Can set beneficiary for bank account?

With rising costs and increased learning needs, financing our children's education is no longer a simple walk in the park. Discuss with other parents about how they are managing their finances to cope with their expenses.

Can set beneficiary for bank account?

Postby Www » Sun Dec 30, 2012 9:22 am

Are we allow to set a beneficiary for own bank account so that if pass away, the amount left goes to the one you nominate?

Www
GreenBelt
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Re: Can set beneficiary for bank account?

Postby wiimum » Sun Dec 30, 2012 10:07 am

Www wrote:Are we allow to set a beneficiary for own bank account so that if pass away, the amount left goes to the one you nominate?

I don't think so. But if you have a will, I am sure you can specify in the will which account goes to who.
Naming beneficiary applies to insurance as well as CPF as far as I know.

wiimum
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Re: Can set beneficiary for bank account?

Postby cherrygal » Sat Jan 05, 2013 3:15 pm

Yup, wiimum is right. You can only allocate to a specific beneficiary mentioned in the will but most people only have simple wills done where they just split the total estate among the beneficiaries by percentage sharing. This makes it easier for the executor instead of having to give one item to one person.

cherrygal
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