What happens to the deceased’s bank accounts after death in Singapore?

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What happens to the deceased’s bank accounts after death in Singapore?

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If the person dies without a Will

If the deceased person passes away without leaving a Will, the personal representative will have to apply to court for a Grant of Letters of Administration. This is a Court order allowing the personal administrator (usually the next of kin) to administer the estate of the deceased.

The process of applying for a grant of letters of administration is as follows:

  • The administrator will obtain the original death certificate and the NRICs of all the beneficiaries.
  • The administrator will usually be the next of kin closest to the deceased person (eg, spouse, eldest child).
  • The administrator will apply for the grant of letters of administration in Court.  There are several documents required by the court, and your probate lawyer will help you with that.
  • After Letters of administration is obtained, the administrator pays off all debts.
  • The administrator also collects all the assets of the deceased, including the bank accounts.
  • The administrator distributes the assets according to the rules under the Intestate Succession Act.

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If the person dies leaving behind a Will

If there is Will, the person named in the Will as the Executor will apply to court for Grant of Probate.  The executor will also pay off the debts, collect assets and distribute the assets in accordance with the wishes of the deceased person as expressed in the Will.

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What happens to Single Accounts when someone dies?

If the deceased had single bank accounts, then the personal representative or the executor will have to produce the Grant of Probate or Letters of Administration to the bank to collect the money in the bank account.

If  there is less than S$5,000.00 and the account is a single account (i.e. not a joint account), some banks may release the money to the next of kin without requiring  a Grant of Probate or a Grant of Letters of Administration.

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What happens to joint accounts when someone dies?

Most joint bank accounts have automatic rights of survivorship. In short, if one of the account holders passes away, the remaining account holder retains ownership of the money in the account.

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CONTACT US

Contact Quick Probate at tel 6854-5300 if you require assistance to obtain Grant of Probate or Letters of Administration.