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Inheritance and Legacy Planning

Asked by Petersamy 16 Nov 2012

hi i am a bankrupt. my wife is not. HDB resale cash proceeds will be issued separately or joint names? Will the cash proceeds be freezed by my OA?

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Mike Lim · Answer 1 · 2012-11-16T14:50:50+08:00

Mike Lim

Replied 16 Nov 2012

Afternoon Petersamy,

Depending on the current holding status of your unit, upon sales, CPF will be returned to individual CPF account, based on their contribution. The cash profit will be split into 2 component, based on the holding status of your HDB unit. Your OA will hold onto your share and use it to pay whatever creditors that's on the list. If there's any balance, it will be returned to you.

FYI
Mike Lim
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