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

CPF

Asked by Anonymous

Asked 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!

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Good Day Every Day
Good Day Every Day
Level 7. Grand Master
Answered 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 know what is going to happen in the future.

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Yixiong Chang
Yixiong Chang
Level 7. Grand Master
Answered 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.

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