Changing my CPF nomination
A couple of weeks ago, I changed my CPF nomination after an annual review with my spouse. Previously, I did not include my children in my CPF nomination. In doing so, we thought that this could be a risk in the event that both my spouse and I passed on at the same time. Thus, we made our way to the CPF office to change my CPF nomination. As usual, the process took only 5 minutes and the officer was very competent in answering our queries.
So in my case, what is the difference between nominating and not nominating CPF monies to include our children? Are there any benefits in doing so? Previously, I have nominated my spouse to receive 100% of my CPF monies should I passed on. That is a pretty straight-forward situation. But in the scenario of us passing on at the same time, how would my young kids receive the monies? Even if they do manage to take out the CPF monies, being kids, they will definitely lack the financial judgement to handle the monies. With these in mind, we thought it is important to amend my CPF nomination to ensure that our children will not face financial difficulties in the event of our deaths.
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