The Nomination Agreement serves as a crucial estate planning tool in Singapore's legal landscape, allowing individuals to specify how certain assets should be distributed upon their death. This document type is particularly relevant when dealing with insurance policies, CPF funds, and other nominated assets that can bypass the usual probate process. The agreement must comply with Singapore's Insurance Act, CPF Act, and related regulations, requiring proper execution and witnessing. A well-drafted Nomination Agreement provides clarity and certainty in asset distribution, potentially reducing future disputes and ensuring smooth transfer of assets to intended beneficiaries.
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1. Parties: Identifies the nominator and nominee(s) with full legal names and details
2. Background: Explains context and purpose of the nomination
3. Definitions: Defines key terms used throughout the agreement
4. Nomination Details: Specifies assets/benefits being nominated and proportion/share for each nominee
5. Type of Nomination: Specifies whether nomination is revocable or irrevocable
6. Execution Requirements: Details on how the nomination must be executed, including witness requirements
1. Substitute Nominees: Names alternate nominees if primary nominees predecease nominator
2. Conditions: Any conditions attached to the nomination
3. Trustee Provisions: Provisions for trustees if nominees are minors
1. Schedule of Assets: Detailed list of assets/benefits being nominated
2. Witness Attestation: Formal witness statements and details
3. Proof of Identity: Copies of identification documents for parties involved
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