Have you ever wondered?
This is the rule of wealth transfer for CPF monies when one is deceased.
CPF monies (balances left in a deceased member’s Ordinary, Medisave, and Special/Retirement Accounts) do not form part of the estate and are not covered by a Will.
If you don’t make a CPF nomination, the money will be distributed via intestacy laws. It will take time to locate the legally entitled beneficiaries, and a fee will be payable to the Public Trustee’s Office to make the distribution.
You may nominate any person or organization to the beneficiary of your CPF monies. However, you must be 16 years and above, and of sound mind to make a CPF nomination.
Important: The information and opinions in this article are for general information purposes only. They should not be relied on as professional financial advice. Readers should seek independent financial advice that is customised to their specific financial objectives, situations & needs. This advertisement or publication has not been reviewed by the Monetary Authority of Singapore.
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