Why should I key in the asset's market value now even though it will still change in the future?
HOWEVER, the respective market values of your assets and liabilities have to be submitted to the Court before your Executor can distribute them (Schedule of Assets in the Grant of Probate application). Providing the values now will save your Executor the trouble of hunting for it and any of the extra associated costs charged by professionals which will be drawn from your Estate.
By default, unless otherwise specified, our platform allocates the assets in percentages instead of specific amounts. This is a deliberate platform design to cater for changes in the asset's market value.
E.g. In the Will, you stated for each of your parent to receive 50% of the assets in the bank account (estimated market value of S$10 000). Subsequently upon your death (touch wood), the bank has S$100 000 instead. Hence, each of your parent will receive 50% of the S$100 000.
If you have chosen "No specific allocation", unless otherwise specified, the asset will be split according to the percentages under "Allocate Residual Assets".
The market value keyed into the platform does not affect the Will as it will not be reflected on the Will itself. However, it will be shown in the asset list, which can be used as a reference by your executor(s) to fill up the Schedule of Assets for the Grant of Probate application.
Consequently, even if the market value is way off, it does not invalidate the Will, but might delay the Grant of Probate application if the Executor uses the incorrect market value to fill the schedule of assets.