What happens if I have given a beneficiary(s) a specific asset but it no longer exists at the point of my death (e.g. sold, replaced etc.)
To minimise any potential disputes for Will generated via our platform, by default any gifts which no longer exist are NO LONGER VALID (i.e. the executor is not required to use estate assets to replace such gifts.). You should always update your Will periodically to ensure it reflects your wishes.
This is similar to a situation where you have made an insurance nomination but subsequently sold your insurance policy to buy another one. If you did not make a new nomination for the new policy, any payouts will not automatically go to the nominees of the previous policy. You will need to make a new insurance nomination.
For example, in the Will the Testator has written to give his son his Mercedes Benz E320 CDI (License plate number ABC1234C).
This is one of the many reasons why it is important to update your Will periodically to ensure it reflects your wishes.
If there is no specific allocation or additional instructions regarding the asset, it will not be listed in the Will itself. Instead, it will be distributed according to the 'Allocate Residual Asset' section. In this case, there is functionally no difference whether you update it on the platform (e.g., if the asset is sold or replaced entirely with another).
Can I describe the gift in a generic or broad category?
Listing each assets individually is still the preferred approach as it adds clarity, makes future updates easier, and helps prevent unintentional errors. See Why List Down Assets Individually on the Platform?
You can certainly describe the gift in a generic of broad manner. However, this can have serious downsides as they may still be ambiguous, overlap with other categories or listed assets, and is often more prone to mistakes. For example,
- What if you own multiple items of the same asset you describe?
- What if the beneficiary has passed away?
- What if the Executor is unclear if a particular asset fits the description of the asset you described?
An updated Will on the other hand accurately identifies the asset, and allow your Executor to fill the Schedule of Assets accurately (it requires the accurate identifying details such as bank account no., car license plate no. etc.) which is required to apply for the Grant of Probate.
Bearing that in mind, should you still want to proceed to keep it general in describing the type of asset you wish to allocate in your Will, you can key it as:
Asset
Whichever {asset type} that I own at the point of my death
Identifying details
{Identification details} changes from time to time as I change my {asset type}
Here are some examples:
Car
If you wish to leave whichever car you own in Singapore at the point of your death, you can add an asset under "Motor Vehicle" and key in the following:
Item name [e.g. Brand and Model]
Whichever car that I own at the point of my death
Identifying details [e.g. License plate]
License plate changes from time to time as I change my car
Take note that the above refers to a car in Singapore (since "Located outside Singapore" is toggled off). This refers to specifically to a car, which exclude vehicles such as motorcycle, van, truck, buses etc.
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If you wish to refer to all of the motor vehicles in Singapore, of any make and model, that you own at the point of your death, you can add an asset under "Motor Vehicle" or "Other Assets" and key in the following:
Item name
Motor vehicles
Identifying details
All of my motor vehicles, including but not limited to any make, model, color, or license number, that I own at the point of my death
Residential Property
If you wish to leave whichever residential you own in Singapore at the point of your death, you can add an asset under "Real Estate" and key in the following:
Property type (e.g. HDB, landed, condo)
Whichever residential property that I own at the point of my death
Full address
Address changes from time to time as I change my property
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If you own more than one residential property and wish to all residential properties that you own at the point of your death, you can key in the following instead:
Property type (e.g. HDB, landed, condo)
All residential properties that I own at the point of my death
Full address
All residential properties, regardless of public/private or location, that I own at the point of my death
