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Nomination Agreement

Nomination Agreement Template for Singapore

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Key Requirements PROMPT example:

Nomination Agreement

"I need a Nomination Agreement under Singapore law to nominate my wife as the primary beneficiary for my insurance policies and CPF assets, with my two children as substitute nominees in equal shares if my wife predeceases me, to be effective from January 2025."

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Document background
The Nomination Agreement serves as a crucial estate planning tool in Singapore's legal landscape, allowing individuals to specify how certain assets should be distributed upon their death. This document type is particularly relevant when dealing with insurance policies, CPF funds, and other nominated assets that can bypass the usual probate process. The agreement must comply with Singapore's Insurance Act, CPF Act, and related regulations, requiring proper execution and witnessing. A well-drafted Nomination Agreement provides clarity and certainty in asset distribution, potentially reducing future disputes and ensuring smooth transfer of assets to intended beneficiaries.
Suggested Sections

1. Parties: Identifies the nominator and nominee(s) with full legal names and details

2. Background: Explains context and purpose of the nomination

3. Definitions: Defines key terms used throughout the agreement

4. Nomination Details: Specifies assets/benefits being nominated and proportion/share for each nominee

5. Type of Nomination: Specifies whether nomination is revocable or irrevocable

6. Execution Requirements: Details on how the nomination must be executed, including witness requirements

Optional Sections

1. Substitute Nominees: Names alternate nominees if primary nominees predecease nominator

2. Conditions: Any conditions attached to the nomination

3. Trustee Provisions: Provisions for trustees if nominees are minors

Suggested Schedules

1. Schedule of Assets: Detailed list of assets/benefits being nominated

2. Witness Attestation: Formal witness statements and details

3. Proof of Identity: Copies of identification documents for parties involved

Authors

Alex Denne

Head of Growth (Open Source Law) @ ¶¶Òõ¶ÌÊÓƵ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co
Relevant legal definitions























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Industries

Insurance Act 1966 (Chapter 142): Key legislation governing insurance policy nominations in Singapore, particularly sections 49L to 49Q which deal with nomination of beneficiaries including both revocable and irrevocable nominations

Central Provident Fund Act (Chapter 36): Legislation governing CPF nominations, specifically sections 25 and 25A regarding nomination of CPF monies, along with CPF (Nomination) Regulations

Mental Capacity Act (Chapter 177A): Legislation ensuring the nominator has mental capacity to make valid nominations, crucial for determining nomination validity

Wills Act (Chapter 352): While distinct from nominations, provides relevant principles particularly regarding formalities and execution requirements that may be applicable

Contract Law: Common Law principles governing basic contract formation, capacity to contract, and consideration requirements where applicable

Personal Data Protection Act 2012: Legislation governing the handling and protection of personal data of both nominees and nominators in the nomination process

Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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