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To minimise any potential disputes for Will generated via our platform, by default any gifts which no longer exists are NO LONGER VALID. You should always update your Will periodically to ensure it reflects your wishes.
For example, in the Will the Testator has written to give his son his Mercedes Benz E320 CDI (License plate number ABC1234C).
This is similar to the situation where you have 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 you bought, any payouts will not automatically go to your nominees of the previous policy. You will have to make a new insurance nomination.
You can also keep the gift "generic" and broadly describe it, however this might bring about a different set of issues down the line. For example,
- what if you own multiple items of the same asset you describe?
- Or what if the beneficiary has passed away?
- Or 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
