• All blog entries
    • Calculators
    • Case studies
    • Cost of living
    • CPF Are You Ready?
    • CPF Matters
    • Credit Management
    • e-Learning
    • Estate Planning
    • Events
    • Financial advisers
    • High Networth
    • Insurance
    • Investments
    • Letters to the Press
    • Magazines
    • Others
    • Retirement Planning
    • Scams
    • Surveys
    • Tragic Stories
    • Unethical sales process
    • Videos
  • Legal
  • Testimonies
    • Individual testimonies
    • Gallery
  • My Account
Hi, looking for a fee-based financial planner in Singapore? Read this article now!
  • Home
  • About
    • About Wilfred Ling
    • Why do you run your own professional financial planning practice?
  • FAQs
    • FAQs on Wilfred Ling’s Financial Services
    • FAQs on Financial Planning
    • FAQs on Investments
    • FAQs on Insurance
    • FAQs on Estate Planning
  • Services
    • Overview
    • Create a financially secure plan for your young family (package details)
    • Retirement Planning
    • Investment Portfolio Management
    • Insurance Planning
  • Fees
  • Cool Tools
  • Contact
  • Subscribe
You are here: Home / CPF Matters / Man bequeath all CPF to ‘goddaughter’ through CPF Nomination

Man bequeath all CPF to ‘goddaughter’ through CPF Nomination

4, December 2014 by Wilfred Ling Leave a Comment

nothing to family from cpf nominationMr. Saw did not work for 30 years after a business failure. He was supported by a wife (earning only $1000 salary) and three children. When he committed suicide in June 2013, it was found that he had made a nomination using CPF Nomination to bequeath everything to an unrelated China woman to inherit his entire $37,000 CPF money. His widow wife took legal action but lost because there was insufficient evidence to determine Mr. Saw's state of mind when the CPF Nomination was made . In fact, she wasted $37,000 in legal and court fees. Even if she won, she still get nothing since the cost of litigation is the same as the CPF amount.

That is not the worst part. Mr Saw willed his property under his sole name as follows:

- $150,000 to the same China lady
- $450,000 to an old folks' home, a temple, brother and friends (including another China lady), debts.
- Remaining go to immediate family members.

The problem is that the property is expected to fetch only $600,000. Hence, the family got nothing.

Sources:
Man bequeathed CPF savings to 'goddaughter' instead of family (mypaper)
Widow loses fight over husband's CPF bequest to another woman (Straits Times)

My comments:

Perhaps Mrs Saw can still try to get something from the property by using the Inheritance (Family Provision) Act which requires a person to provide for maintenance of spouse, unmarried daughter, sons below 21 and children with disabilities incapable of maintaining themselves.

To those who are in similar vulnerable position should start to do some financial planning in anticipation for the eventuality. I have done a few such defensive financial planning before. It is not always a hopeless situation when your spouse starts getting 'funny'. Don't wait for 30 years.

Like this article? Subscribe to my newsletter below for more.

Get regular Tips on Financial Planning. Free subscription for 3 years. Covers all aspect of financial planning such as 'How much salary you should have?', 'How to avoid insurance that is not suitable?", 'What are the retirement planning methods?", etc

Share this:

  • Tweet
  • Print

Related

Filed Under: CPF Matters, Estate Planning, Tragic Stories

What do you think? Leave a comment. Cancel reply


WILFRED LING, CFA

WANT TO GET REGULAR TIPS ON FINANCIAL PLANNING?

JOIN with thousands of other subscribers in getting tips on all aspect of financial planning such as "What is the minimum salary required?", "How avoid insurance that is not suitable", etc.


WILFRED LING IN THE NEWS

Click HERE to find out more.


THE KIND OF CLIENTS I AM LOOKING FOR

NEW TO US?

Learn how you can fully benefit from this massive website: HERE

For Registered Users Only (free)

  • How to identify high performing unit trusts in 3 steps (Webinar) 3/9/2021
  • Financial Planning – Christian Perspective Part 2 (Webinar) 14/8/2021
  • How and what to invest now? (Webinar) 22/7/2021
  • Financial Planning – Christian Perspective Part 1 (Webinar) 10/7/2021
  • iFAST Monthly Investment Update -July 2020 7/7/2020

View All

For Clients Only

  • Video Message to Clients 30/12/2021
  • Exclusive client-only Investment Update Webinar by Wilfred 26/11/2021
  • JPMorgan Guide to Market Q2 2020 15/4/2020
  • JPMorgan Perspective Q2 2020 15/4/2020
  • JPMorgan Guide to Market Q1 2020 5/2/2020

View All

Top Posts

  • Strange way of how CPF Interest is calculated & retirement planning CPF has a rather strange way of calculating interest. I...
  • Access Information & Sign Up Page
  • Premium financing – why banks always sell the same thing? Premium financing, equity linked notes, dual currencies...
  • How You Can Buy & Hold Stock Investment Using Simple Criterions! There are two ways to invest in stocks. One is long ter...
  • Is the PRUlink protection plus account a good or bad product? Question: “Hi Wilfred, due to family history, I am look...

Recent comments

  • Sinkie on Why Vanguard Fund Investors Underperformed The Fund Significantly?
  • Sinkie on Why You Always BUY HIGH In Investments?
  • honest_me on Cancer patient ends up with $33,000 bill after insurer refuses to pay for drug & what you must do to avoid this situation
  • susan on Single Premium NTUC Income SAIL
  • susan on Single Premium NTUC Income SAIL
  • LittleTiger on Nomination in insurance policies

To be notified of new blog post, like this facebook page

To be notified of new blog post, like this facebook page

Read articles based on different categories

Investment Login

iFAST Central: Login

iFAST Prestige: Login

Navigator: Login

Chartered Financial Analyst

CFA

Chartered Financial Consultant

ChFC

Featured Blogger

IM$avvy

© Copyright 2006-2022 Wilfred Ling

This advertisement or publication has not been reviewed by the Monetary Authority of Singapore

hollow-nasty
hollow-nasty
hollow-nasty
hollow-nasty