Saturday, 2 November 2019

Forum: How next of kin can access dead person's bank deposits

We thank Mr Goh Kian Huat for his letter, (What happens to unclaimed CPF money, bank deposits?, Oct 24).

For bank account holders who have passed on, there is a process for their next of kin to ascertain and access their assets.

Where the deceased had made a will, the named executor(s) can apply to the court for a Grant of Probate, which can then be used to access the deceased's bank deposits.

If there is no will, then the next of kin would have to apply to the Court for a Grant of Letters of Administration.

The executor or administrator may then take the Grant of Probate or Letters of Administration to the banks to find out if there are monies belonging to the deceased.

Upon verification, banks will release monies to the executor or administrator.

This legal process ensures that a deceased's assets are handed over to an authorised person to be distributed to the rightful beneficiaries.

There is no time limit for making such a claim.

Regarding inactive accounts more broadly, some banks proactively reach out to their customers after a long period of inactivity.

Nonetheless, there are practical limits to how far a bank can go to locate an inactive customer.

All banks are expected to maintain accurate records of their customers' accounts and to have added controls to ensure only authorised access to unclaimed monies in inactive accounts.

Mr Goh's concerns highlight the importance of making a will.

We encourage all Singaporeans to do so, so that their loved ones are informed of their assets and intended financial arrangements.

Jerome Lee
Director (Corporate Communications)
Monetary Authority of Singapore


Singaporeans to pick Founders' Memorial design

Singaporeans are being offered a chance to help pick a design for the Founders' Memorial - and shape the skyline of the future.

Five designs have been shortlisted to honour the Republic's pioneer leaders. The designs will be unveiled to the public from next Monday, to give Singaporeans a chance to vote for one that appeals most to them.

The memorial is slated to open in 2027.

Select your design here.


Recycle with these vending machines

Source: tnp

Instead of accepting coins and notes, the vending machine takes in empty drink cans and plastic bottles. And rather than dispensing drinks, it gives out discount vouchers.

For every four drink receptacles deposited, a discount voucher worth 20 cents - that can be used at any FairPrice, Cheers or FairPrice Xpress outlet - will be issued.

This "reverse" vending machine, like 49 others that will be progressively rolled out across the island by March next year, is the biggest initiative of its kind by the National Environment Agency (NEA) with Fraser & Neave (F&N) to encourage the public to recycle.


Exceptional people: Hotel staff win awards for quick thinking, honesty

From left) Mr Iswady Motar Ali, assistant security manager at Amara Sanctuary Resort Sentosa; Ms Tan Keng Sin, manager at Cool Zone in Shangri-La's Rasa Sentosa Resort and Spa; and Miss Cheng Yu-En, duty manager at Orchard Hotel. Source: tnp
They went the extra mile to help guests in times of need. Read all about them here.