Selling Shares of recently deceased.

[Potent]

Just to check as my friend parent has asset in Malaysia as well as alot of malaysia bank shares. Anyone has the experience how to transfer the deed and money to her?(only child)

 

[kevintan1970]

Singtel shares handled by CPF Board. Not in CDP unless specially requested

I believe there are two tranches of Singtel shares.

One via CPF and another via CDP. Login to your CPF & CDP Accounts and you will see both.

 

[hmyoth]

Singtel discounted share eg A share ST2 is held by CPF. U can apply to transfer to cdp if u r 55 n meet FRS. ( i did that )

 

[Andrew833]

I don't think Singtel discounted share is in CDP. Back then, CPF got money and above age 21 can buy liao, nothing about CDP. I sold mine recently thru CPF website aka POEM.

 

[Andrew833]

Singtel discounted share eg A share ST2 is held by CPF. U can apply to transfer to cdp if u r 55 n meet FRS. ( i did that )

You need to close your CPF investment account to do that right? Or just apply transfer to CDP?
Thanks

 

[hmyoth]

You need to close your CPF investment account to do that right? Or just apply transfer to CDP?
Thanks

No need to close cpf investment accounts
https://www.cpf.gov.sg/service/arti...nted-singtel-shares-when-i-reach-55-years-old

 

[vsvs24]

Some people don't do investment and no CDP account.

When a person pass away, CPF money is usually the fastest to reach the beneficiaries. CDP still need the grant of probate or letter of administration which will take months. Then have to open estate account with CDP etc.

So it is ok to leave the Singtel shares with CPF. Anyway don't think amount is large.

 

[BBCWatcher]

No need to close cpf investment accounts...

Although you might want to, primarily to avoid CPF Investment Account-related fees.

 

[henrylbh]

Just to check as my friend parent has asset in Malaysia as well as alot of malaysia bank shares. Anyone has the experience how to transfer the deed and money to her?(only child)

Better get professional help while parent is still alive. Best change ownership of assets and shares to joint names. Or get rid of all overseas assets if the prices are fair before passing off and reinvest in Singapore, if needed.

 

[henrylbh]

No need to close cpf investment accounts
https://www.cpf.gov.sg/service/arti...nted-singtel-shares-when-i-reach-55-years-old

Don't close if accounts if there are no charges for dormant account with no holdings of shares, insurance etc. But why do you need to have CPFIA, if you have no cpf investment instruments.

 

[henrylbh]

Some people don't do investment and no CDP account.

When a person pass away, CPF money is usually the fastest to reach the beneficiaries. CDP still need the grant of probate or letter of administration which will take months. Then have to open estate account with CDP etc.

So it is ok to leave the Singtel shares with CPF. Anyway don't think amount is large.

I will get rid of Singtel shares with CPF and be done with in instead of letting beneficiary to handle the shares.

 

[BBCWatcher]

Or get rid of all overseas assets if the prices are fair before passing off and reinvest in Singapore, if needed.

There are some other countries that offer easier (but still appropriately careful) conveyance of assets to survivors than Singapore generally offers.(*) How about this: "If an asset owner is concerned about difficulties conveying residual assets to survivors in particular jurisdictions, consider shifting assets to jurisdictions that offer easier asset conveyance arrangements."

Don't close if accounts if there are no charges for dormant account with no holdings of shares, insurance etc. But why do you need to have CPFIA, if you have no cpf investment instruments.

CPF Investment Accounts can be reopened if/as necessary. I don't see the harm in closing an unused CPFIA if that'd make the CPF member feel more comfortable. Some people simply prefer a "tidier" financial posture, and that's fine.

(*) Example: "Payable on Death" and "Transfer on Death" accounts. Those accounts are analogous to CPF nominations and life insurance beneficiary designations. They don't require waiting for probate.

 

[vsvs24]

I will get rid of Singtel shares with CPF and be done with in instead of letting beneficiary to handle the shares.

No need. CPF Board will sell the Singtel shares and payout to CPF nominees together with the CPF monies.

 

[henrylbh]

There are some other countries that offer easier (but still appropriately careful) conveyance of assets to survivors than Singapore generally offers.(*) How about this: "If an asset owner is concerned about difficulties conveying residual assets to survivors in particular jurisdictions, consider shifting assets to jurisdictions that offer easier asset conveyance arrangements."

Might as well as get rid of them instead of shifting around and still require beneficiary to endure such matter in closing the estate.

My sis expect her nephews to fly to and stay in US to close her bank account and take whatever balance about 100k plus that she stated as beneficiary. That's a hassle but not difficult but nephews appear uninterested to go on discovery journey. I am also not interested to be her administrator of her fully paid HDB flat as she doesn't want to make a will.

CPF Investment Accounts can be reopened if/as necessary. I don't see the harm in closing an unused CPFIA if that'd make the CPF member feel more comfortable. Some people simply prefer a "tidier" financial posture, and that's fine.

Best is clean up such matters like Singtel shares in CPF and CPFIA (if no holdings) such that beneficiary no need to go on a discovery journey.

(*) Example: "Payable on Death" and "Transfer on Death" accounts. Those accounts are analogous to CPF nominations and life insurance beneficiary designations. They don't require waiting for probate.

As I mentioned just ensure assets under are joint ownership if no legally recognised nomination.

 

[henrylbh]

No need. CPF Board will sell the Singtel shares and payout to CPF nominees together with the CPF monies.

From your personal experience or stated in CPF website that Singtel shares under CPF is considered as CPF fund to go to nominee? And CPF decides on disposal? Or pass shares to nominee for nominee to decide on disposal?
If Singtel discounted shares in CPF are considered like other shares bought with CPFIA, then they will go to the estate.

 

[reddevil0728]

From your personal experience or stated in CPF website that Singtel shares under CPF is considered as CPF fund to go to nominee? And CPF decides on disposal? Or pass shares to nominee for nominee to decide on disposal?
If Singtel discounted shares in CPF are considered like other shares bought with CPFIA, then they will go to the estate.

https://www.cpf.gov.sg/service/article/what-happens-to-a-deceased-member-s-discounted-singtel-shares

 

[BBCWatcher]

Might as well as get rid of them instead of shifting around and still require beneficiary to endure such matter in closing the estate.

There are jurisdictions that provide non-probate asset transfer arrangements. Singapore does to some degree, but other jurisdictions can be even easier in those respects.

Moreover, there's some potential value in having a couple countries where assets are conveyed to survivors. The basic reason is that a survivor might become "persona non grata" in a particular jurisdiction. To reduce that class of risks, don't keep or convey all your assets in one country.

My sis expect her nephews to fly to and stay in US to close her bank account and take whatever balance about 100k plus that she stated as beneficiary.

Why? That's not required. Most banks in the U.S. offer "Payable on Death" (or "Transfer on Death") account titling free of charge. And there's no need to be physically present in the United States to complete those simplified arrangements. Plenty of banks don't even have physical branches anyway, so there's no place to go.

The United States is one of several geographically huge countries. There's never been a default historical expectation in the U.S. that (for example) your surviving niece in Reno (Nevada) must visit a bank branch thousands of Kilometers away in Syracuse (New York) merely to inherit a bank account.

If it's a U.S. retirement account such as a 401(k) or IRA, those pass by default to the surviving legal spouse — no nomination required. Those accounts do not go through probate (at least if the decedent has a surviving spouse), and they cannot be conveyed via a will. Any other arrangement requires the legal spouse's consent, and then that alternate arrangement is recorded with the retirement account's custodian.