What needs to be included in the Schedule of Assets?
The Schedule of Assets is based on a precedent form provided in the Family Justice Courts Practice Directions.
The Schedule of Assets has three categories to be filled up by the applicant for the Grant of Probate or Letters of Administration, namely:
Deceased’s property in Singapore.
Outstanding debts in Singapore which are secured by mortgage.
Deceased’s property outside Singapore.
Typical assets that are in an estate include property, cars, stocks, insurance, and money held in bank accounts. If any asset is not in the Schedule of Asset, the institution that holds the asset will not release the asset to the executor/administrator. In this situation, the executor/administrator will have to ask the probate lawyer to amend the Schedule of Assets to include the missing asset.
An amendment to the Schedule of Assets is a separate application from the initial extraction of the Grant of Probate/Letters of Administration, and the probate lawyer will have to charge an additional fee for processing the application to amend the Schedule of Assets.
Can you include overseas assets in the Schedule of Assets?
Every asset that needs to be administered has to be included in the Schedule of Assets, even if they are overseas.
