POSB - Estate Planning

Losing a Loved One

We are here to helpIf you recently lost a loved one, we understand this is an emotional time - and it may be a challenge to handle matters like closing their bank accounts.

To help make things easier for you, we have put together the necessary information below - along with a brochure you can download for quick reference.Download PDF

3 steps to close a Personal Deposit Account
(This process excludes Trust Accounts)You will find details for each of these 3 steps here, which will show you what to expect and what to prepare.

Look for the Will

Your loved one’s will can clarify how they intend for their estate to be distributed; and who is to manage this.

If no will is found
Please proceed to Step 2 to see how you may be able to continue the process.

To locate the will
You can check with your loved one’s lawyer or financial advisor; or search the Wills Registry for any records.

Apply for Legal Documents

To formally close the bank account, you must apply for the relevant legal documents from the court. This is a potentially complex process which can take 2 to 6 months depending on your legal advisor and the complexity of the case. As such, you may wish to engage a lawyer to assist you with this step. Below are some answers to some questions you may have.What do I apply for?Where do I make my application?For a detailed guide for the application of the legal documents kindly refer to the information provided by the Family Justice Court here.

I don’t know the value of my loved one’s estate at POSB. What should I do?

If you are:

1. The Executor of the estate (as appointed in the Will); or

2. The Next-of-Kin (as per distribution rules set out in the Intestate Succession Act) and there is no Will,

You may visit any bank branch with the documents below and we will do our best to assist you.

Documents required:

Original Death Certificate (or a photocopy if the bank has already been informed of your loved one’s passing)
Proof of Relationship (such as a Marriage or Birth Certificate)
Identity Documents of Applicant/Next-of-Kin:
- Singaporean/PR: NRIC
- Malaysian: Malaysian IC
- Foreigner: Passport

*All submitted documents must be in English. Please ensure that all non-English documents are translated into English Language by an officialtrans lator.

Notify and Close the Bank Account

When you’re ready, you can visit any bank branch to inform and close the account of your loved one who has passed on.

Please note that once we are notified of the account holder’s death, all the accounts will be frozen* until they are closed.Personal Accounts: A notification letter will be sent to the last known address stated by your loved one to close the account.

Joint Accounts: A notification letter will be sent to surviving joint account holder(s) to close the account.*Upon tagging of “Account Frozen”, all operations of the account will be restricted i.e. no withdrawal will be permitted from the account, including GIRO arrangements and other payment arrangements.Closing of Bank AccountFinally, you (and all other Legal Representatives as stated in the Grant) must be present at the bank branch for the closure of account and release of funds. Do note that the duration for account closure varies according to the type and number of accounts held by your loved one.

Documents required:

The Original Death Certificate (or a photocopy if the bank has already been informed of your loved one’s passing
Proof of Relationship for all beneficiaries (such as Marriage or Birth Certificate)
Original Grant of Probate or Grant of Letters of Administration sealed in Singapore Court (Soft or hardcopy)
Authorisation for closure of account signed by all Administrators/Executors
Identity Documents of all Administrators/Executors:
- Singaporean/PR: NRIC
- Malaysian: Malaysian IC
- Foreigner: Passport

*All submitted documents must be in English. Please ensure that all non-English documents are translated into English Language by an official translator.

Closing a Joint Account

If your loved one held a joint account, the bank can release all the remaining balance in the account to the surviving joint account holder(s) under Right of Survivorship.

Joint - All account:
The Bank is obligated to act ONLY if there is written instruction from all surviving joint account holders (or their respective authorised signatories).

Joint - Alternate account:
The Bank will be able to act with written instruction from ANY surviving joint account holder (or their respective authorised signatories). No further authorisation or notification from other joint account holders will be required.

Frequently Asked Questions

What happens to the discounted Singtel shares (SDS) when your loved one passes away?

The procedure to handle the deceased’s discounted Singtel shares (SDS) is dependent on your loved one date of death as well as the CPF nomination status.

You may refer to more information through the CPF website: Link

Useful Links

ICA Lost Documents
If you have misplaced your Birth or Death Certificates, you can get a new copy here.

Registry of Marriage Lost Documents
If you have misplaced your Marriage Certificate, you can get a new copy here.

Public Trustee
For estates worth below $50,000- The Public Trustee’s Office may assist you in the distribution of the assets.

Family Justice Courts
Go here for details on applying for the legal documents required for account closure.

Disclaimer:

The information provided on this webpage does not, and is not intended to, constitute legal advice; instead, all information, content, and materials available on this page are for general informational purposes only. You should seek professional legal advice with respect to any particular legal matter relating to the estate, and only your legal advisor can provide advice which is applicable or appropriate to your particular situation.

Additional AssistanceWe are here to offer any help we can. Please do not hesitate to reach out to us if you require more information or clarification.

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