Untitled Document
Licensed dealer and Financial Adviser   CPFIS Registered Investment Administrator
fundsupermart.com
 
FAQ

23. Deceased Account, Suspended Account
1) What will happen to the account if the account holder has passed away?
2) For Beneficiary Account, what happens when the main applicant has passed away?
3) What is Probate?
4) What is Letter of Administration?
5) Under what circumstances will my investment account be suspended?
6) What will happen to my investment if my account is suspended?
7) How do I reinstate my suspended account?
8) What will happen to a suspended account after 60 business days?

Q: What will happen to the account if the account holder has passed away?

A: iFAST will only change the account to an Estate account once we are informed by relevant parties.

For CPF investments with iFAST, it will be converted into Cash Holdings when the account has been changed to an Estate account. If the family members wish to withdraw the investments, they will need to provide us with the documents below:

1) Copy of the death cert
2) Letter of Probate (with will) or Letter of Administration (without will)

Please be reminded that the documents will need to be certified by lawyers or the Public Trustee if the Insolvency & Public Trustee Office (IPTO) is handling the case.

For account of deceased investors, no transactions can be done to it. As no withdrawal has been done to the investment, the deceased investor’s holding will be subjected to the daily market price fluctuation.
 
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Q: For Beneficiary Account, what happens when the main applicant has passed away?

A: In the event that the main applicant has passed away, the beneficiary holder (upon 21 years old) is required to bring the death certificate and his/her own IC to our office. We shall open a personal account for this beneficiary holder and then transfer all the holdings registered under the beneficiary account into the new account. Thereafter the beneficiary will have rights towards this holdings and he will be able to purchase, redemption or switch. The beneficiary can decide to liquidate the funds if he/she wishes to.

If the beneficiary is a minor (below 21 years old), then the surviving parent will automatically become the legal guardian. The legal guardian will be able to give instructions. If the beneficiary wants to keep the investments, then he/she has got to open a new account with existing parent as main applicant and minor as beneficiary and transfer the holdings from old account to the new one.
 
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Q: What is Probate?

A: When a person passes away with a Will, a Probate is a Court Order authorizing the executor(s) appointed by the deceased person under the Will to administer his estate according to the directions contained in his Will.

Please refer to the following website for further information.

http://app.subcourts.gov.sg/civil/page.aspx?pageid=10967#6
 
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Q: What is Letter of Administration?

A: When a person passes away without a Will, it is a Court Order authorizing the person(s) named in it to administer the estate of the deceased person in accordance with the law.

Please refer to the following website for further information.

http://app.subcourts.gov.sg/civil/page.aspx?pageid=10967#6
 
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Q: Under what circumstances will my investment account be suspended?

A: As part of our ongoing effort to combat money laundering and terrorist financing, it is essential for us to complete the verification of the identity of customer and beneficial owner within a timeframe.

Information required are such as a valid contact number, residential address and employment details or source of funds etc.

An investment account may be suspended if the verification of the above mentioned information is not completed.

Once an account is suspended, an email will be sent to notify you. Upon login to your investment account online, you will be able to view the status of the account as well.
 
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Q: What will happen to my investment if my account is suspended?

A: Once an account is suspended, you are only permitted to carry out the following transactions:

  • Redemption of Unit Trust and Singapore Government Securities (SGS)
  • Withdrawal of Cash Account
  • Transfer out of holdings

    You are not able to place any buy order online. Your existing RSP ( if there is any) will be suspended automatically. All pending buy orders ( where the payment has not received) will be voided automatically.

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    Q: How do I reinstate my suspended account?

    A: During suspension, account status can be reinstated by providing the complete information within 60 business days.

    Please update your particulars online at “My Investments” tab -> Update Account -> Account Details. Once updated, please call us at 6557 2853 or send email to clienthelp@fundsupermart.com so that we will proceed to reinstate your account.

    Once your account is reinstated ( unsuspended), an email will be sent to notify you. The suspended RSP ( if there is any) will be unsuspended automatically.
     
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    Q: What will happen to a suspended account after 60 business days?

    A: A suspended account will be terminated if the verification is not completed within 60 business days from the day the account has been suspended.

    Upon termination of such accounts, the status CANNOT be reinstated.

    Once an account is terminated, you are only permitted to carry out the following transactions:

  • Redemption of Unit Trust and Singapore Government Securities (SGS)
  • Withdrawal of Cash Account
  • Transfer out of holdings
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    For further assistance, call our helpline at 6557 2853 from 9am to 6pm on Mondays to Fridays (excluding weekends & public holidays).