As a foreigner, if you have been working in Singapore for a few years, you would have the following assets:
As your family members are likely to be residing overseas, it’s best to ensure your assets can be transferred to your loved ones in a quick and efficient way.
The easiest (and free) way would be to do nominations for your life insurance policies (where applicable). This will ensure your loved ones can access the payouts within 4-6 weeks upon your passing.
For investments, it would be preferable to invest via insurance companies as your investment assets can be passed onto your beneficiaries smoothly through a nomination as mentioned above.
If you do not make any nominations for your insurance policies, upon claim the maximum the insurer will payout is S$150,000 per life to the proper claimant.
As the balance of claim proceeds will only be paid after the Grant of Probate or Letters of Administration are available, it may be a lengthy time before your beneficiaries receive the rest of the claim proceeds.
The investment accounts will be frozen until the Grant of Probate or Letters of Administration are available.
While the investment accounts are frozen, there is a risk of loss and deterioration of your investment funds due to equity market fluctuations.
Do consider setting up a Will in Singapore to take care of your Singapore assets like bank accounts and investments.
This would enable you to appoint your preferred Executor and decide on your beneficiaries.
Without a Will, it will become a costly and complex legal matter to determine your domicile and laws of intestacy.
Revoking previous Wills / foreign property
Usually the Will set up in Singapore is meant to take care of Singapore assets only.
Be sure to check that the Singapore Will does not supersede any Wills made worldwide.
Concurrently in your home country where you have substantial assets / properties, its best to setup a Will according to local laws there as well.
This will save time and legal costs as both Wills can pass through the probate process at the same time.
Executor(s)
• If you are appointing an individual, it’s best to appoint someone residing in Singapore, due to the ease of estate administration
• If you do not have a suitable Executor, you can consider appointing a corporate trustee to administer your estate (subject to estate administration fees)
Still unsure about the best way to transfer your assets to your loved ones? Do drop me an email winniechan@fapl.sg or chat with me
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.
Winnie Chan is a distinguished Certified Financial Planner (CFP) with over a decade of expertise in financial advisory services. Her commitment to her clients has led many to achieve their financial aspirations while ensuring their families’ protection. Winnie‘s extensive experience in insurance claims has been instrumental in securing successful payouts, providing crucial financial relief during challenging times.
Her passion for community engagement is evident through her financial education initiatives. She has conducted insightful financial talks for esteemed organizations such as Carousell Group, Singapore National Eye Centre and Singtel, empowering their employees with valuable financial knowledge.
Outside of her professional commitments, Winnie balances her life with a passion for fitness and music. She enjoys rigorous workouts at the gym and is a pianist, recently awarded ABRSM Piano Performance Grade 6 (Merit).
