Administration of Monies held in trust for Minor Beneficiary

Monies Held In Trust

The Public Trustee holds monies in trust for minor beneficiaries:

• Pursuant to Section 25 of the Central Provident Fund Act (Cap. 36):
  • where the person nominated by the deceased, is below 18 years old, the deceased’s CPF monies will be paid to the Public Trustee to be held in trust until the nominated person attains 18 years old.
  • where the deceased did not nominate any person to receive his CPF monies or the nomination made by the deceased is declared by CPF Board as invalid or void. The deceased’s CPF monies due to beneficiaries who are below 21 years old will be held in trust by the Public Trustee until the minor beneficiary attains 21 years of age.
• Where the Public Trustee administers the estates of deceased persons under the Public Trustee Act (Cap. 260) or the Probate & Administration Act (Cap. 251) and there are beneficiaries who are below 21 years old, the Public Trustee will hold their share of the deceased’s estate in trust until the minor beneficiary attains 21 years of age.
• Pursuant to Sections 6 and 9 of the Motor Vehicles (Third-Party Risks & Compensation) Act (Cap. 189), where the injured is below 21 years old, the Public Trustee will hold the motor accident compensation monies in trust for him until he attains 21 years of age, unless there is an Order of Court appointing his parents or legal guardians to hold the monies in trust instead.

Duty To Maintain Minor Beneficiary

Pursuant to Sections 68 and 70 of the Women’s Charter, it is the duty of the parents or guardians of a minor beneficiary to maintain or contribute to the maintenance of the minor beneficiary who is unable to maintain himself.

If the parents or legal guardians of the minor beneficiary are facing financial difficulties in maintaining the minor beneficiary, they may apply to the Public Trustee for monthly maintenance and education of the minor beneficiary.

The Public Trustee, in determining the amount of maintenance for the minor beneficiary, will consider :

• the income, property and other financial resources of the parents or guardians;
• the financial needs, obligations and responsibilities of the parents or guardians;
• the financial needs and the age of the minor beneficiary; and
• the manner in which the minor beneficiary was being and expected to be educated or trained.

How To Apply For Maintenance

You need to complete an application online at www.iptoonline.gov.sg and provide the Public Trustee with a copy of the documents stated online. Alternatively, the documents may be submitted by post or fax at 62242858.


 

Payment Of Maintenance

The parents or legal guardians of the minor beneficiary are required to operate a joint Savings Account together with the minor beneficiary so that payment for the maintenance can be credited into the joint account through GIRO on a quarterly basis in the months of January, April, July and October.


 

Statutory Fees Charged By The Public Trustee

The statutory fees charged by the Public Trustee for the administration of investment of monies held in trust are as follows:

These fees cannot be waived.

Website : www.ipto.gov.sg
Online Services : www.iptoonline.gov.sg