21 March 2019
The Payment Services Act 2019 ("PSA") combines the 2006 Payment Systems (Oversight) Act ("PS(O)A") and the 1979 Money-Changing and Remittance Businesses Act ("MCRBA"), and aims to unify payment services regulation under a coherent and comprehensive regulatory framework.
Post date. Edit this to change the date post was posted. Does not show up on published site. 21/3/2019
08 February 2019
Foo Soon Yien
The rule in Saunders v Vautier permits a beneficiary to terminate a trust if the beneficiary is of adult age, of sound mind and compels the trustees to transfer the legal estate to the beneficiary, thereby terminating the trust. This may be problematic as a testator may wish for the beneficiary’s share in his estate to be held on trust until a beneficiary attains an age, beyond majority. If the will is inadequately drafted, it may fail to achieve the testator’s true intention.
Post date. Edit this to change the date post was posted. Does not show up on published site. 8/2/2019
21 January 2019
As the legal industry becomes increasingly digitized, will-writing has emerged as a popular target for disruption. This centuries-old tradition of dictating how estate assets are to be distributed to beneficiaries through careful and bespoke drafting is now giving way to online automated document generation.
Post date. Edit this to change the date post was posted. Does not show up on published site. 21/1/2019
19 December 2018
*Updated 11 March 2019
Singapore's financial regulatory agency – the Monetary Authority of Singapore ("MAS") – released "A Guide to Digital Token Offerings" (the "Guide") on 30 November 2018.
The Guide is the primary piece of regulatory guidance by the MAS that focuses on the application of Singapore's existing financial regulatory framework to digital token issuance (in certain contexts, digital token issuances may be referred to as "initial coin offerings" or "ICOs").
Post date. Edit this to change the date post was posted. Does not show up on published site. 19/12/2018
14 December 2018
Foo Soon Yien
In the administration of an estate, disputes may arise between the executor and the beneficiaries. While some disputes may be resolved by agreements between the parties, others may result in the delay of the administration of the estate. If an agreement cannot be reached and the dispute persists, the question is if it is appropriate for an executor of an estate to commence an action seeking orders or directions from the court to finalise the administration of the estate.
Post date. Edit this to change the date post was posted. Does not show up on published site. 14/12/2018
13 December 2018
Foo Soon Yien
Y, a mother of five children, added one of her children X’s name into her sole named bank account, thus converting the account into a joint account (“the Joint Account”).
When Y added X’s name into her sole named bank account, the Authorisation Form contained this clause:
“In the event of death, the rule of survivorship shall apply to the Joint Account and the Bank shall be authorised to dispose of the balance in the Joint Account as the property of or to the order of the survivor(s)…”
Y subsequently passed away intestate. The main issue arising from this fact scenario was whether, upon the death of Y, the monies in the joint account belonged to the Estate of Y or to X by the right of survivorship.
Post date. Edit this to change the date post was posted. Does not show up on published site. 13/12/2018
12 December 2018
Foo Soon Yien
A and B were appointed as executors and trustees of the deceased’s will. They were also 2 of the beneficiaries of the deceased‘s will. Upon the deceased’s passing, A attempted to obtain probate in respect to the estate. For several months after the deceased’s passing, A made several requests to B to make a joint application for probate. However, these attempts were futile. Instead, B objected to A dealing with the assets and gave notice to A not to deal with any matters pertaining to the estate without B’s consent.
Post date. Edit this to change the date post was posted. Does not show up on published site. 12/12/2018
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The posts found in this Law Blog are not legal advice, nor are they given for the purpose of providing legal advice.
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