persons who are not already entitled under the Inheritance Certificate.
Should you pass away intestate, a number of issues may arise.
Without a Will, the probate process gets more complicated. Distribution of assets may take longer resulting in higher legal costs.
The distribution of assets may not reflect what the deceased intended. Elderly parents will be excluded if the deceased leaves behind a spouse and children. When appointing administrators, the law gives priority to the next of kin of the deceased person’s family. This may not be in accordance with your wishes.
If both parents pass away at the same time, guardianship over their children is uncertain. Disagreements may arise as to who is the most suitable person to be the guardian. The ex-spouse may be able to gain access to the assets as the other parent of the children.
In conclusion, consult your estate planner on the issues that may arise to prevent any uninvited consequences of intestacy.
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.
❓Are you ready for the Era of Disruption?
❓Are you equipped for the New Normal?
❓Are you equipped for your Transformation?
Through a people-centric “HEARD” advisory process, Hock Beng (福明) has devised system & structure to support professionals, families, SMEs, and financial consultants to be better prepared for financial resilience. This authentic skillset provides clarity, balanced, focus, and confidence that generate consistent performance results in challenging times through 5 of the roles that Hock Beng has committed to undertaking.
✅ Wealth Management Coaching.
✅ Lifelong Learning Advocates & Constructivist
✅ Career Switch Mentoring.
✅ People Developer
✅ Digital Advisory Connectivist
More info at https://www.7cafe.sg/chewhockbeng
Meanwhile, get hold of his ebook – The 5th Strategy to understand how others have benefited from the kind of work Hock Beng has done for them.
Hock Beng is looking forward to having a meaningful engagement with you!
By submitting this form, I confirm that
In compliance with the Personal Data Protection Act, Financial Alliance Pte Ltd (“FAPL”) seek your consent to collect and use your personal data (e.g. name, NRIC, contact numbers, mailing addresses, email addresses and photograph) for the purposes of and in accordance with FAPL’s Data Protection Policy, which can be found on FAPL’s website at https://fa.com.sg/data-protection-policy/.
根据《个人数据保护法》，鑫盟理财私人有限公司征求您的同意向您收集并使用您的个人信息。鑫盟理财将根据公司的个人数据保护政策所阐述的用途使用您的个人资料（例如姓名，证件号码，联系电话，邮寄地址，电邮地址和照片）。 该政策可在本公司网站上查寻，网址为 https://fa.com.sg/data-protection-policy/.
By submitting this form, you are deemed to have read and understood FAPL’s Personal Data Policy.
Subscribe to our newsletter to receive updates on our latest content!
Will I be able to retire comfortably?