A Schedule of Assets is an important document which lists all of one’s assets and debts. It is required by the court when an executor of a will or a representative makes an application for Grant of Probate or Grant of Letters of Administration.
In situations where a will has been made, the Grant of Probate authorises the executor to manage and distribute the deceased’s assets according to what has been laid out in the will. Where there is no will, the Grant of Letters of Administration authorises the administrator(s) to manage and distribute the deceased’s assets according to the Intestate Succession Act.
Therefore, whether or not a will has been made, a Schedule of Assets is required by the court. The appointed executor or administrator(s) need it before they can distribute the deceased’s estate.
What is inside a Schedule of Assets
This document should be an inventory list of all one’s local and overseas assets, as well as any outstanding debts. It should include a short description of each item. For assets, the document should list each asset’s estimated market value at the time of death.
These assets may include:
- • Immovable property such as HDB flat or private property
- • Cash savings in bank accounts
- • Financial products such as stocks, bitcoins, bonds and options
- • Vehicles
- • Valuable possessions such as watches, jewellery and artwork
What does not need to be included:
- • Central Provident Fund (CPF) savings
- • Life insurance policies
The beneficiaries of these assets are usually nominated with the respective organisations (CPF, insurance company) upon creation of the account or policy. Where no nomination has been made, one’s CPF monies are likely to be distributed according to the Intestate Succession Act. For life insurance policies which do not have named nominees, proceeds would go to the deceased’s residuary estate if there is a will. Where there is no will, the proceeds would be distributed according to the Intestate Succession Act.
Why it is good to compile a Schedule of Assets
Despite its importance, a Schedule of Assets is not a legal requirement for drawing up a will in Singapore. One can complete a will without making this list. This is why it is possible to finish a will in a matter of minutes.
If a person dies without a Will, the task of drawing up a Schedule of Assets will fall to the administrator(s), who are usually the deceased’s family members. This Schedule of Assets is one of the supporting documents required by the court after the application for the Letters of Administration has been filed. It will be needed by the court later on to make sure that the estate administrator(s) has paid off all the deceased’s debts, and distributed the deceased’s assets according to the Intestate Succession Act.
In situations where there is no Schedule of Assets attached to the Will, the executor will have to draw it up. Making an accurate list could be a difficult task for the executor, especially if the deceased has squirrelled away tidy sums of money in offshore accounts, or purchased financial products online without the knowledge of anyone else. Undiscovered monies may never end up in the hands of the rightful beneficiaries.
And that is why it is immensely helpful in legacy planning if testators were to compile the Schedule of Assets themselves. This inventory list should be updated periodically to ensure accuracy. If there are missing items in the Schedule of Assets, the executor may not be able to distribute the assets which not have been properly recorded.
Prepare your Schedule of Assets with iWills
iWills is so much more than just a lawyer-approved will-writing platform. Its signature feature is a Legacy Dashboard designed for users to easily create an inventory of their assets. All you need to do is provide details of your assets under “Compile your personal asset list” when you write your Will. iWills will populate your Legacy Dashboard with the information recorded, enabling you a visually-comprehensive overview of your legacy. iWills will then generate your personal asset list when you download and print your Will. This can then be used by your executor to draw up an official Schedule of Assets required by the court.
Users are advised to update their Legacy Dashboard from time to time in order to ensure the accuracy of their Schedule of Assets. Don’t leave it to chance for your beneficiaries to discover what assets you have. Safeguard the future of your legacy with the iWills Legacy Dashboard today!
Don’t leave it to chance for your beneficiaries to discover what assets you have. Safeguard the future of your legacy with the iWills Legacy Dashboard today!