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.

REPLY
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, www.bigtrumpet.com.sg
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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.

May 16, 2008 11:13 PM

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