Hi,
1) Since this is under joint-tenancy, the survivor will take it all. Meaning either you or your wife shall be the sole owner once any of you pass away.
2) Once both of you are not around, it will distribute according to Intestate Succession Act in Singapore.
3) Each of your children will receive an equal share of the properties. One of them will have to apply to the court for a Grant of Letters of Administration.
4) Of course, leaving the matter to the state means there could be a challenge or ugly dispute where you do not wish to see.
5) If you have multiple properties and children, it is best you draft a will to indicate your intention to avoid the unnecessary costs incurred later where brothers and sisters fighting over them in a public court.
6) You can even state when the will come into effect so that the survivor does not have to face the tension on who to receive more.
Hope the above answer to your main concerns, but if there are more query, 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://R056727F.propnex.net/
https://www.facebook.com/Homesellerbuyer
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