Gift

• Stamp duty has to be paid
  • No need for inheritance
• Must by fully paid up, CPF returned
• If bankrupt, any gift within 3 years can be voided
  • Insolvency, Restructuring and Dissolution Act (IRDA) 2018
    • Effective 2020
  • If buying such title, must beware, a risk
    • OA (Public Trustee) will take it

Trust

• Trustor (Settlor) -> Trustee (legal owner) -> Beneficiaries (equitable owner)
• Stamp duty has to be paid
• If Will and Trust conflict, Trust will prevail
• Living Trust = while trustor living, usually in secrecy
• Testamentary Trust = upon death
• Constructive Trust - Due To Unjust Enrichment
  • The law adds to it due to circumstantial evidence e.g wife contributed $
• ABSD
  • 65%
  • Remission = Difference of the 65% paid and the ABSD payable as if the beneficiary buy
    • Only if identifiable individual
    • Contigent (on condition) not eligible
    • Only based on vested beneficial ownership at the time the property is transferred into the trust

Will

• No need lawyer
  • Can DIY, with 2 witnesses, with sound mind, be clear
• Will registry
  • $50
  • Keep for 120y
• Invalid if under Economic Duress, Physical Duress
• Muslim Law
  • Max One-Third of Estate = to non-kins
  • Witnesses: 2M or 2F+1M
  • Who can apply Inheritance Certificate:
    • Beneficiary
    • Majlis Ugama Islam Singapura (MUIS)
    • Law firm
    • Public Trustee
    • Court
  • Talak - For man to say, to release
• Civil Law prevails over Muslim Law

Divorce

• Married at least 3y
• Decree Nisi - interim
• Decree Nisi Absolute - final

Future Interests

• Concurrent interests in a land
  • Mortgagee (bank) limited to loan
  • Licensee does not have an interest
  • State has the largest interest (ultimate reversioner)
• Life Estate
  • Recipient is the Life Tenant
  • Grantor gives grantee the right to stay for his lifetime

Joint Tenancy & Tenancy-in-common

• Right of Survivorship
  • JT: On the death
• 4 Unities: PITT
  • Unity of Possession, Interest, Title, Time

LPA

• Jointly - must always act TOGETHER
• Jointly & Severally - can act SEPARATELY

Professional Service Manual

• Cannot represent both sides
• Disclosure
  • Spouse - YES
  • BF/GF - NO
• NO Kickback/Cashback/gift