It is a misconception that only the rich need to make plans for leaving wealth behind.
In reality, we have a role to play in identifying, preserving and distributing our hard- earned assets, no matter how little there is.
After working hard to accumulate our nest egg for our golden years, many of us tend to overlook the legacy planning aspect.
But when we do undertake it, it's equally if not more important to be aware of the potential administrative costs when it comes to this part of financial planning.
Some people do not know that Central Provident Fund (CPF) savings cannot be distributed via a will and that the Public Trustee charges a fee for administering un-nominated CPF money.
Besides saving on distribution costs, a robust legacy plan will go a long way towards ensuring that we are able to pass on our unused financial resources to our loved ones efficiently.
In the first of a three-part series on legacy planning, The Sunday Times highlights how CPF money is distributed after a member dies.
Recently, some readers asked for greater clarity on CPF nomination. This came after articles highlighting recent enhancements to the CPF system.
The interest is hardly surprising, given that the CPF is an integral part of our retirement plans.
This article was first published on October 02, 2016.
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