Tuesday, February 28, 2012

What happen when father pass away

this is a real life problem/scenario

father pass away leaving wife n young child, 5 yrs old.

the father got cpf monies, say $80k, and he made a nomination to 100% give child.
it'll be taken care by public trustee...
u click link... u'll see that public trustee charge in tier to jaga the monies.

if father write nomination, child can get the claim at age 18.
no write nomination, then get $ at age 21.
pls read the links to know more...

from my understanding, there do not seem to have interest given for the monies kept in public trustee.
Any1 know have or not, do let me know k..

wife can apply to withdraw $ from public trustee to in order to maintain the child.
but of cos amt is subject to individuals

if death occur n no WILL n no nomination is made, the default is according to intestate succession act.

these r some more info.. read if u free
Post Death matters from CPF

i think to make things simpler...
if situation allows, jus give $$ to spouse to manage...

1 comment:

YM said...

Do will is it expensive? If just need a place to do one stop estate planning. Just find a lawyer right?