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Simplified Guide to the Key Gist of Grant of Probate and Estate Planning

Posted on by careyourpresent

Estate planning is one of the most important but underrated aspect of financial planning for a person, especially for family with dependents. If your loved one passed away, many will be sad, hence, proper planning should be done when one is alive so reduce the stress of your loved ones if one passed away.

Many of us think that death is very far away but who know. Personally, I am worried, especially I have two young kids, parents and a wife who know nuts about financial planning/estate planning. Yes, I mean she know NOTHING about it. Everything she leaves it to me, that’s why I am worried.

She did way better than me in terms of career and earn much more active income than me, but she really is financially literate. (Hope I don’t get to kneel durian tonight for sharing the truth). Hence, I am writing something about estate planning in my blog so that she can read it if it really happens (touch wood).

Photo by Glenn Carstens-Peters on Unsplash

What is Estate Planning?

Estate planning refers to the process of organizing your financial matters and personal affairs to ensure that your desires are upheld after you pass away or if you become unable to make decisions. The primary objective of estate planning is to facilitate the smooth transition of your assets to your chosen beneficiaries and to minimize potential legal and financial complications that might arise after your death.

Passing Away with and without will

Passing away with and without will in Singapore has an effect on your Estate Planning.

Without Will

If you pass away without leaving a Will, everything you own (your estate) will be distributed according to Singapore’s Intestate Succession Act.

https://mylegacy.life.gov.sg/when-death-happens/apply-for-letters-of-administration/

If the above is not what you want, better get your will done as soon as possible. Time doesn’t wait and you won’t know when your last day on Earth is. I have did mine, so better do yours soon if you have not yet done so.

Just use Joint Account, don’t need Will!

Many people believe that you only need Joint Account and don’t need Will.

This is totally not true and not correct!

Above is not what I want, hence I have already gotten my will and my wife will done.

In fact, given that I know that my wife doesn’t know anything about financial/estate planning, I have tried to write the instruction down and put as many of our assets in joint accounts as much as possible to bet on the survival clause for joint account (if one party in joint account passes away, the remaining party get the assets). However, there are some things cannot be put in Joint Accounts, example your Singapore Saving Bonds in CDP, this is under personal CDP account, then you will need WILL!

Will writing needs Lawyer and it is expensive!

This is definitely not true. Unless you have lots and lots of assets, with different complicated ways of distributing your assets, such as distribute XX cash to person A from bank A, asset B to person C etc, then it’s better to engage a lawyer. However, if you only need to have simple will, do consider the following:

MoneyOwl has very good FREE Will writing services that you could consider writing your will. You can read more about it here. Let me shamelessly promote my referral link (or key in 6SHU-93MC) if you wish to sign up Moneyowl account.

Grant of Letters of Administration VS Grant of Probate

Many should have heard of this term but don’t know what it really means.

To put it in a very simple layman term:

  • Grant of Probate: If the deceased left behind a valid will, the applicant who is the executor can apply for it.
  • Grant of Letters of Administration: If the deceased did not leave behind a valid will, the applicant who is the beneficiary can apply for it.

One very key important fact, Grant of Probate will take much lesser time and less hassle as compared to Grant of Letters of Administration!

Imagine you loved one just passed way, one of the key wishes which most have is for the surviving family members to continue live and live happily (wife please read this, this is my wish too), hence Will become very important – help to save your family TIME AND EFFORT!

Lasting Power of Attorney (LPA)

Besides Will, don’t forget about Lasting Power of Attorney (LPA).

The LPA is a legal document which allows a person who is at least 21 years of age (‘Donor’), to voluntarily appoint one or more persons (‘Donee(s)’) to make decisions and act on his/her behalf if he/she loses mental capacity one day. A Donee can be appointed to act in the two broad areas of personal welfare and property & affairs matters.​

I have already completed my LPA and my wife LPA at the price of $30 nett each using the CDC vouchers in March 2023. Do remember to do it too! Now you can apply via the portal but need to go to a doctor to certify! Please do so while

OPG has extended the LPA Form 1 application fee waiver for Singapore Citizens to 31 March 2026, to encourage more Singaporeans to plan ahead and apply for an LPA.

My Legacy Portal

If death really come, for those who are loss, you can go to this government site for the Guides.

Thank you, Government – Grant of Probate E-Portal

I would like to share a new e-portal (Probate E-service) launched by the government in case you didn’t hear about it. Quite likely, most won’t know about it (since death is a taboo for many) as I only accidentally saw it on some forums. Let me share a bit about this E-Service.

First and most important point – Don’t need Lawyer. Many of the normal people on streets are worry to engage lawyers as they are scared that the fees will cost a lot. But if one need to execute a Will, you can’t escape from it in the past.

BUT NOW YOU CAN! Read below!

Another very important point to note:

The Probate eService is currently available for cases where the total estimated value of the deceased’s estate is not more than $2 million.

Sorry to those who are richer than $2 million. Please engage your own lawyer.

However, do note that if your funds/assets (such as mine) in Joint Accounts, it will be on survival ownership, not cover in Will, then for this portion of assets, even if exceed $2 million, it will not be under Will, hence don’t need to use this service. Of course, if one still has some assets under personal name, then you will still need this service.

Other Criterias include:

Photo by Timon Studler on Unsplash

Conclusion

For those who don’t have Will, please go and do it as soon as possible to avoid potential hassle, money, efforts for your family

Unless you have lots and lots of assets, with different complicated ways of distributing your assets, such as distribute XX cash to person A from bank A, asset B to person C etc, then it’s better to engage a lawyer. However, if you need to have simple will, do consider the following:

MoneyOwl has very good FREE Will writing services that you could consider writing your will. You can read more about it here. Let me shamelessly promote my referral link (or key in 6SHU-93MC) if you wish to sign up Moneyowl account.

For those who already have Will, don’t forget about

Lasting Power of Attorney (LPA) and learn about Grant of Probate. It only cost $30 nett for me using CDC vouchers!

OPG has extended the LPA Form 1 application fee waiver for Singapore Citizens to 31 March 2026, to encourage more Singaporeans to plan ahead and apply for an LPA.

For those who have Will, don’t forget to put some money in Joint Accounts

It will take time and money and hassle to get the Grant of Probate or Letter of Administration.

For joint account (assuming there is no dispute from other family members), if either owner passes away, the balance in the joint account will pass to the surviving owner. If you put majority of assets under joint name (and assuming you are not those rich, fighting family that will fight for assets of your loved death ones), this will help you.

For my case, I put majority of my assets under joint CDP with Wife. Then I use FSM Beneficiary account. My wife or Child (upon 18), just need death certificate and his/her own IC to get the assets. Of course there are many other numerous benefits which I have shared in this article previously (Cheapest and best way to trade Singapore Stocks with CDP).

Fundsupermart

I am using FSMOne.com to invest in funds & ETFs (including money market funds). FSM is good due to the low comms and the free transfer from FSM to CDP(typically takes less than a week to transfer). If you do not have an account, you can sign up here. Please use my FSMOne referral code: P0413007.

For my Wife

Please read this article and remember what / how I have told you how to access our assets. Should anything happen to me, please continue to enjoy your life and take good care of our children.

Good articles that you should read!

People are drawn to dividend investing.

Why? Firstly, dividends provide a regular stream of income, allowing investors to receive a portion of the company’s profits on a periodic basis. This can be particularly attractive for individuals seeking consistent cash flow or looking to supplement their existing income. Additionally, dividend investing is often viewed as a more stable and predictable investment strategy compared to relying solely on capital appreciation.

I always write and share articles, especially on dividends which many people love them. Do read them!

Alternatively, you can go the right side of my page, there is a search bar where you can simply search “dividend” to see all my articles related to dividends!

Of course, you can search for other things that would interest you such as “Careyourpresent”, “Reits”, “Side Hustles”, “Fixed Incomes”, “Savings” etc.

CAREYOURPRESENT

Money just buy you the chance of freedom.

When you are young and working, you exchange time for money. When you are old, you can have lots of money but you can’t buy time back, especially the things that you have missed while busying striking out in career. Of course, if you love your career, and consciously know that you are missing out the first time your child walk or talk, that’s ok, but if you are the other spectrum, please do something about it.

Your kids grew up and they no longer need you to accompany them. They no longer want to sit on your lap to share/do things with you…all these time you spent in your 9 to 6 or even longer cubicles…can the money that you have earned by you back these?

We always thought we have more time with our old parents, but we are wrong. Time with them is ticking away every day. One day it will suddenly be gone. There is no regret medicine, no reset in time. Gone is gone and cannot come back. No matter you are billionaires or millionaires, you cannot reset this.

We always thought that we have more time with our spouse every day, but we are wrong. One day they will be gone too. When you read this, please go tell your spouse that you love him/her and he or she is the best thing that you ever had in your life.

I have picked out some of the more life reflecting articles of the CAREYOURPRESENT series. Do read them:

You can read more about my articles on Careyourpresent via the Category “Careyourpresent” or simply click “Careyourpresent” via the main menu bar.

REMEMBER:

Love your life daily.

You have one less day with your spouse, parents, children and yourself.

Time is ticking away.

For each passing day,

Enjoy and Treasure your Life!

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Category: Investment and Finance

3 thoughts on “Simplified Guide to the Key Gist of Grant of Probate and Estate Planning”

  1. Pingback: $0 Free of Charge Transfer of SGX Shares from FSM to CDP and updates!

  2. Hi,
    For this: (One very key important fact, Grant of Probate will take much lesser time and less hassle as compared to Grant of Letters of Administration!)
    I think you did not highlight the higher cost involved in getting a lawyer to do up a GLA if there’s no will, if I’m not wrong. Thanks.

    Reply

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