Friday 15 June 2012

Rant 1009 / CPF Of A Deceased Person Is Distributed To The Beneficiaries In Cash!

I just realized I believed in a myth - that a deceased person's CPF monies are transferred to the CPF accounts of the beneficiaries.

In my hands right now is a DBS cheque from the Public Trustee's Office for half the money my mum had left in her CPF accounts.

Gave the other cheque to my bro already.



I'm aware that it is generally not a good idea to post a clear photo of a cheque online but after over 9000 hours in MSPaint, I believe this is safe enough.

When I opened the envelope and unfolded the papers I thought there was some kind of mistake. After scrutinising the entire document and found everything to be in order, I thought about asking my lawyer if this was supposed to happen.

Then I remembered her secretary's email to me containing scans of letters sent between them and the timing seemed right.

To confirm, I googled and found... only a few results that affirm this. This really is how a Singaporean's CPF monies are distributed - in cash (or cheque if you want to be technical about it) - but nobody seems to mention it.

Too bad the Office didn't send us just one cheque like the insurance companies did together with disclaimers that it is not their responsibility to make sure I distribute the money equally even though I'm supposed to do so.

I was planning to give my bro a larger share like I did with the insurance money.

I had even sent him a bit more by accident after transferring over 60% of it but it was ok. Lost track near the end because the daily transfer limit I set for my DBS internet banking forced me to split the process into weeks. Kept forgetting to transfer for weeks sometimes and by the last few transfers it became something like muscle memory.

I would have transferred even more if I hadn't randomly done some calculations after one transaction and realized that I had just exceeded what I promised him.

But this CPF money has been split equally into two cheques so I'll just see the extra I sent him unintentionally as part of this. Oh well, since I'm also paying the lawyer from my own pocket, it's as good as giving him my entire share plus a little more too.

As for this cheque, I'm depositing it in my business account. Nobody said I have to save it.



I think the same goes for the free Singtel shares. The shares of a deceased person are usually sold at the right time as decided by the trustee (I think) and the money is distributed evenly in the same way.

I'm not actually sure if this cheque includes the money from those shares but it's not a big deal. I'll just ask my lawyer next time I see her, which will probably be several months into the future.

This whole intestate crap is expected to end next year due to the lengthy process caused by the LACK OF WILL, which is why it's called "intestate" in the first place.

So yea, if you have some money and kids, get a DAMNED WILL! Unless, of course, you expect to get married or divorce in the near future because those will cancel the will.
























New jacket samples arrived after all these months! Wheeeeeeeee!

...

Ugh. The one that was supposed to be the final draft turned out to be... too plain.

Therefore this is is going to be an experiment for me to learn about matching colours which will show me how having multiple colours affects its popularity. Because having it in plain colours is going to be a terrible idea.

The fleece jacket was nice. This is the first time we're dabbling in softshell jackets. Even my mum didn't do those.

Another jacket was just ok. I don't remember ordering it TBH but hell, I'll take whatever I can get.

Fun fun fun.

Also learnt that larger department stores do make small orders like I do from their manufacturers frequently. They don't always order a lot more than my average orders which was unexpected due to their relative sizes.























May was boring. So quiet. Grossed about 50% more due to GSS surprisingly despite being quieter than previous months.






















After the last few disappointments, they finally came up with something much better.





I just don't find it right that they're using live people when it's supposed to be about historical figures.

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