Hi,
Indeed making a Will is the best for children as this save up 9 months or more of delay compare to those without will.
During this period of delay, your children still need to pay town council conservancy fee even when there are no one staying there.
1) However, due to the different types of ownership in the property. You might not be able to have your wishes granted.
a) Sole owner: your property will be sold according to your will. Proceed shall be distribute according to your wishes stated in will.
b) Joint tenancy: According to the act, your share of HDB flat will be transfer to the survivor, You will has no effect to change this.
c) Tenancy-in-common: Under this there will be "NO right of survivorship". Your property will pass on according to Will. But this is limited to your share of property only. However, if there are survivor under this Tenancy-In-Common. Your successor also cannot chase out the other owner, nor sell the property without survivor consent.
2) Assume your case is sole ownership, and flat is successfully sold. You may state in your will on the proportion to distribute to each child.
3) Assume there are no survivor, one of your children may be given the preference to buy as long as he/she fulfilled the eligibility of owning a HDB flat.
4) You may include this under your will. But HDB has the right to reject this transaction because this is consider as market manipulation and not free market. If any of your child has the intention to buy over, I would suggest you complete this transaction before you are gone. This shall ease up the process rather than later, since under this transaction, willing seller and willing buyer are present.
If this is done later, and one of your child challenge the decision of the will. I'm afraid there will be more delay and complications.
Hope the above answer to your main concerns, but if there are more queries, please feel free to contact me at
90110636
, or email: ling.ck7@gmail.com if more information is needed.
I'll be glad to assist.
Best regards
Ling CK
90110636
ling.ck7@gmail.com
https://www.facebook.com/Homesellerbuyer/
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