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Losing a Loved One

Losing a loved one is never easy and dealing with their estate can be challenging. This guide is here to help you navigate through these difficult times.

What do I apply for?

With Will Grant of Probate
If your loved one left behind a will, the Executor(s) named in the will have to apply for a Grant of Probate from the Singapore courts. This may take some time to complete and you may wish to engage the help of a lawyer.
Without Will Grant of Letters of Administration
If your loved one did not leave a will, you or an eligible next-of-kin or person will have to apply for a Grant of Letters of Administration from the Singapore courts to administer the Deceased’s assets. This may take some time to complete and you may wish to engage the help of a lawyer. 

How do I close the account?

Single name account All appointed Executor(s) / Administrator(s) must be present at the branch in person with all relevant documents:
  • Deceased’s death certificate  (Original OR Singapore issued digital death certificate accepted from 29 May 2022)
  • All Executor(s)’ / Administrator(s)’ ID documents (NRIC/Passport)
  • Grant of Probate or Letters of Administration, together with the Schedule of Assets listing the deceased’s account(s) with us.

 

Note:
Once the Bank is notified of the passing of a customer, all operations of his/her account(s) will be restricted (including withdrawals and GIRO arrangements).

The Executor(s)/Administrator(s) will need to sign the necessary instructions and forms. We may also request for additional documents, or exercise special handling (dependent on the account type and circumstances of each case), where required.

*All submitted documents must be in English. Please ensure that all non-English documents are translated into the English language by an official translator and notarised.

If the Grant of Probate/Letter of Administration is issued overseas, it has to be resealed in the Singapore Courts.
Joint Account In the event of death of a party to a joint account, the balance in the account is to be paid to the survivor(s).

If the account signing condition is:

Either one to sign: ANY of the surviving joint account holders must be present to close the account

All to sign: ALL of the surviving joint account holders must be present to close the account

The surviving joint account holder(s) must be present in person with:

  • Deceased’s death certificate (Original OR Singapore issued digital death certificate accepted from 29 May 2022)
  • ID documents (NRIC/Passport)

 

Note:
Once the Bank is notified of the passing of a customer, all operations of his/her account(s) will be restricted (including withdrawals and GIRO arrangements).

The surviving joint account holder(s) will need to sign the necessary instructions and forms. We may also request for additional documents, or exercise special handling (dependent on the account type and circumstances of each case), where required.

*All submitted documents must be in English. Please ensure that all non-English documents are translated into the English Language by an official translator and notarised.

 

What happens to the Property Loan?

Understanding the new loan arrangement

The existing loan account will be closed and the new loan may be subject to the terms of their estate. If it is a joint borrowing, the new loan may be restructured depending on several factors, including but not limited to, regulations on loan amount and loan tenure (eg. Total Debt Servicing Ratio) and will be subject to the bank’s internal credit guidelines. Assessments will be based on the financial situation of the surviving borrower.

There may be additional costs to be incurred, such as legal fees for conveyancing work and valuation fee for the property.

If the property is a HDB flat, it is important to check with the Housing and Development Board (HDB) and Central Provident Fund (CPF) Board if there is a Home Protection Scheme (HPS) in place. The HPS does not cover private residential properties, such as executive condominiums (ECs) or privatised Housing and Urban Development Company (HUDC) flats.

What is HPS?
It is a mortgage-reducing insurance and it insures members up to age 65 or until the housing loans are paid up, whichever is earlier.

HPS is typically required for CPF members who choose to service their monthly HDB housing loan instalments with their CPF savings. It provides a payout that is used to cover the outstanding mortgage loan balance when the insured member passes away, is diagnosed with a terminal illness, or becomes permanently disabled.

More information can be found on the CPF website:  Home > Home ownership > Protecting against losing your home
Notify the Bank

When notifying the bank of the deceased’s untimely demise, you will need to provide us the following documents:

  • Death Certificate
  • Grant of Probate (including the deceased's will) or Letter of Administration
  • Identity Documents of all Executors/Administrators (NRIC for Singaporeans/Singapore PRs, Passport for foreigners)
  • Income documents

If you have queries, please speak with us so we can provide the necessary information and advice.

For assistance, contact us at 1800-MAYBANK (1800-629 2265) / (65) 6533 5229 (Overseas).

 

FAQs

There is more than one appointed Executor / Administrator. Do all of them need to be present at the branch for the account closure? Yes, we require all the appointed Executors/Administrators to be present at the branch so that we can verify the identities of the appointed Executors/Administrators before closing the account and releasing the funds.
Can I use digital death or birth certificates instead of a physical copy? Yes,  From 29 May 2022, the death registration process will be streamlined such that the Next-of-Kin (NOK) will not need to register a death at a physical counter (e.g. at hospitals or police posts).

Once the medical practitioner certifies the death online, the death will automatically be registered in ICA’s system, and a digital death certificate will be immediately generated by the system. The medical practitioner or hospital staff will provide the NOK with the required information, such as the digital death certificate number, to allow the NOK to download the digital death certificate from My Legacy. For more information, visit here

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Important Disclaimers

The information provided on this webpage does not, and is not intended to, constitute legal advice; instead, all information, content, and materials available on this page are for general informational purposes only. You should seek professional legal advice with respect to any particular legal matter relating to the estate, and only your legal advisor can provide advice which is applicable or appropriate to your particular situation.

Maybank does not act as advisor to you and gives no representation or warranty as to the accuracy or completeness of the information provided herein. All information presented is subject to change without notice.

Maybank is not responsible for or liable to any person for any loss or damage arising from any reliance on the information provided herein.