Do you have assets in Singapore such as bank accounts, property or company shares? Unless these are covered in a trust, your Will needs to specifically cover such assets.
Can I include all my Malaysia and Singapore assets in one Will? Wills drawn in Malaysia have to be probated separately in a Singapore court to deal with Singapore assets.
This could be by way of resealing the Malaysian Grant of Probate (GP) in a Singapore court. But the costs of resealing the GP are often much higher than if you were to draw up a separate Will altogether to cover your Singapore assets and have that Will probated in Singapore.
If you have no Will or do not address the disposal of your Singapore assets properly, they may be distributed intestate upon your demise, which means distribution to heirs will be according to statute which may not be what you want. Moreover, one needs to address the impact of SSD (Seller’s Stamp Duty) of 4 to 16% for Singapore residential property. SSD may be payable if the property is disposed of within the period of four years after your initial purchase. The same impact may apply to residential property left behind without a Will where it is common for heirs to avoid fractional (part) ownership by disposal.
Therefore, if you are a Malaysian with assets in Singapore, it is advisable to write a separate Will to cover the assets in Singapore, save time and money in future.
Below is the Seller’s Stamp Duty (“SSD”) for Residential Property for your reference.
|Holding Period||SSD (Residential)|
|Rate Less than 1 year||16%|
|More than 1 year & up to 2 years||12%|
|More than 2 years & up to 3 years||8%|
|More than 3 years & up to 4 years||4%|
|More than 4 years||No SSD payable|
Disclaimer: This article is given purely for information drawn from other sources and Rockwills makes no representations, express or implied, thereon and shall not be responsible for the accuracy of such information. Rockwills Corporation Sdn Bhd (274516-K)
KnowledgeDepository: Cir37/ADVCIR/17112016- Articles from Rockwills Trustee Berhad.