[talky]

2 different person tells me 2 different thing:
CONFUSED
 a financial planner/advisor says bank joint acct still can be contested by the beneficairies of the will as he says money in the bank acct is temporarily for safe keeping
a lawyer  says law of survivorship cant be overidden by a will.

[simpleman]

Join all or join alternate account?

I thought the right of survivorship automatically passes down the joint asset to the survivor, same principle as joint tenancy (as opposed to tenancy in common)

[talky]

Join all or join alternate account?

I thought the right of survivorship automatically passes down the joint asset to the survivor, same principle as joint tenancy (as opposed to tenancy in common)

sorry 
is a joint all  acct

[Sticw]

Joint account is common ownership. I think it supercede personal will given that the other person is still alive.

[talky]

Joint account is common ownership. I think it supercede personal will given that the other person is still alive.

SO THE FINACIAL ADVISOR IS wrong.?

[Sticw]

SO THE FINACIAL ADVISOR IS wrong.?

A bank entered into a contract with 2 persons for the account. The same rights have been given to the 2 persons. So upon death, the remaining person still around to deal with the money in the joint account. 

Anything is contestable as long as you are willing to pay for the lawyer. But pure based on the 2 advices you got, I side with the lawyer more lah.

[talky]

A bank entered into a contract with 2 persons for the account. The same rights have been given to the 2 persons. So upon death, the remaining person still around to deal with the money in the joint account. 

Anything is contestable as long as you are willing to pay for the lawyer. But pure based on the 2 advices you got, I side with the lawyer more lah.

cpf nomination is uncontestable.

[simpleman]

cpf nomination is uncontestable.

I dont think they are the same kettle of fish

I would go for the lawyers advice. If the right of survivorship can be challenged & defeated in court, there will be far reaching implications to all property owners who bought under joint tenancy, which includes 99% of all hdb flat owners.

[Sticw]

cpf nomination is uncontestable.

CPF is a different animal simply because of Constitution. That's why it's important to be sure that your CPF nominees and form of transfer is correct. This is especially so if you have more than 1 marriage or that you have some change of heart as to who you want to bestow your CPF to.

Joint account can be contested if the creditor manage to get an order to freeze the account and go after the bankrupt (who has passed on) to repay the debt. That's likely why finance guy said it's contestable.

But most of such stuff is applicable or the worries of the rich. 

Lots of other waya for the rich to structure stuff such that they can be bankrupted yet their family will be well taken and nothing can be done to them...

[talky]

CPF is a different animal simply because of Constitution. That's why it's important to be sure that your CPF nominees and form of transfer is correct. This is especially so if you have more than 1 marriage or that you have some change of heart as to who you want to bestow your CPF to.

Joint account can be contested if the creditor manage to get an order to freeze the account and go after the bankrupt (who has passed on) to repay the debt. That's likely why finance guy said it's contestable.

But most of such stuff is applicable or the worries of the rich. 

Lots of other waya for the rich to structure stuff such that they can be bankrupted yet their family will be well taken and nothing can be done to them...

U HV PUT ACROSS A VALID PT,GD DISC
TO BEAT THE BANKRUPTCY IMPLICATION
OF COURSE B4 MADE BANKRUPT,THEY AGREED THE OTHER JOINT ACCT HOLDER WITHDRAW N CLOSED THE ACCT ENTIRELY