{"id":35778,"date":"2016-11-25T07:30:47","date_gmt":"2016-11-25T00:30:47","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/will-you-be-prepared\/"},"modified":"2016-11-25T07:39:01","modified_gmt":"2016-11-25T00:39:01","slug":"will-you-be-prepared","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/will-you-be-prepared\/","title":{"rendered":"Will you be prepared?"},"content":{"rendered":"


\nEstate planning is necessary, and especially important if you have children to whom you would like to leave your property. Here are some essential tips you must know if you are planning to do so.
\n1. \u00a0What happens without a will?
\nIf you have not drawn up a will, any property you own will come under the Intestate Succession Act after your demise. This means the property or any proceeds from its sale \u2014 after the relevant legal and administrative fees have been deducted \u2014 will go to your child. If you have more than one child, the property or profits made from its sale will be distributed amongst your children.
\nHowever, if you have a surviving spouse, he \/ she will be entitled half of your property or any proceeds from its sale after your death; the other half will go to your child \/ children. If you have more than one child, their half of the property or profits from its sale is to be equally distributed amongst them. You can find the details of the Intestate Succession Act online (bit.ly\/1CqGPFy).
\n2. Tenancy: joint versus common
\nIf you intend to will your home to your children, bear in mind that you cannot do so if you and your spouse own the property under a joint tenancy. However, you can do so under a tenancy in common. But what are the differences between the two types of tenancies?
\nA joint tenancy means you and your spouse have equal ownership of your home. If one of you dies, the surviving spouse will assume full ownership. A tenancy in common, on the other hand, allows for more flexibility. Ownership need not be split 50-50, and you can will your house to your children. In the event that you did not leave a will, the house will be subject to the aforementioned intestacy laws.
\n3. Too late to change?
\nIf you and your spouse currently have joint tenancy of your home, you can still change it to a tenancy in common via severance. You would have to pay about $1,000 for legal fees and other costs, but this amount varies according to who is involved: the HDB, your bank, and \/ or the CPF Board.
\nThe original title deed for your house is also required. If you have misplaced it, you and your spouse will need to sign official documents declaring it missing. You and your spouse will then need to sign a severance form at the lawyer\u2019s office to change your tenancy from joint to common. The whole process will take about three to four weeks.
\nNote that these rules and regulations may not apply to Muslim homeowners, who are subject to different laws.
\n\u00a0<\/p>\n

This article was first published in the print version PropertyGuru News & Views. Download PDFs of full print issues or read more stories now!<\/p>\n


\n
\nSource : proppertyguru.com.sg\/Property Market
\nRead more…Will you be prepared?<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Estate planning is necessary, and especially important if you have children to whom you would...<\/p>\n","protected":false},"author":1,"featured_media":35779,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-35778","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-property-news"],"jetpack_featured_media_url":"https:\/\/i1.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2016\/11\/footer_011.gif?fit=710%2C9&ssl=1","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-9j4","jetpack-related-posts":[{"id":135704,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/proceeds-from-estimated-2-5-million-property-sale-to-be-donated-to-hawkes-bay-foundation\/","url_meta":{"origin":35778,"position":0},"title":"Proceeds from estimated $2.5 million property sale to be donated to Hawke\u2019s Bay Foundation","date":"March 31, 2023","format":false,"excerpt":"\r A Canadian couple will donate the proceeds from the sale of their Tuki Tuki Rd home.\r \r Source : nzherald.co.nz\/Property Report\r Read more...Proceeds from estimated .5 million property sale to be donated to Hawke\u2019s Bay Foundation","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":127538,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/will-my-home-sale-proceeds-be-protected-in-my-bank-account\/","url_meta":{"origin":35778,"position":1},"title":"Will my home sale proceeds be protected in my bank account?","date":"July 4, 2022","format":false,"excerpt":"\r Conveyancer will only deposit funds into one account and I may need time to divvy it up elsewhereQ I wonder if you can help me. I will shortly receive the proceeds from the sale of a second home and am concerned that the funds will not be protected when\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":16722,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/developer-to-see-hk1-47-billion-in-net-proceeds-from-sale-of-luxury-house-in-hong-kong\/","url_meta":{"origin":35778,"position":2},"title":"Developer to see HK$1.47 billion in net proceeds from sale of luxury house in Hong Kong","date":"June 15, 2016","format":false,"excerpt":"\r Chuang\u2019s Consortium International says it will generate net cash proceeds of HK$1.47 billion from the sale of a luxury house being built at 15 Gough Hill on the Peak in Hong Kong to a company owned by Chen Hongtian for HK$2.1 billion.\r \r Source : South China Morning Post\r\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":128956,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/proceeds-from-emaars-335-million-namshi-sale-to-be-invested-in-core-real-estate-business\/","url_meta":{"origin":35778,"position":3},"title":"Proceeds from Emaar\u2019s $335 million Namshi sale to be invested in core real estate business","date":"August 23, 2022","format":false,"excerpt":"\r The deal is set to be signed on August 24, \u201csubject to the completion of the agreement term and the required regulatory procedures\u201d\r \r Source : arabianbusiness.com\r Read more...Proceeds from Emaar\u2019s 5 million Namshi sale to be invested in core real estate business","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2022\/08\/emaar-1000x667-1.jpg?fit=1000%2C667&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":120482,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/sale-of-us-governments-shouson-hill-road-property-proceeds-after-beijing-approves-transaction\/","url_meta":{"origin":35778,"position":4},"title":"Sale of US government\u2019s Shouson Hill Road property proceeds after Beijing approves transaction","date":"February 18, 2021","format":false,"excerpt":"\r Hong Kong has approved the sale of one of the United States government\u2019s most valuable assets in the city to local developer Hang Lung Properties, after the US state department obtained permission from Beijing.The transaction, a multimillion-dollar thorn in the side of US-China relations, was confirmed by Hang Lung\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":120708,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/sale-of-us-governments-shouson-hill-road-property-in-hong-kong-proceeds-after-beijing-approves-transaction\/","url_meta":{"origin":35778,"position":5},"title":"Sale of US government\u2019s Shouson Hill Road property in Hong Kong proceeds after Beijing approves transaction","date":"February 18, 2021","format":false,"excerpt":"\r Hong Kong has approved the sale of one of the United States government\u2019s most valuable assets in the city to local developer Hang Lung Properties, after the US state department obtained permission from Beijing.The transaction, a multimillion-dollar thorn in the side of US-China relations, was confirmed by Hang Lung\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/35778"}],"collection":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/comments?post=35778"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/35778\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media\/35779"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=35778"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=35778"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=35778"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}