What happens when an Endowus account holder passes away? (SG)
Updated
If an Endowus account holder passes away, the account will have to go through the proper probate process. UOB Kay Hian, our partner custodian, does not have a structure to nominate a beneficiary ahead of death.
A Grant of Probate or Letter of Administration will be required.
For individual accounts, please note that the executor or administrator shall be the only person recognised by us in the event of the death of an account holder.
For joint accounts, they will be governed by a sole survivorship clause, where even upon the death of one account holder, the surviving party will maintain full access and ownership of the assets in the joint account. In the event that both account holders pass away and the joint account continues to hold investments and cash balances, the joint account will follow the probate process (Grant of Probate or Letter of Administration will be required).
The following supporting documents are required:
Photocopies of the administrator(s') valid identity card/passport
Copy of Grant of Probate/Letter of Administration
Death Certificate
We recommend that you open a joint account where appropriate. If one of the account holders passes away, the other joint account holder remains the beneficiary of the joint account.