facebookAt which age do you think we should do a CPF nomination. What happens if we do not? - Seedly
Seedly logo
Seedly logo
 

Advertisement

Anonymous

Posted on 29 Nov 2018

At which age do you think we should do a CPF nomination. What happens if we do not?

Read the Seedly article recently which made me think about applying for the CPF nomination. I see my CPF growing and now I’m thinking how I should think about this when I’m not around anymore. Appreciate the help. Thanks!

0 comments

3 answers

Discussion (3)

Yixiong Chang

Yixiong Chang

Level 11. Master

Posted on 29 Nov 2018

You should nominate anytime now if u have concerns. You should at min nominate after u get married. And whenever there are significant changes to your life.

If u do not nominate, your CPF monies will be distributed according to the Intestate Succession Act. On top of that, there will be a fee for the amount of monies managed by the public trustee. It is about $1.9k+ for first $250, (the rate is lower the higher amount). This process will also take much longer, many months.

So if u want the monies to go to only your intended person/persons, hassle-free. Make the nomination. Note that your Will does not provide for CPF monies.

You should make a Will too since u are concerned. This is a topic about legacy planning. Do add me on facebook if u would like to learn more.

0

Post

It can be done anytime but good to do after the following events.

  • Marriage as the previous CPF nominations will be voided upon marriage

  • A kid is born as you would want to keep some monies for your offspring to get a headstart in far future, saving up even more via compounding effect.

  • This is uncommon but it helps to reduce some family tension as the CPF member nomination is under sound mind declared, and speeds up the CPF claims processes if in place (need to verify on this though).

0

Post

Jason Sing

Jason Sing

Level 12. Master

Posted on 30 Nov 2018

We should do a CPF nomination now so that our money would go to only the intended people. We do not ...

Read 1 other discussions with a Seedly account

You will also enjoy exclusive benefits and get access to members only features.

Continue with Facebook
Sign in with Apple

Sign up or login with an email here

Write your thoughts