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.

Image of Schedule of Assets (compiled) Form

In the case where the submitted Schedule of Assets is extremely off (e.g. it's stated 10k, but there is actually 1 million in the bank account and hence the bank cannot agree to release the funds), then the executor will just need to re-submit that particular section again in the Probate application.

Additionally, these values are computed into the snapshot at the review will page so you can have a quick glance of how much each beneficiary is getting. This will assist you in making informed decision about your distribution, whether it is sufficient and to your exact wishes.

So key in as accurate as you in based on what you have now. When you have reached the point where the market value of your assets has drastically changed, it may be a good time to re-look at your Will.

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 will likely 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.