THE SETTLEMENT OF AN ESTATE: HOW TO FIND YOUR WAY AROUND?

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Business valuation Singapore

When one of your loved ones dies, first there is the shock caused by the loss of a loved one and the grief that accompanies it. Then there are questions about the religious ceremony, funeral home and family reunions related to this sad event through M&A advisory.

Apart from this mourning, which can last weeks or even months, you will also have to take steps to settle the estate of the deceased.

What happens to the deceased’s property? How to find the will of the deceased? How to transfer the title deeds of the house to the heirs? Will the estate be entitled to the death benefit? Who is responsible for paying funeral expenses? Does the alimony that the deceased paid to his or her ex-spouse automatically lapse?

How to navigate with the liquidation of the family patrimony and the matrimonial regime if the deceased was married? Do we have the right to spend money from life insurance policies immediately? To whom will the rights in the deceased’s retirement savings plans be transferred? What are the risks associated with using or disposing of property or sums of money belonging to the deceased? Is it necessary to file a tax return even if the person has died?

Don’t panic: everything in its time! It is not easy to find your way around, but it is essential not to burn steps… The very first is to obtain proof of death in order to begin the will search. Obviously, the liquidator (or the one who believes he is) must ensure that he is authorized to act and that he is indeed using the last valid will signed by the testator. The register of wills allows you to obtain the information allowing you to trace the last will made by the deceased if it was made before a notary with the help of a M&A advisory.

You can be sure that no bank, insurance company or government agency will be able to respond to your requests without you providing them with proof of death accompanied by the will search, and a true copy of the will, if any, depending on the nature of your request.

So suppose you have obtained proof of death, the will search and the last will of the deceased who appoints you liquidator. Are you comfortable enough to empty the deceased’s bank accounts and immediately hand over the sums of money to the legatees named in the will? Do you know how to correctly dissect the various legacies and special clauses found in the will?

What happens if you believe that the estate is in deficit, i.e., that there are more debts than assets in the estate? Will you advise the heirs to renounce the succession? If so, in what time frame and in what way?

Who will be responsible for the debts of the estate when the property or sums of money have already been handed over to the legatees? Who will then be responsible to the various creditors, including the Ministry of Revenue?

If the deceased was married but bequeaths all of his property to his children, can the surviving spouse claim certain rights or property? If so, how to establish the value?

You are not much more advanced?

The notary is the specialist in inheritance law. And will be able to advise you adequately through. This sometimes complex operation that is the liquidation of the estate. You do not know what is a liquidator appointment. An estate inventory, a legacy issue, an estate division, an account, or a declaration of real estate transfer? Don’t worry. It’s just not your domain. Let a notary guide you before taking actions that may engage your responsibility as liquidator or heir or worse. Lead to the tacit acceptance of an estate that is in deficit. Avoid falling into these traps… when you ignore the law, the notary is there for that!

How to navigate with the liquidation of the family patrimony and the matrimonial regime if the deceased was married? Do we have the right to spend money from life insurance policies immediately? To whom will the rights in the deceased’s retirement savings plans be transferred? What are the risks associated with using or disposing of property or sums of money belonging to the deceased? Is it necessary to file a tax return even if the person has died?