How will my family know about my assets and money if no will after I pass away.

[napoleon bohlumpar]

The surviving family members will have some detective work to do in that event. They might hire someone to search for assets.

insurance leh ?

the company will call your family ?

 

[reddevil0728]

insurance leh ?

the company will call your family ?

how will the company know u passed unless someone inform them?

 

[luvpraline]

Google will do exactly that via their Inactive Account Manager. But that's a 3 month wait. You can also simply say to survivors, "I'm keeping a list of assets in My Legacy Vault." That should work.

Very useful, thanks! Is there anything that Google doesn't do..

As for the My Legacy Vault, i explored the site a little and it is unclear if the trusted person you give access to gets immediate access to your vault now or upon death?

 

[luvpraline]

insurance leh ?

the company will call your family ?

Insurance is a tricky one as it may not be covered even if one has a will. Anyone who has experience dealing with claiming for insurance with a will, but no nominated beneficiaries for the policy?

 

[BBCWatcher]

insurance leh ?
the company will call your family ?

Maybe, but there are quite a few unclaimed insurance policies in Singapore.

As for the My Legacy Vault, i explored the site a little and it is unclear if the trusted person you give access to gets immediate access to your vault now or upon death?

It seems that's up to you. According to the FAQ you can choose whether the Trusted Person(s) get(s) access to records now or only upon your demise.

 

[napoleon bohlumpar]

how will the company know u passed unless someone inform them?

wah..............jialat hor...............

 

[reddevil0728]

wah..............jialat hor...............

Why leh?

 

[napoleon bohlumpar]

Why leh?

if i mati but my family didn't go make claim then they get nothing leh................

S'pore so small and connected...............should be once death cert is issued, all insurance companies should be notified mah hor...............

just hope those CPF insurance like DPS is ''auto''..............

 

[cablemaster2000]

First of all, make sure you do your CPF nomination right, and do it again if you get married. CPF is by far the most efficient in paying out when you kick the bucket, as the process will be activated as soon as the death cert is issued and CPF will ask your beneficiary for bank account number and it's done. Most of us will have some money in the SA/MA ... enough to tide over the immediate few months, hopefully.

Second of all, make sure you have named beneficiaries in your insurance policies.

Your will does not override the nominations for CPF ... not sure about insurance, may get complicated if they contradict.

For small sums, it appears you dont need a Grant of Probate, just the death cert will do, your family can just present the death cert/marriage cert/birth cert to SGX/banks to transfer the assets. I found out about various accounts of my parents by opening their snail mail after their death, a bit challenging now since banks are doing away with snail mail.

If you dont trust your family, maybe get a locked drawer or safe and keep the paper records there and let them know to break the drawer when the time comes.

If your estate is substantial _and_ you have multiple parties fighting over it, then your beneficiaries will need to appoint a lawyer to execute your will. Otherwise, the will doesnt do much.

Do note a simple will does not a lawyer involved but needs two witnesses who are not beneficiaries. Do note if you are married and die without a will, your parents get nothing. Read more here https://singaporelegaladvice.com/la...-will-how-is-the-deceased-estate-distributed/

 

[reddevil0728]

if i mati but my family didn't go make claim then they get nothing leh................

S'pore so small and connected...............should be once death cert is issued, all insurance companies should be notified mah hor...............

just hope those CPF insurance like DPS is ''auto''..............

There is such thing call data protection for a reason.

nothing to do with connected and size

 

[boringLife-]

This issue also made me very uncomfortable with buying death insurance.

Why should it be the policy owners' family members to notify the insurer? It should be the responsibility of the insurer to ensure there is a system in place to receive death notification of insured.. it can be through government or whatever right

 

[henrylbh]

Now already 11 years have passed and I am still receiving letters now and then addressed to the ex-tenant of seller of my flat. Those letters related to his investments and calling of shareholders' meeting in Australia. He must be dead and no one knows?

 

[reddevil0728]

This issue also made me very uncomfortable with buying death insurance.

Why should it be the policy owners' family members to notify the insurer? It should be the responsibility of the insurer to ensure there is a system in place to receive death notification of insured.. it can be through government or whatever right

Data protection and privacy.

it’s not within insurer’s control.

 

[reddevil0728]

Now already 11 years have passed and I am still receiving letters now and then addressed to the ex-tenant of seller of my flat. Those letters related to his investments and calling of shareholders' meeting in Australia. He must be dead and no one knows?

Same org? Have you tried rejecting those letters so u receive less of it?

 

[boringLife-]

Data protection and privacy.

it’s not within insurer’s control.

What nonsense data protection? Then give us an option to opt in.

Let me record my policies with a government agency like CPF, and when I die, CPF can send a notification to all my insurers and payment to be made accordingly. Is there no such system in place?

 

[reddevil0728]

What nonsense data protection? Then give us an option to opt in.

Let me record my policies with a government agency like CPF, and when I die, CPF can send a notification to all my insurers and payment to be made accordingly. Is there no such system in place?

What you are asking for is beyond the control of any individual company.

what you are asking for requires government intervention.

vent your frustration at the government.

but before you do so, you might want to get educate more about why is data privacy so important.

 

[henrylbh]

Same org? Have you tried rejecting those letters so u receive less of it?

I called the seller about the letters and he said don't bother with those letters I threw them away including insurance letters of another ex-tenant.

 

[reddevil0728]

I called the seller about the letters and he said don't bother with those letters I threw them away including insurance letters of another ex-tenant.

It’s actually illegal to throw away mails.

the right way is to write on the envelope “rejected” and pop it back into the mailbox

It might be troublesome at the beginning but eventually u will get lesser and lesser mails not relevant to you.

so it’s a choice of whether being troubled initially and eventually be less irritated by the mails.

or don’t mind be irritated by the mails.

 

[aarontansp]

Let's say for example, if I suddenly pass away, and I did not make any will.
I also did not inform my family on how much money I have, which bank they are in, and how many shares I have.

I know Singapore have laws on intestate succession.
My question is, after I pass away, who will be in charge of intestate succession? Is it the government?
How will they know where are my assets and money are, and how will they inform my family.
Or is it my family have to find out themselves, e.g. go and call every bank whether do I have an account with them, contact SGX to see what are the shares I have.

P.S. I know the importance of making a will, and I'm now planning it. it's just that I'm curious, confirm got young people out there like me, haven't think about these things.
Then what will happen if there's no will, and family don't know anything about your assets and money.

I keep a spreadsheet of assets to pass on. They only need to know the password to it that's all.

 

[henrylbh]

What you are asking for is beyond the control of any individual company.

what you are asking for requires government intervention.

vent your frustration at the government.

but before you do so, you might want to get educate more about why is data privacy so important.

Now coming MOP of my current flat and I am still receiving letters from the bank and iras addressed to the ex-tenants of seller of my flat. Marked them as no such person and put them in return mail box and the letters coming in back regularly. Now I just throw them away. Even iras don't know?