Probate refers to the legal procedure that you need to follow in order to obtain your inheritance within Singapore or outside. Even having the final will of a deceased person, it can be quite challenging to convince the current holders of assets of the deceased persons estate to handover the estate to you as the executor as per the will, which is why local law firms provide estate planning services in Singapore to cater to the public. A grant in common form is one which is made on an uncontested application.
Purpose of a Grant of Probate application
Whether you are dealing with debtors of the estate, banks, retirement homes or partners in the business your probate lawyer might have to obtain a grant of probate to give to them in a bid to persuade them to hand over the assets or monies to you or your client as the will dictates.
Who can apply for probate?
Only the executor can apply for probate. The executor is chosen by the testator in the will. It is important that the executor may resign from the role and it is possible to have a substitute executor. The executor may nominate another executor to take his/her place.
If The Deceased Owned Property Abroad
In the event that the deceased owned an estate that extended further than one jurisdiction, owned property in another state, then the need to apply separate grants for each individual state may arise. However due to diplomatic and economic blocks and trade alliances between the nations some nations may allow you to reseal the original grant and thus ease the burden of having to reapply.
Tenants- in – common
There are two types of joint ownerships, there is the kind where when one of the owners is deceased the ownership automatically to the surviving partner. In such cases there no need for you to apply for a grant of probate as the property is legally owned by the surviving partner.
On the other hand, if the deceased owned a distinct portion of the estate, then this can be retrieved and you should apply for the grant. This is also applicable where the estate is registered solely under the deceased.
Consider Your Asset Holders Asset Release Criteria
Depending on your bank, given there is no real estate involved; they may offer to release your assets without having to apply for the grant of probate. This especially applicable where the applicant is the only one benefactor of the entire will. However there is still quite a bit of paper work to be done even in case this can be avoided as your wills and probate lawyer Singapore. You have to provide a signed declaration of your entitlement, the original death certificate and the will. In other cases the asset holder will require an indemnity in favour of the asset in case, in the future, someone was to claim the same entitlement.
When to apply for grant of probate?
It is always bet to apply for probate within the first six months from the date of death (this may be different in you state) so that it is successfully granted. If you delay later than the deadline you may include an explanation for the delay in your affidavit. Your best Singapore wills and probate lawyer will answer any questions you might have about the entire process and represent your best interests when the time comes.