Friday, March 30, 2007

Dying without a Will (Part 3) - Small Estates

When a person die without a will and the estate is small (<$50,000), the administration can be attended very quickly and cost effectively through our Public Trustee. By seeking their assistance, there is no need to go through the lengthy court application or hearings which involve high cost.

* The Public Trustee recovers the assets in the estate and distributes these to the beneficiaries according to the prevailing law.
* If the beneficiary is a minor, the Public Trustee will hold his share in trust until he reaches 21 years old.
* If the guardian faces financial difficulties in maintaining the child, he/she can apply to the Public Trustee for the child's monthly maintenance.
How To Apply To Public Trustee To Be Administrator
Apply online with
the Public Trustee office. They will request for the relevant documents in the process. You may log into their website at www.ipto.gov.sg for info.

What is the cost involved?
* First $5,000 in estate - 6%
* Next $2,000 in estate - 4.75%
* Next $3,000 in estate - 3.75%
* Next $10,000 in estate - 2.5%
* Subsequent amount - 2.0%
>> So for a full $50,000 estate, the amount payable is $1,357.50.

1 comment:

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Cheers.