Dennis Ng
Site Admin
Joined: 28 Nov 2005
Posts: 638
Location: Singapore
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 Posted: Thu Jan 25, 2007 10:34 am Post subject: Warning: CPF investment are not covered by CPF Nomination!!! |
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Do you know your CPF investment s are not covered by CPF Nomination?
Recently, someone suggested doing away with CPF nomination. Actually, this would actually cause more problems (for details, refer to my letter to Straits Times Forum which was published in Straits Times online Forum, the url is:
http://straitstimes.asia1.com.sg/forum/story/0,5562,351987,00.html? (article is at end of email).
These are what I like to share:
firstly, if you have not made a CPF Nomination, please do so soonest possible. Without doing so, it will take more time and cost your family money (a few thousands of dollars just for them to get your CPF money).
Note that any CPF nomination made before marriage is annulled. After marriage, you need to make a fresh CPF nomination. However, divorce does not annul a CPF nomination.
After you have CPF nomination, you should also get a Will written. A lot of people have misconception that writing a Will is only for the Rich. Not true, because without writing a Will, your family will end up need to spend more time (can be more than 1 year, I’ve seen real cases which took more than 5 years) and more money (without Will, more legal costs involved and legal cost can typically range from at least $3,000 to $5,000 (I’ve seen cases of more than $50,000 spent).
Other things you might not be aware of:
if you have CPF investment account, whatever you invested under this CPFIS is not covered by CPF nomination, you need to cover this in your Will.
joint tenancy property you don’t need to Will it because the survivor owns the entire property, none of the joint owners can decide otherwise.
if you have children below age 21, writing a Will is a MUST. Why? Without a Will, if both parents are gone, there’ll be fight and argument on who should be guardian of the children.
It is NEVER too early to write your Will. Don’t leave it till it is too late to do so.
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Cheers!
Dennis Ng
http://www.HousingLoanSG.com - unbiased analysis of ALL Housing Loans in Singapore & Australia! |
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