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Estate tax after a person passed away
Posted: Sat Jun 20, 2015 11:12 pm
by mistral77
If a person had passed away without leaving any will, what is the percentage of tax for estate duty that the people who inherit his assets have to pay?
Any one have any idea?
Re: Estate tax after a person passed away
Posted: Sat Jun 20, 2015 11:20 pm
by lee_yl
mistral77 wrote:If a person had passed away without leaving any will, what is the percentage of tax for estate duty that the people who inherit his assets have to pay?
Any one have any idea?
In Singapore, estate duties have been abolished since Feb 2008.
Re: Estate tax after a person passed away
Posted: Sun Jun 21, 2015 12:07 am
by mistral77
If there a difference with doing a will and not doing one?
Re: Estate tax after a person passed away
Posted: Sun Jun 21, 2015 7:30 am
by hquek
I have not personally gone thru this. Hearsay is that with a will, estate gets settled faster if there are no objections. Without will, estate distribution will be done by a gahmen body and this adds to time and cost. So far friends who had unfortunate experience with one parent passing away without will usually will have the remaining parent draw up one just to avoid the hassle.
Re: Estate tax after a person passed away
Posted: Sun Jun 21, 2015 7:46 am
by TheAnswer
With will can still take up to 6 months to get cash.. Property can take up to 12 months.. Without will, I dunno how long it can take..
Re: Estate tax after a person passed away
Posted: Sun Jun 21, 2015 7:47 am
by TheAnswer
Insurance payout can take more than 6 months also..
Re: Estate tax after a person passed away
Posted: Sun Jun 21, 2015 9:11 am
by slmkhoo
mistral77 wrote:If there a difference with doing a will and not doing one?
I don't know about speed, but if there is no will, the rules regarding intestacy will apply. See:
http://singaporelegaladvice.com/in-the- ... stributed/
This is the default when no will is made, but a will can override these conditions. The intestacy laws to not apply to CPF balances if a valid nomination was made.
Re: Estate tax after a person passed away
Posted: Sun Jun 21, 2015 11:14 am
by starlight1968sg
The will allows a person to distribute his wealth/assets in accordance to his preference. Without a will, the wealth/assets will be distributed in accordance to intestacy laws.
Re: Estate tax after a person passed away
Posted: Sun Jun 21, 2015 12:10 pm
by ngl2010
I think we can write our own will, right? No need to go to lawyer.
Re: Estate tax after a person passed away
Posted: Sun Jun 21, 2015 12:32 pm
by starlight1968sg
ngl2010 wrote:I think we can write our own will, right? No need to go to lawyer.
The usual saying is if the content is not too complicated and unlikely somebody to challenge it, then it may be possible to write your own will.
However, to save cost, one may opt for an online version which will then be acknowledged and signed by a lawyer in his/her law firm.