Friday, May 16, 2008

Nominating a beneficiary

Dear Mr Tan
I am single and have no relatives. I went to an insurance company to change my beneficiary but was informed that I cannot nominate someone not related to me. Instead, I was asked to change my beneficiary to my estate and have to write a will. This brings about the following questions:

1. For people with no relatives, is it still necessary to have an insurance policy?
2. Does it mean I have no choice but to engage the services of a lawyer to draw up a will?
3. What is the cost involved to engage a lawyer to do a will.

You can leave your policy money to your estate. If you do not have a will, it will be distributed according to the intestate law.

If you wish to write a will, you can use the will writing service provided by NTUC Income. You can get more details from Big Trumpet,

1 comment:

Monsoon said...

Dear Mr Tan - I just return from Myanmar after a week, doing a small part in helping the victims of the cyclone Nargis - I know that Singaporean are very generous in donations to various disasters such as the tsunami and now cyclone Nargis and the Sichuan earthquake. I can see that your blog is also helping many Singaporean in managing their lives. Is it possible you to use your influence by making a posting or two to encourage your readers to contribute in this regards such as to the Red Cross or the Singapore foundation or some other worthy organisations.

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