What Should I Sort Out So My Family Is Not Left Guessing?

Why Do You Need More Than A Will?

A will covers what you own in your own name. Your CPF savings follow your CPF nomination, insurance with a nomination follows that nomination, and a home you own as joint tenants goes to the other owner, whatever your will says. So a legacy plan has several parts, each covering something the others miss.

What Are The Eight Legacy Steps?

1. A valid will

Who gets what, and who handles it

2. A CPF nomination

Who gets your CPF savings

3. A Lasting Power of Attorney (LPA)

Who decides for you if you lose mental capacity

4. Your care wishes

What care you want if you cannot say

5. Insurance nominations

Who gets your policy money

6. How you own your home

Whether your share goes to the co-owner

7. A list of your accounts

So your family can find everything

8. A regular review

So nothing is out of date

Take a married parent with a will and a registered LPA, but no CPF nomination and no list of accounts. They have done some steps, but their CPF savings would go to the Public Trustee’s Office. The checklist shows that gap straight away.

What Happens If A Step Is Missing?

Without a will, the Intestate Succession Act decides who inherits for non-Muslims; for example, a spouse and children share the estate half and half. Without a CPF nomination, CPF passes your savings to the Public Trustee’s Office, which takes a fee and can take months. Without an LPA, your family may have to apply to court before they can act for you.

If you are Muslim, your estate is shared under faraid, and the Syariah Court issues an Inheritance Certificate. A wasiat can give up to one-third, and only to people who are not your heirs. Check with the Syariah Court, MUIS or a lawyer.

How Do You Start?

Begin with the steps that decide who gets your money: a will and a CPF nomination, which is free online with Singpass. LPA Form 1 is free for Singapore Citizens, though the certificate issuer charges a fee. Review everything at least once a year, and after marriage, divorce or a new child: marriage cancels an earlier will and an existing CPF nomination.