Dying Without A Will

Have You Amended Your Will?

If a Singapore resident did not leave a valid will behind before he passed away, Singapore’s rules on intestate succession, as outlined in section 7 of the Intestate Succession Act (“ISA”), will determine how the deceased’s estate is distributed to his survivors. A separate law governs Muslims.

Many may not be aware that a divorce can have far-reaching impact on how one’s assets is distributed under ISA.

Are you someone whose parents were divorced? A child cannot legally renounce his relationship with either biological parent(and vice-versa). That means 100% of your assets would be split between your surviving parents if you die an unmarried person. If you are married and survived by your spouse, only 50% of your assets remains for him or her.

Do you have surviving children from a past marriage? In the same vein, ISA would require you to provide for them (or their children if the former are deceased) upon your demise, in addition to your current dependants, if any.

From the day we are born, the government has already written a will for us in the form of ISA. Are you satisfied with that framework? Is that really how you want your wealth to be distributed?

If not, please feel free to PM me to discuss alternative solutions.

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:

Norman Ngai

I spent 16 years of my career in multinational life and general insurers in both underwriting and claim management roles. This contributed to my deep and diverse industry experience, which will benefit my individual and corporate clients.

I am a proud representative consultant of Financial Alliance now, one of the largest financial advisory firms in Singapore.

Financial Alliance partners over 50 life/general insurers, 5 investment platforms, 71 asset management companies and 5 estate planning partners.

Be assured that you are in good hands, if you wish to embark on your risk management and financial planning journey with me.

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