It is not easy to take care of Old Age Parents , I am worried about my old age parents, what I can do for them?
- Who is going to take care of my old age parents?
- Will the money we leave for my old age parents in good hand of someone?
- Will the money we plan for our maintenance & medical expenses taking care of
- Will we burden our lovely family financially to take care of my old age parents
Old Age Parents Trust allows you to:
✅ Receive money as one of the beneficiaries during your lifetime should you become critically ill and disabled
✅ Distribute your assets the way you want to as the trust will be customized to fulfil your wishes;
✅ Use your life insurance policy(ies) and/or other assets such as unit trust and money in bank account, to easily set up the trust;
✅ Be assured that the trust assets will be quickly available when you need it for maintenance, medical fees and daily expenses.
What assets can you place into the trust?
Usually, assets that generate income, such as properties that have rental income, listed company shares, insurance policies, unit trust and money in bank accounts are placed into the trust. This would allow the trustee to use the proceeds to pay for the Old age parents expenses for maintenance, education and medical.