By Alvin Chow
Singaporeans are pretty rich if you asked me. We have one of the highest property ownership percentage in the world.
This creates a first world problem: do your assets get distributed to your intended beneficiaries when you passed away?
What are the laws in place to see through this and the major implications?
Although this is an important topic, few people seem to pay much attention to it. I am not sure if it is a bad omen to talk about this, or most people just don’t think they would pass away any time soon. But accidents can happen and shouldn’t we plan for distribution once we have considerable wealth to give away?
Let us first run through a few laws or procedures that I was able to dig out.
CPF currently has a nomination scheme where every member can name an unlimited number of nominees. Only savings in the Ordinary, Special, Medisave and Retirement Accounts; and Discounted SingTel (ST) shares, will be distributed to the nominees.
It is important to note that CPF savings are NOT covered by the will.
Another important fact is that your nomination will be REVOKED upon marriage and fall back on intestacy laws. You have to nominate again if …read more