The Schedule of Assets is a crucial document that organises key asset information for easy access by family members, ensuring a smooth estate management process. It includes details on financial assets, digital assets, properties, insurance, CPF, businesses, and valuables. Regular updates are essential to avoid delays and ensure accuracy.
Writing a Schedule of Assets before their death will make it easier for the executor to identify what assets the testator owns, and ascertain how much they are worth, and help distribute the assets faster after the testator has passed away.
You can Download a fillable Schedule Of Assets (SOA) for your clients to fill up – The information gathered can help determine the complexity of the Will and the potential need for more specialised legal advice (if required).
1. What information is automatically included in the Schedule of Assets (SOA)?
At the moment, the SOA automatically pulls in the following details from the Final Will generated on GM Legacy:
- Testator’s personal particulars
- Beneficiary, Executor and Guardian information
Asset details are not yet auto-extracted into the SOA. Expanded data extraction will be implemented in future updates.
2. Can I edit the SOA after the Final Will has been generated?
Once the Final Will is generated, the SOA is automatically produced in PDF format and cannot be edited within the system.
However, clients may manually update the downloaded PDF to add or amend asset information and keep the updated version.
This does not affect the legality or instructions in the Will. The SOA serves as a reference document listing the client’s assets.
3. Does updating the SOA change the instructions in the Will?
No. The SOA is purely documentation. Any manual edits do not change the distributions or instructions stated in the Will.