Have you ever wondered?
CPF savings do not form part of your estate and are not covered by a Will.
This is the rule of wealth transfer for CPF monies when one is deceased.
There are 3 types of nominations.
What if you don’t make any CPF nominations?
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.
❓Are you ready for the Era of Disruption?
❓Are you equipped for the New Normal?
❓Are you equipped for your Transformation?
I, Hock Beng (福明), help professionals, families, SMEs, and financial consultants to be better prepared for financial resilience through a wisdom-driven “HEARD” advisory process. This authentic skillset provides clarity, balanced, focus, and confidence that generate consistent performance results in challenging times through 5 of the roles I’m committed to undertaking.
✅ Wealth Management Coaching.
✅ Lifelong Learning Advocates & Constructivist
✅ Career Switch Mentoring.
✅ People Developer
✅ Digital Advisory Connectivist
Find out more at my DIY website at https://www.7cafe.sg/chewhockbeng
Meanwhile, get hold of my ebook – The 5th Strategy to understand how others have benefited from the kind of work I do for them.
I’m looking forward to having a meaningful engagement with you!
By submitting this form, I confirm that
In compliance with the Personal Data Protection Act, Financial Alliance Pte Ltd (“FAPL”) seek your consent to collect and use your personal data (e.g. name, NRIC, contact numbers, mailing addresses, email addresses and photograph) for the purposes of and in accordance with FAPL’s Data Protection Policy, which can be found on FAPL’s website at https://fa.com.sg/data-protection-policy/.
根据《个人数据保护法》，鑫盟理财私人有限公司征求您的同意向您收集并使用您的个人信息。鑫盟理财将根据公司的个人数据保护政策所阐述的用途使用您的个人资料（例如姓名，证件号码，联系电话，邮寄地址，电邮地址和照片）。 该政策可在本公司网站上查寻，网址为 https://fa.com.sg/data-protection-policy/.
By submitting this form, you are deemed to have read and understood FAPL’s Personal Data Policy.
Subscribe to our newsletter to receive updates on our latest content!