End of Life - Last Wishes

Browsing around books on Personal Finance at the Library, there are plenty of books with exciting titles screaming out for attention!

But here's one that probably wouldn't naturally draw interest.

Would you borrow it to read?

It's one of those subjects that don't excite, but when the time comes, there is just no time left to read!

Give it a go. It's an easy read.

Related:
Dilemmas dealing with end of life
End of Life - Death Certificate
End of Life - How much does a funeral cost?
End of Life - What happens to your CPF?

End of Life - How Much Does a Funeral Cost?

Of the multitude of things we examine into concerning our personal finance, investments, medical costs and such, FUNERAL is certainly not something that I would have gone around to actively find out.

But when the need comes, there is little time to think, nor are we likely to be in the optimal state of mind to weigh options carefully. There is an emotional factor at play. So I guess we would tend to just go with the flow?

So just how much does it cost? For sure, it varies over a wide range, from the basic to the exorbitant grandeur. The type of religious practice, size of family, number of days - these are all variables that will size up the cost of the entire package.

To offer a gauge, here's one sample based on the following parameters:

Religion: Buddhist
Size of Family (mourning): 15-20 pax (i.e. children, grandchildren, great-grandchildren, etc)
Number of Days: 5

Item Description	Amount (S$)
Crematorium fee	$                50.00
Use of HDB void deck (water, electricity)	$              160.50
Drinks, peanuts and such	$          1,400.00
Funeral services package	$          8,000.00
Meals for 4 dinners, final day lunch	$          4,600.00
Clothings (15-20 pax)	$          2,000.00
Security, tables, chairs, fans	$          1,000.00
Funeral offerings, 2 buses	$          2,300.00
Claim ashes	$                20.00
Newspaper - orbituary	$          5,885.00
Ang pows and miscellaneous	$          1,000.00
Total	$        26,415.50

There will be other costs that affect various members of the family individually.

Security pertains to the hiring of 2 pax to look after the wake at the night. You could save a few hundred bucks if you're prepared to tire up family members to do so instead.

The obituary was published on both Zhao Bao (Chinese papers) and Straits Times. It is EXPENSIVE, and cannot be under-emphasised. This item alone contributed 22% of the costs.

Figures have not included the cost of the niche at the temple and other temple associated 'fees' over the post-funeral 100 days.  Most certainly a few more thousands.

End of Life - What happens to the CPF?

While we are still growing up in our twenties, CPF is just a 'sinkhole' where part of our salary ends up in. Goes in, never come out.

Over time though, as we progress towards our thirties, it becomes the source upon which we can only be glad that there is money to help pay for our housing.

And when you are getting closer towards retirement in your forties, you think about how to accelerate the build-up of CPF to get the desired retirement funds desired. As well as tax-deductible top-ups to reduce the burden of taxation.

In our fifties, we start to want to know how the CPF money will fund CPF LIFE to support our retirement.

By the sixties, we are looking forward to finally collecting CPF LIFE payouts.

But what about upon death? I know it's morbid. But that is really something important to take care of as well. A CPF nomination needs to be made to determine how the CPF money would be distributed.

What's the significance?

A CPF Nomination covers:

• CPF savings in the Ordinary, Special, Retirement and Medical Accounts
• Unused CPF Life premiums
• Discounted SingTel shares

A CPF Nomination does not cover:

• Properties bought using CPF 
• Payouts from Dependent Protection Scheme
• Investments in CPF Investment Accounts - i.e. CPFIS-OA and CPFIS-SA.

Well, years ago, Pa and Ma both did their respective CPF nominations. That was a good thing. Trouble is, nobody knew who they actually nominated!  Over time, we did eventually figure out that they had nominated each other. Perhaps they should have told somebody or have the information attached to a Will for reference?

When Pa passed away some years back, CPF Board automatically issued a cheque of the balance left in his CPF in Ma's name and sent to her home address. No actions were required from anybody. Apparently, when the death certificate was applied, it automatically triggered notices to various government agencies, including CPF Board. And CPF Board took action to process accordingly and the nominee would receive a cheque within two weeks.

More recently, Ma passed away too. Unfortunately, her nominee was my Pa. So how?  Since he was no longer around.

• We looked around for a recent copy of her CPF statement. Took a while to find it.  There wouldn't even be one if you had accepted the paperless option! The CPF statement would indicate if she had made a nomination, and in which year. So that was a clue.
• We considered checking her CPF online, but she didn't even have a Singpass account to begin with! Best to have one. 

Well, apparently, if the nominated parties are no longer alive, the CPF money gets transferred to the Public Trustee who will investigate and distribute the money according to the Intestate Succession Act. That would take about 2 to 4 months to conclude, and there is some fee involved. It takes a bit longer. I hope it works out.

Related Information:
For a quick overview: CPF Pamphlet on Losing Loved One
And for more details: CPF Guide on Preparations for Death
If you're hearing some nonsense, read this: Government Debunks False Message
For a quick idea of the Intestate Succession Act: Dealing with the CPF Monies of Someone Who Has Passed Away

End of Life - Death Certificate

Sharing some nuggets with dealing with End of Life issues ...

Upon death, there is a need to obtain a Death Certificate.  Usually, if a person passes away at a Restructured Hospital, the Death Certificate is automatically issued.  But if a person passes away in a private hospital, then you need to bring the Cause of Death letter issued by the hospital to a Police Post to register for an official Death Certificate.

Other things required:
- NRIC of the reporting person
- NRIC of the person who has passed away

The Police Officer will punch out the NRIC to void it.  There is no fee involved.

And you could politely ask the Police Officer if he could make a few copies of the Death Certificate. Be nice!  You are going to need a couple of copies for the following purposes:

• Application from Town Council to book a space for the wake within the estate
• For family members who need the cert to apply compassionate leave

The original Death Certificate is needed if you are doing a HDB tenancy transfer.

Incidentally, the Death Certificate is also attached with a permit from NEA for cremation. This permit is needed by the Undertaker to apply for cremation services on your behalf.

Related:

NEA Post-Death Matters