Singapore Exchange (SGX) Group says its has worked together with the Monetary Authority of Singapore (MAS) and the Public Trustee’s Office (PTO) to simplify the process for intestate claims for assets held with The Central Depository (CDP) valued at $5,000 or below.
The simplified process has since come into effect as at Nov 19.
According to the group, the simplified process is expected to remove the need for a next-of-kin to obtain legal documentation to claim the assets of a deceased person without a will.
Prior to the change, the cost of obtaining such legal documentation could exceed the value of assets held with CDP, adds SGX.
Additionally, SGX Group, MAS and PTO have also established safeguards for the proceeding of small value claims, while minimising the risks of abuse or disputes. This includes applicants obtaining signed letters of consent from all other beneficiaries to ensure there are no competing claims on the assets under intestate succession rules.
Loh Boon Chye, CEO of SGX Group, says: “This effort aims to support family members as they try to settle the affairs of their loved ones. Through this new process, relatives of those with assets of $5,000 and below need not incur costs that outweigh the value of the claim”
See also: ZICO Capital will no longer sponsor Sinocloud after Feb 25
Francis Ng, public trustee, Ministry of Law, adds: “With this new procedure, we hope to relieve the administrative burden on family members of deceased persons, which will particularly benefit those facing difficult financial circumstances. The simplified procedure is expected to reduce the time needed to process such claims and remove the need for legal documentation.”
Shares in SGX Group closed 18 cents lower, or down 1.51%, at $12.09 on Nov 19.
