You are a responsible person and you have written a will. But where to store it (or hide it)? You do not want to tell the whole world that you have a will, yet someone has to be able to find it if you pass away. In Singapore, there is no central storage area for […]
If you have made will, you know the importance of making your asset distribution clear so no confusion for your family members. But have you made an insurance nomination previously? Do you remember who were the beneficiaries? Do you need to revoke the nomination before the instruction in the will takes effect?
If you have $40 million assets, who would you trust to look after it? Apparently, Madam Chung Khin Chun, a wealthy widow with so much money, trusted her former China tour guide, Mr Yang Yin to take complete control of it. She was allegedly manipulated to grant a Lasting Power of Attorney (LPA) to Yang Yin, now being […]
Recently I received some questions from one of my readers of the blog. He asked if a person dies without a Will, how will the investments under joint account be distributed? I think this might be an interesting question to many. Question 1: Unit Trust bought under Cash with a local bank and subsequently the sibling of the deceased was added […]
In conjunction with the implementation of the new legal provisions in the Insurance Act on beneficiary nominations, the Life Insurance Association Singapore (LIA) issued a consumer guide, Your Guide to the Nomination of Insurance Nominees, in 2009. The Guide has since been revised, with effect from 1 January 2013, to reflect the FATWA ruling that […]
CPFIS investments are not covered under CPF nomination. When a member passes away, his investments under the CPF Investment Scheme (CPFIS) and any cash held in his Investment Account with his agent bank will form part of his estate. The estate administrator/executor may claim these directly from the agent bank for distribution to the beneficiaries of the […]