When Alien Huang passed away suddenly last month, the Taiwanese host left behind a S$2mil Taipei apartment, among other assets. He’d planned to pay off the mortgage by the time he was 45. But with his sudden passing at age 36 — and with no will drawn up — experts estimated that Alien’s dad may be saddled with the remaining mortgage of the house, and may have to shell out at least S$4,700 monthly for mortgage or sell the property at higher tax rates.
What if this happened to you in Singapore? What happens to your HDB flat or private property if you pass away suddenly and without a will? Will your parents, children or other family members inheriting the property be riddled with insurmountable debt, repaying your home loans?
To break it all down, we spoke to Alfred Chia, CEO of financial advisory firm, SingCapital. He’s among a panel of property and financial experts helming webinars at the Singapore Property Show 2020 (https://sps2020.99.co/), happening online from Oct 10 to Dec 4. Among the highlights of the fully-digital event are virtual 4D tours of online show flats, webinars, and even prizes for webinar viewers. He’s also penned ‘Last Wishes’, a book about financial and will planning for when death happens.
What happens to your property in Singapore when you pass away?