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Anonymous
Please advise!
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Hariz Arthur Maloy
08 May 2020
Independent Financial Advisor at Promiseland Independent
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Pang Zhe Liang
08 May 2020
Fee-Based Financial Advisory Manager at Financial Alliance Pte Ltd (IFA Firm)
Generally for an insurance policy (e.g. whole life insurance), it depends on whether you have made any arrangement for the payout, e.g. nomination, Will.
Insurance Nomination
For example, if you have submitted a revocable nomination, then the payout will be distributed according to the instructions in the nomination.
More Details:
Revocable Nomination Insurance Form 4 Singapore
Drafted a Will
In like manner, if you have drafted a Will, then the proceeds will be distributed according to the wishes in your Will.
More Details:
Intestacy
If you have not done any, then Intestate Succession Act will dictate the distribution.
More Details:
Intestate Succession Act Singapore
Accordingly, there are 9 rules. In the absence of family members and next-of-kins, then Rule 9 will take effect - Government shall be entitled to 100% of the proceeds.
On the whole, I will always advise my clients to do comprehensive estate planning. This is to ensure that their assets reach their intended beneficiaries.
I share quality content on estate planning and financial planning here.
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Any insurance policy payout will form part of your estate.
If you have not made any nominations, wills, trust, foundations, whatever the case may be. It'll follow the Singapore Law of the Intestate Succession Act.
To cut it short, if literally not a single blood relative survives you, the govt will take your estate.