[:en]One of the main purposes of a will is to ensure that your assets are distributed to your beneficiaries according to your wishes. In Singapore, there are assets that can be distributed via a will, and also assets that are distributed outside the will.
Types of assets that can be included in a will
This includes assets that are in your sole name only. Below are examples of such assets that you can include in a will.
- Immovable Property
This refers to land, apartments, condominiums and HDB flats etc. This excludes immovable property under joint tenancy, but includes immovable property under tenancy-in-common.
- Movable Property
This refers to monies in bank accounts, shares, and other sort of valuables such as cars, jewellery, works of art, antiques and other forms of family heirlooms etc.
Types of assets that cannot be included in a Will
- Immovable property under Joint Tenancy.
Joint tenancy property refers to a particular holding of property that is co-owned by two people as joint tenants governed by the law of survivorship. In the event of death of one of the joint tenants, under the law of survivorship, the surviving joint tenant will be entitled to the entire property.
- Movable property under Joint Names.
This will include bank accounts in joint names. Upon death, the surviving party will be entitled to all the monies in the account that is jointly owned.
- Insurance with beneficiary nomination.
If you have made nominations on your life policies or accident and health policies with death benefits, then the proceeds will be distributed accordingly to your nomination. The nominee is required to file a death claim and will be asked to provide the necessary identifications.
- CPF monies
CPF monies do not form part of the testator’s estate for the purpose of distribution, and a nomination needs to be made with CPF board to state who should benefit from these monies.