Schedule of Assets and Liabilities (Singapore)

A Schedule of Assets and Liabilities in Singapore sets out a structured account of the matters it is intended to track.

The Family Justice Courts of Singapore — established under the Family Justice Act 2014 (Act No. 27 of 2014) — have exclusive jurisdiction over probate and administration matters. Applications for a Grant of Probate (where the deceased left a valid will appointing executors) or Letters of Administration (where the deceased died intestate or the will did not appoint executors) are filed in the Family Justice Courts under the Probate and Administration Act (Cap. 251) and the Family Justice Rules 2014.

The Wills Act 1838 (Cap. 352) governs the validity of wills in Singapore. A will must be in writing, signed by the testator in the presence of two witnesses who also sign in the testator's presence — requirements set out in Section 6 of the Wills Act. The executor named in a valid will applies for a Grant of Probate, and the Schedule of Assets and Liabilities accompanies the probate application.

Where the deceased died intestate — without a valid will — the estate is distributed according to the Intestate Succession Act (Cap. 146) for non-Muslim deceased persons. The surviving spouse, children, parents, and siblings are entitled to shares of the estate in the proportions specified in Section 7 of the Intestate Succession Act. For Muslim deceased persons, estate distribution is governed by Islamic law administered by the Syariah Court under the Administration of Muslim Law Act (Cap. 3), and the Inheritance Certificate issued by the Syariah Court determines the beneficiaries' shares.

The Schedule must include all categories of assets: real property (HDB flats, private residential property, commercial property — with title references from the Singapore Land Authority); bank accounts (balances at date of death with bank names and account numbers); Central Provident Fund (CPF) monies (distributed according to the deceased's CPF nomination under the CPF Act, Cap. 36, not under the will or intestacy rules); insurance policies (life insurance proceeds payable under the Insurance Act, Cap. 142); shares and securities (listed and unlisted, with market values from the Singapore Exchange or independent valuations); motor vehicles (registered with the Land Transport Authority, LTA); and personal belongings of significant value.

Liabilities listed in the Schedule include: outstanding mortgage loans, credit card debts, personal loans, income tax arrears owed to IRAS, property tax owed under the Property Tax Act (Cap. 254), and any other debts or obligations. The executor or administrator is personally liable for distributing the estate before settling all known liabilities, under the common law rule in Re Marsden [1884] 26 Ch D 783 applied in Singapore.

A Schedule of Assets and Liabilities is needed whenever a person dies in Singapore (or dies elsewhere leaving assets in Singapore) and the estate requires a Grant of Probate or Letters of Administration from the Family Justice Courts to administer and distribute the deceased's assets.

Every application for a Grant of Probate requires the executor to file a Schedule of Assets and Liabilities as an annexure to the Oath of Executor. The Family Justice Courts Practice Directions prescribe the format and level of detail required, and the Schedule must be verified by a Commissioner for Oaths under the Commissioners for Oaths Act (Cap. 39). The Grant of Probate is not issued until the Family Justice Courts are satisfied that the Schedule is complete and accurate.

Every application for Letters of Administration — required where the deceased died intestate or where the named executors are unable or unwilling to act — requires the administrator to file the Schedule. Where two administrators are required (as is the case for intestate estates), both must verify the Schedule.

Financial institutions in Singapore — banks regulated by MAS under the Banking Act (Cap. 19), insurance companies under the Insurance Act (Cap. 142), and the Central Depository (CDP) for shares traded on the Singapore Exchange — require production of the Grant of Probate or Letters of Administration before releasing the deceased's assets to the executor or administrator. The Schedule forms part of the court file and is used by financial institutions to verify the assets claimed.

The CPF Board requires a separate process for CPF monies. If the deceased made a CPF nomination under Section 25(1) of the CPF Act (Cap. 36), CPF monies are paid directly to the nominees and do not form part of the estate. If no nomination was made, CPF monies are distributed under the intestacy rules and must be included in the Schedule. The Public Trustee's Office administers estates valued at S$50,000 or less where there is no Grant of Probate or Letters of Administration.

The Inland Revenue Authority of Singapore (IRAS) may require the Schedule to assess whether any estate duty or income tax is outstanding. Singapore abolished estate duty with effect from 15 February 2008 under the Estate Duty (Abolition) Act 2008, but estates of persons who died before that date may still be subject to estate duty.

A Singapore Schedule of Assets and Liabilities compliant with the Probate and Administration Act (Cap. 251), the Family Justice Rules 2014, and the Family Justice Courts Practice Directions must include the following elements. The forms-legal.com Schedule of Assets and Liabilities template covers all categories required by the Family Justice Courts for probate and administration applications.

Deceased person details must state the deceased's full legal name (as appearing on NRIC or passport), NRIC number, last known address, date of death, and place of death. Where the deceased held dual nationality or a foreign passport, additional identification details should be provided.

Real property must list every interest in immovable property owned by the deceased at the date of death: HDB flats (with HDB address and flat type), private residential property (with title reference, lot number, and mukim from the SLA), and commercial or industrial property. Each property should show the estimated market value at the date of death, the outstanding mortgage balance (if any), and the net equity. For jointly owned property held as joint tenants, the right of survivorship under Section 53 of the Land Titles Act 1993 (Cap. 157) transfers the deceased's interest automatically to the surviving joint tenant, and the property need not be included in the estate for distribution purposes — but it must still be declared in the Schedule.

Bank accounts must list every account held by the deceased — savings, current, fixed deposit, and foreign currency accounts — with the bank name, branch, account number, and balance at the date of death. Joint accounts should specify whether the account is held as joint tenants or tenants in common.

CPF monies must state the total CPF balance across all three accounts (Ordinary Account, Special Account, MediSave Account) and whether the deceased made a CPF nomination under Section 25(1) of the CPF Act (Cap. 36). CPF monies with a valid nomination are paid directly to the nominees and do not form part of the distributable estate, but the amounts must still be declared for the court's records.

Insurance policies must list every life insurance policy — individual and group — with the insurer name, policy number, sum assured, and designated beneficiary. Policies with nominated beneficiaries under Section 73 of the Conveyancing and Law of Property Act (Cap. 61) — creating a statutory trust — are paid directly to the nominees and do not form part of the estate.

Shares and securities must list all listed shares (with CDP account details and market value on the date of death from the Singapore Exchange), unlisted shares in private companies (with the company name, UEN, and estimated value based on the company's net asset value), bonds, unit trusts, and other investment instruments.

Motor vehicles must list every vehicle registered with the Land Transport Authority (LTA) in the deceased's name, with the vehicle registration number, make and model, and estimated market value (including the remaining Certificate of Entitlement, COE, premium value).

Personal effects of significant value — jewellery, art, antiques, collectibles — should be listed with estimated values.

Liabilities must list all debts owed by the estate at the date of death: outstanding mortgage loans, credit card debts, income tax arrears payable to IRAS, property tax payable under the Property Tax Act (Cap. 254), and any other debts. The executor or administrator must settle all liabilities before distributing the estate to beneficiaries.

Declaration must include a statement by the executor or administrator that the Schedule is a true and complete account of the deceased's assets and liabilities to the best of their knowledge and belief, sworn before a Commissioner for Oaths. A false declaration constitutes an offence under the Oaths and Declarations Act (Cap. 211).