What is ProviTrust and Why it matters?
Let's first take a look at the three potential issues with CPF nominations:
If you have minor children, they may not have immediate access to money | Elders may be vulnerable | No Protection from Beneficiaries' creditors |
After your passing, the Public Trustee's Office will hold on to the CPF monies for underaged beneficiaries until they turn 18 years old. | Elderly spouses or parents are at high risk of being targeted from frauds and scammers after receiving large amounts of CPF money. | CPF money passed on to beneficiaries who are undischarged bankrupts are not safeguarded from creditors. |
To address these concerns, enter ProviTrust - a potential solution.
ProviTrust is digital trust created specially for CPF savings to help resolve issues associated with direct CPF nominations.
With ProviTrust, your CPF money can be managed and distributed flexibly according to your wishes. Simply fill in a form online to set out your instructions and appoint either Precepts or a person of your choice as the trustee to execute your wishes.
Why Choose ProviTrust?
Flexible Distribution
Decide how much your beneficiaries will receive in percentages and do periodic pay outs instead of a lump sum.
Convenient Setup & Digital Records
Complete your application process online efficiently. The Trust deed and letter of wishes are also kept digitally.
Fixed or Discretionary Trust
Choose to set up a fixed or discretionary trust according to your needs. Different conditions will apply.
Understand The Differences Between Fixed and Discretionary Trusts:
Your will does not cover the distribution of your CPF savings
Your will can’t cover your CPF savings, therefore it's not considered part of your estate.
Nonetheless, you can decide where you want your CPF savings to go by making a CPF nomination online - specify which family member will receive your savings or how much they will receive according to your wishes.
Without a nomination, your savings will be distributed based on Singapore’s intestacy law, a predefined set of rules that decides how your assets are divided, or the Certificate of Inheritance, a document issued by the Syariah Court in Singapore that determines who gets your estate if you are a Muslim.
Precepts Services
Trust Setup
Price starts from SG$5500 (excludes GST)
Drafting of trust deed and setting up of trust structure
Appoint person of your choice as a trustee
Precepts as Trustee with no additional fee
ProviTrust
SG$800 or SG$2000
(both excludes GST)
Digital Trust for CPF Savings
SG$800 if you appoint your own Trustee, SG$2000 if you appoint Precepts as Trustee
Customizable instructions to distribute your CPF monies
Online set up
Trust deed and letter of wishes will be kept digitally by Precepts
Ongoing fee before death: $0
Upon death:
Own Trustee: $0
Precepts as Trustee: Annual Administration Fees for Movable Assets:
Up to $1M - 0.5% (min. $4360)
$1M-$3M - 0.4% (min. $5450)
$3M-$6M - 0.3% (min. $13080)
$6M-$10M - 0.2% (min. $19620)
$10M - negotiable (min. $21800)
Annual Administration Fees for Immovable Assets:
5% of gross annual rental or market rental income (min. $4360 per title/lot.)
Appoint Professional Trustee in Trust
SG$100 (excludes GST)
One-time fee to appoint Precepts as Trustee in your trust
Additional fees apply when trustee is activated
Annual Administration Fees for Movable Assets:
Up to $1M - 0.5% (min. $4360)
$1M-$3M - 0.4% (min. $5450)
$3M-$6M - 0.3% (min. $13080)
$6M-$10M - 0.2% (min. $19620)
$10M - negotiable (min. $21800)
Annual Administration Fees for Immovable Assets:
5% of gross annual rental or market rental income (min. $4360 per title/lot.)
Estate & Success Practisioner Program
Special Offer: SG$10 OFF + SG$30 Cashback
Get licensed as an estate and succession practitioner on PreceptsGroup.
As a qualified estate planner, you can Help people protect their assets and earn additional income
5 Days Training Program
Part 1: 3 day course
$800 (w/o GST)
Can be offset using SkillsFuture credits
Part 2: 2 day onboarding
Starting from $800+
Price depends on number of years you would like to be licensed for
Step 1: Click here to access the registration form
Step 2: Fill in coupon code ESP10 at the end of registration page and get $10 off instantly
Step 3: Forward the email confirmation you receive from Precepts to j@immortalize.io and get $30 cashback
Appoint Professional Executor in Will
SG$100 (excludes GST)
One-time fee to appoint Precepts as an executor in your will
Additional fees will apply for administering estate (depends on total immovable and movable assets)
Annual Administration Fees for Movable Assets:
Up to $1M - 0.5% (min. $3210)
$1M-$3M - 0.4% (min. $5350)
$3M-$6M - 0.3% (min. $12840)
$6M-$10M - 0.2% (min. $19260)
More than $10M - negotiable (min. $21400)
Annual Administration Fees for Immovable Assets:
5% of gross annual rental or market rental income (min. $3210 per title/lot.)
Immortalize X Precepts Collab Details
Precepts is a provider on Immortalize Marketplace.