Estate Duty Glossary

This glossary provides an explanation of the different terms you will come across when dealing with issues related to estate duty.

Domicile

'Domicile' refers to the country in which a person is / or presumed to be permanently resident. 

To determine the place of domicile of the deceased, consider consulting a lawyer.

Executor/Administrator

'Executor' is the person appointed under the Will to manage the assets belonging to the estate of a dead person.

If there is no Will, the legal representative who administers the estate is known as an 'Administrator'.

Grant of Representation

Grant of Probate

'Grant of Probate' is a court order authorising the persons named in the deceased's Will to administer his estate according to his Will. 

Grant of Letters of Administration

'Grant of Letters of Administration' is a court order authorising the person(s) named in it to administer the estate of a deceased person according to the law. This applies in the event a person dies without a Will or the named executors do not want to prove the Will.

Net Asset Method

'Net Asset Method' equals Total Assets less Total Liabilities including Goodwill.

Goodwill is the average of the three years (nearest to date of death) of Net Profits Before Tax.

Private Limited Shares

‘Private Limited Shares’ are shares not traded in any Stock Exchange.

Probate

‘Probate’ is the legal process by which the assets of the deceased are administered.

Public Listed Shares

‘Public listed shares’ are shares listed on the Stock Exchange of Singapore or the stock exchanges of other countries.

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