Have you ever watched Korean drama “Shining inheritance”? In the show, Go Eun-sung’s father died from a gas explosion. However, her stepmother took the life insurance money and moved out with her daughter, leaving Eun-Sung and her autistic brother, Eun-Joo. What is more devastating was that later Eun-sung learned that her father had bought life insurance before his […]
Does a will override all insurance nominations?
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?
Revised Guide to the Nomination of Insurance Nominees
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 […]
What happens to investments under the CPF Investment Scheme (CPFIS) when a member passes away?
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 […]
Who can claim your CPF savings when you die without legal heirs and nominees?
In my recent article How will your CPF savings be distributed if you are no longer around, I explained that if you pass away without proper Nomination, your CPF savings (Ordinary, Special, Medisave and Retirement Accounts) will be transferred to the Public Trustee for distribution to your family under the intestacy laws. Under Intestacy Law, […]
How will your CPF savings be distributed if you are no longer around?
If you pass away without CPF Nomination, your CPF savings (Ordinary, Special, Medisave and Retirement Accounts) will be transferred to the Public Trustee for distribution to your family under the intestacy laws. For example, if you are single, your CPF savings will be distributed by the Public Trustee equally between your parents. If you are […]