Single Parent Trustgiving You Peace Of Mind
Single Parent’s Dilemma ……..
How can a “Single Parent” protect their children?
By setting up a Single Parent Trust, it can give you peace of mind knowing that when you are not able to provide financial security to your children, the trust will do so. Our Single Parent Trust is the solution to secure your children’s future.
The Single Parent 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 fulfill your wishes
✅ Change the distribution terms as your children are growing up to meet their different needs
✅ Use your life insurance policy(ies) and/or other assets such as unit trust and moneys in bank account, to easily set up the trust
✅ Be assured that the trust assets will be quickly available when you and/or your children need it for maintenance, medical fees and education expenses.
What are the advantages of creating the Single Parent Trust?
The single parent can ensure what he/she wants is followed to provide regular income to the children for the maintenance, education and medical needs. It ensures the assets are used for the intended purpose for the children.
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 children’s expenses for maintenance, education and medical.
Who would be the beneficiary of single parent trust?
During the lifetime of the single parent but before any disability or critical illness, he/she may be the sole beneficiary. However, if the single parent becomes disabled or critically ill during his/her lifetime, then the children be entitled a portion (say 60%) and the remainder to the single parent. Upon the death of the single parent, the children will be the beneficiaries until the end of the trust.
As the children are growing up, the Trust allows the single parent to amend the trust to suit changing circumstances in meeting the single parent’s objectives.