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 (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 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.
Having personally experienced the lack, and therefore, the importance of financial and estate planning, Christina is wholly dedicated to tailor holistic fee based financial advice and solutions in the best interest of her clients. Her forte is to deep dive into young families’ portfolios and optimize every hard earn dollar to help her clients fulfill their financial wish lists. All her clients are purely by referral basis and that is a testament to her professionalism and personal dedication in this business.
She now also makes it her mission to Mentor, Empower and Equip a new generation of capable and multi talented financial advisers with proven step by step coaching methodology in offering unbiased financial advisory, from referral-based effective client acquisition to extracting and maintaining high trust in the lifetime value of clients so as to up the level of professionalism in this industry. Advance your career with her here and find out more!
Apart from managing one of the most Productive and Passionate Teams in Financial Alliance, she finds joy in bringing up her children and a good cup of coffee with friends and clients. After all, this is a profession about people – for people!
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