212. Filing of Schedule of Assets for estates where death occurs on or after 15 February 2008
The applicant is to state the manner of holding of each property listed, i.e. whether the property is held in the sole name of the deceased or in joint names and for immovable properties held jointly, whether as a joint tenancy or tenancy-in-common. (b) If the property was held as a joint tenancy or if there is a joint account, the property should be included if the deceased was the last surviving joint owner (and this fact should also be stated). If the deceased was not the last surviving joint owner, the applicant is to state the reason why the property is being declared in the Schedule of Assets (e.g. the monies in the joint account belong to the estate and the remaining joint account holder holds the monies on trust for the estate). Examples: (i) Blk 123, XXX Street 1, 01-111, Singapore 123456 (held in the sole name of the deceased) (ii) 123 XXX Road, Singapore 123456 (held as a joint tenancy, the deceased was the last surviving joint tenant) (iii) Blk 88 XXX Road, 08-888, Singapore 123456 (held as a tenancy-in-common, the deceased held a 40% share of the property) (iv) YYY Bank Account No. YYY-YYYYY-Y (held in the sole name of the deceased) (v) ZZZ Bank Account No. ZZZ-ZZZZZ-Z (held in joint names, the deceased was the last surviving joint account holder) (c) If the deceased had shares in a private limited company, the applicant is to state the value of the shares in accordance with accepted accounting practices. (d) If the estate is liable for mortgages and the applicant is listing the mortgages in the Schedule of Assets, the applicant is to state the properties that the mortgages are in relation to. (e) For zero value property (e.g. insurance policies with zero value as at the date of death), the applicant is to state the reason for declaring the property in the Schedule of Assets (e.g. the insurance policy matures on \[future date]). (f) An inventory should be conducted to ascertain the contents of safe deposit boxes maintained by the deceased with a financial institution. The applicant is to list the contents of the safe deposit box (and not the fact that there is a safe deposit box) in the Schedule of Assets. If the deceased did not keep any property in the safe deposit box, the applicant is to state the reason for declaring the agreement in relation to the safe deposit box in the Schedule of Assets (e.g. for the purpose of terminating the agreement).