What happens to residuary property not accounted for?
Residuary property is property owned by the deceased that has not been specifically provided for in a will, or is otherwise not effectively transferred to an intended beneficiary under a will. Possible causes for residuary property include the following:
- There is a mistake in the will;
- The beneficiary to the relevant property may have passed away during the deceased’s lifetime or prior to the transfer of the property;
- The distribution of property under a will may be contrary to law or invalid for any reason; or
- The deceased acquired property after the will was written.
There are a few ways that residuary property can be dealt with. Of first and foremost importance is what is written in the will.
Residuary clause in the will
It is common to see a residuary clause that deals with property not specifically mentioned. This is a “catch all” clause that names the beneficiaries or tells the executor or administrator the way in which he/she needs to dispose of the property. This clause can also be known as a residuary devise when it concerns real estate.
No residuary clause in the will
If there is no residuary clause, then the Intestate Succession Act applies to the residuary property. The Act contains rules to distribute the residual property as if the will is absent. This depends on 2 factors:
- Whether the property is movable or immovable. Movable property includes cars, securities, jewellery etc. Immovable property generally refers to real estate.
- Which country the deceased is domiciled in at the time of his passing (in other words, the country which the deceased treats as home);
The distribution of the movable property is regulated by the law of the country in which the person deceased was domiciled at the time of his death.
On the other hand, the distribution of the immovable property that the Singapore court has jurisdiction over is regulated by the Intestate Succession Act wherever the deceased may have been domiciled at the time of his death.
It is also important to note that the Act does not apply to Muslims. In this case, the Muslim law and the decisions of the Syariah Court will apply.
- Plan Intergenerational Wealth With a Singapore Family Office
- 8 Tools You Must Know for Estate Planning in Singapore
- Guide to CPF Nominations & How to Make One In Singapore
- What Happens to Your Debts When You Die?
- Who Pays for the Mortgage Debts and Medical Bills After Death?
- Is Inheritance Tax Payable When You Die in Singapore?
- Is Stamp Duty Payable When Inheriting Property in Singapore?
- How to Donate your Assets to Charity
- Organ Donation in Singapore (under HOTA, or For Science)
- Finding Missing Persons in Singapore (or ‘Presumed Dead’)
- Making a Will in Singapore: What are the Formalities Involved?
- The Complete Guide to Making Your Will in Singapore
- Why Should You Make a Will?
- Checklist for Drafting a Comprehensive Will in Singapore
- Get An Affordable Will Made By Experienced Lawyers
- Choosing an Executor for Your Will in Singapore
- How to Prepare a Schedule of Assets for Your Will in Singapore
- Appointing a Guardian for Your Children in Your Will in Singapore
- What is a Mutual Will, Mirror Will and Joint Will?
- How to Give Away Overseas Assets in a Will in Singapore
- Can I Use My Will to Distribute Insurance Proceeds?
- Where Should You Store Your Will?
- How Can I Change My Will?
- How to Plan for Mental Incapacitation
- Mental Capacity Assessment for LPAs and Wills
- Appointment of Deputies under the Mental Capacity Act
- How to Appoint a Deputy for Mentally Incapacitated Persons in Singapore
- Advance Medical Directives in Singapore
- Making a Lasting Power of Attorney in Singapore
- Revocation of a Lasting Power of Attorney
- Advance Care Planning in Singapore: Why and How to Get Started
- No Executor For Your Loved One's Will: What to Do
- What is Probate? Is It Needed If Your Loved One Passes Away?
- Can the Public Trustee Administer Your Loved One's Estate?
- How to Get a Copy of a Deceased's Will in Singapore
- Managing a Loved One's Estate After Their Death in Singapore
- Applying for a Grant of Probate in Singapore
- Intestacy: Applying for Letters of Administration in Singapore
- Obtaining a Fresh Grant of Probate and Resealing a Foreign Grant of Probate
- Comprehensive Guide to Probate Fees in Singapore
- Dispute with Executor of Will in Singapore: What to Do
- Bona Vacantia: Dying With No Will or Relatives in Singapore
- Who Gets the Joint Bank Account Monies if One Owner Dies?
- What Happens If You Die Without a Will in Singapore?
- An Executor’s Checklist to Executing a Will in Singapore
- What to Do If the Will Cannot be Found
- How to Contest a Will in Singapore (Grounds and Procedure)
- What Happens to the HDB Flat When One Owner Dies?
- How to Access the Bank Account of a Deceased Spouse
- What Happens to the Car When the Owner Passes Away?
- Simultaneous Death: How are Assets Distributed When Family Members Die at the Same Time?
- Can a half-brother be considered a next of kin? (when distributing the assets of the deceased)
- What happens to property when a deceased’s next-of-kin or named personal representative is uncontactable?
- What happens to residuary property not accounted for?
- What happens to a Singapore expatriate's assets when he passes on?
- What If a Beneficiary Dies Before Receiving His Inheritance?
- How Can Your Minor Beneficiaries Receive Their Inheritance?
- Unfair Maintenance: What Can Singapore's Law Do for You?