Is there estate tax in Singapore?
In Singapore, for those that died after 2008, there is no estate tax (sometimes also referred to as Estate Duty). This is regardless of whether the estate is distributed directly in the Will or subsequently in periodic payouts through a testamentary trust.
Example: Testator dies leaving $2M, there is no personal income tax regardless if the 2M is given as a lump sum in the Will or allocated to a testamentary trust paying the beneficiary $20k per month for 100 months.
Specifically for property, what this means is that there are no additional buyer/seller stamp duties when the testator passes on and the property is transferred to the beneficiaries.
While the beneficiaries will not be taxed (e.g. income tax) for the "additional income" from inheriting the assets, there are still applicable fees such as conveyancing fees or other fees that would naturally occur to transfer the name, probate costs, court filing fees, accounting fees which will be paid forth from the Testator's estate.
However, some countries do have an estate tax, and this might even differ from state to state within that country. As Estate Tax Planning is another issue altogether, you might want to consider engaging a professional in that country.
While there is no estate tax, there are taxes payable if the estate and/or testamentary trust generates income.
Source: Difference Between Estate Duty & Income Tax of An Estate, IRAS website
This means that if there is income generated from the estate and/or the testamentary trust, then there will be personal tax incurred to the beneficiary if the beneficiary is legally entitled to the said income. Any income that the beneficiary is not legally entitled to is taxed at the trustee level.
Source: Estate/Trust Income - What to Declare, IRAS website
Example: Testator dies leaving $2M, the $2M is invested and generates an additional 50k which the beneficiary is entitled to. In this case, there will be personal tax incurred to the beneficiary regardless if the additional 50k income is being paid out as a lump sum through a Will or periodically through a testamentary trust.
If you are interested in the calculations, you can find out more information on the respective IRAS websites -- Calculating Estate Income Tax, IRAS website & Calculating Trust Income Tax, IRAS website.