Most of us understand the significance of making a will in the estate distribution process but we often overlook the importance of maintaining a Schedule of Assets.
What is a schedule of assets and why make one?
A Schedule of Assets is a supporting document attached to your will which lists the value of your estate at point of death. A person’s estate comprises of property, investments, bank account balances and investments held worldwide.
It provides a clear representation of the assets you own so that the value of your estate may promptly be determined. It enables your estate to be distributed to your beneficiaries faster after you have passed away. Without it, your personal representative will take a long time to write to the various financial institutions to verify your assets under them.
How should the Schedule of Assets look?
It requires you to structure your assets under 3 main categories:
1. Local Assets
2. Outstanding Local Debts
3. Overseas Assets
And state your assets’ corresponding market value, up to the current date.
We have attached a specimen form for the Schedule of Assets from our legal department, Falco Heritage for your reference and update if your existing schedule of assets is outdated.
Are there any Special Requirements for Making the Schedule of Assets Legally Valid?
No, there is no special requirement to make a Schedule of Assets legally valid. However, If the Schedule of Assets has already been filed but does not list all the assets you have, it will have to be amended to include the missing asset(s) for your personal representative to have access to it, which will lead to additional cost and delay the probate process.
Updating Your Schedule of Assets Should Be a Periodical Affair. Come talk to us if you need help with your schedule of assets, or any estate planning inquiries, and we will be happy to assist!