If an immovable property is gifted to a minor under a Will, the property will generally be held on trust by the appointed trustee(s) until the minor reaches the age of 21. Once the minor reaches 21, the property may then be transferred to the beneficiary, subject to the terms of the Will and applicable laws.
The executor is responsible for administering the estate, including transferring the property to the trustee. If the same person is appointed as both executor and trustee, they will continue to manage the property in their capacity as trustee until the trust ends.
If the appointed trustee or guardian dies, becomes incapable of acting, or is unwilling to continue, the process for appointing a replacement will depend on the provisions of the Will. If no replacement trustee or guardian is provided for, the court may appoint a suitable person.
During the trust period, the trustee is responsible for managing the property in the minor beneficiary's best interests. Depending on the applicable Singapore law and circumstances, the trustee may, for example, rent out the property, maintain it, or allow the minor to live in it where appropriate. Any rental income or other proceeds should be managed in accordance with the trustee's legal duties and for the beneficiary's benefit.
Note: Certain properties may be subject to specific regulatory requirements. For example, HDB properties are subject to HDB rules and eligibility requirements, which will apply in addition to the terms of the Will.