Wills and Nominations
Wills and nominations are tools which allow you to plan and protect your own interests and wishes after you have passed on. These tools will allow you to ensure your inheritance is distributed accordingly and give you a peace of mind in your later years ahead. If there are no wills in place upon your passing, your assets will be distributed via the Intestate Succession Act.
Wills
A will is a formal written contract on how a person would want their assets to be distributed upon his passing. There are many benefits of a will which will help your family, such as an expedited court process, allowing distribution to take place with less hassle and cost.
Nominations
Nominees can be chosen to inherit specific items after a person’s passing. Not all assets can have nominees, but the 2 most common assets that nominations are made for are CPF and insurance. Depending on the type of nomination made, it can take precedence over wills, and nominees are able to claim the payouts directly without going through the court.
