Sunday, June 10, 2018

Change the law to allow the Will to cover CPF and cooperative society

CPF has a separate nomination procedure. The money in cooperative societies are also subject to nomination.

CPF and cooperative society moneys are not covered under the will.

This was the practice in the old days where most people do not write a will.

Times have changed. Most people now have properties and other assets and write a will to cover them.

But they often overlook the fact that CPF and cooperative society money are excluded under the Will.

They might have submitted a nomination to CPF or the cooperative society many years ago, and have overlooked the need to change the nomination when they get married or have children, or are divorced.

I suggest that the law be changed in the following aspects:

Allow the grantor to state in his Will that the Will will cover the CPF savings and the cooperative society money. If the grantor specifically make this request, it will take over precedence from the nomination that is submitted prior to the writing of the Will.

This will require a change to the law on estate administration and the consequential change to the law on CPF and cooperative society.

This change will simplify the process for most families and will protect them from oversight in updating the nomination.

Tan Kin Lian

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