10-07-2023, 05:26 PM
These days people like to open many accounts due to discounts and offers.
Not just online brokerage but online shopping and worse still cryptos.
For brokerages the amount van be quite substantial and consists of stocks and cash held in custodian accounts.
Online shopping we don't expect to have much but sometime we deposit $$ into wallets like Shopee pay small amount but still money. Qoo10 has Qcoins wallet...etd.
Cryptos is unregulated ...if you die and your money js in some oversea exchange can be problem if family don't know of the account. Or if you put money in a wallet accessible only from your phone.
CFD accounts like IG and City Index are overseas .based .and outside Singapore laws ...
US brokerages like Ameritrade, IB ...does Singapore law apply
You can try to leave a note with account and password so your family can go in liquidate and take money out...but some have other security measures like finger print ..you need to give family access your phone.
Not just online brokerage but online shopping and worse still cryptos.
For brokerages the amount van be quite substantial and consists of stocks and cash held in custodian accounts.
Online shopping we don't expect to have much but sometime we deposit $$ into wallets like Shopee pay small amount but still money. Qoo10 has Qcoins wallet...etd.
Cryptos is unregulated ...if you die and your money js in some oversea exchange can be problem if family don't know of the account. Or if you put money in a wallet accessible only from your phone.
CFD accounts like IG and City Index are overseas .based .and outside Singapore laws ...
US brokerages like Ameritrade, IB ...does Singapore law apply
You can try to leave a note with account and password so your family can go in liquidate and take money out...but some have other security measures like finger print ..you need to give family access your phone.
I, being poor, have only my dreams; I have spread my dreams under your feet; Tread softly because you tread on my dreams.