We understand that dealing with a loved one’s estate after their passing can be a challenging and emotional process. One of the common concerns family members face is how to access the deceased’s assets, particularly their bank accounts, to settle outstanding bills and manage estate matters.
As one of Singapore’s largest specialist family probate law firms, we are here to help you navigate the legal requirements surrounding the deceased’s estate. We can assist in unlocking bank accounts, real estate, stocks, and other assets, ensuring the rightful beneficiaries receive their inheritance.
In this article, we’ll discuss the steps required to access a bank account held solely in the deceased’s name, focusing on two scenarios: when the deceased left behind a will and when there was no will.
1. If the Deceased Died Without a Will (Intestate)
When a person dies without a valid will, the estate is distributed according to Singapore’s Intestate Succession Act. To manage the estate and access the deceased’s bank accounts, the next of kin (usually the spouse or one of the children) must apply for Letters of Administration. This document grants legal authority to the appointed Administrator to manage and distribute the deceased’s assets.
we have been handling probate matters for over 30 years. Our experience ensures that we can typically obtain Letters of Administration within 6 weeks, depending on the complexity of the case.
a. Accessing the Bank Account
Once we file the application for Letters of Administration in court, the process generally takes around 2 months to be finalized. Once granted, the Administrator can then access the deceased’s bank accounts by following these steps:
- Visit the bank where the deceased held the account.
- Present your NRIC to verify your identity as the appointed Administrator.
- Provide a copy of the Letter of Administration to prove your legal authority.
- Instruct the bank to release the funds from the deceased’s account.
The bank will typically issue a cheque payable to “the Estate of [deceased’s name]”.
b. Managing the Funds
After receiving the funds, the Administrator must:
- Open a new bank account in the name of “the Estate of [deceased’s name]”.
- Deposit all money from the deceased’s estate into this account to ensure separation from the Administrator’s personal funds.
c. Distribution of the Estate
Once all debts and liabilities of the estate are settled, the Administrator must distribute the remaining assets in accordance with the Intestate Succession Act. The Act determines how the estate is distributed depending on whether the deceased had a spouse, children, or other next of kin. Generally, the estate will be distributed among the surviving spouse, children, or, in the absence of direct descendants, to parents and other relatives. If no relatives are found, the estate will be transferred to the state.
2. If the Deceased Left a Valid Will
If the deceased left behind a valid will, the process differs slightly. In this case, the person appointed as the Executor in the will must apply for a Grant of Probate. This is a court order issued by the Family Justice Courts, which officially recognizes the will and grants the Executor the authority to manage the estate and fulfill the deceased’s wishes as outlined in the will.
a. Accessing the Bank Account
After obtaining the Grant of Probate, the Executor should take the following steps to access the deceased’s bank account:
- Visit the bank where the deceased held the account.
- Present your NRIC as proof of your identity as the Executor.
- Provide a copy of the Grant of Probate to establish your legal authority.
- Instruct the bank to release the funds.
Similar to the intestate process, the bank will issue a cheque payable to “the Estate of [deceased’s name]”.
b. Managing the Funds
The Executor should open a new bank account in the name of “the Estate of [deceased’s name]” to manage the estate’s finances. All monies from the estate, including the deceased’s bank account, should be deposited into this estate account.
c. Distribution of the Estate
Once all debts, taxes, and expenses of the estate are paid, the Executor must distribute the remaining assets in accordance with the terms of the will. The Executor is responsible for ensuring that each beneficiary receives their rightful inheritance as stated in the will.
Key Differences Between Letters of Administration and Grant of Probate
- Letters of Administration: Required when the deceased dies without a will (intestate). The court appoints an Administrator, who is responsible for managing the estate and distributing assets according to the Intestate Succession Act.
- Grant of Probate: Required when the deceased dies with a valid will. The will appoints an Executor, who is responsible for ensuring the wishes of the deceased are carried out and the estate is distributed as per the will.
Contact Us for Assistance
If you require legal assistance in accessing a deceased loved one’s bank account or handling probate matters, don’t hesitate to get in touch with us. We offer a free consultation to help you understand the legal steps you need to take.