How do I instruct my Executor(s) to purchase a financial product for my beneficiary?
If you foresee a particular beneficiary having challenges managing the inheritance given to them, you can consider giving instructions to your Executor(s) to use the inheritance to purchase a financial product to give to them instead of giving them a lump sum of money.
Please note that any financial product(s) once purchase and put under the beneficiary’s name would now belong to the beneficiary, to be handled as the beneficiary deems fit.
Under Select Clauses >> Other Instructions, key in the following:
As my {Relationship}, {Name}, {Identification Number/details}, may face challenges in managing large sums of money, in the event that he/she is entitled to a share of my estate, my Executor(s) shall (from his/her share of the estate) purchase a {type of financial product} for him/her.
If there are multiple financial products to be purchased;
As my {Relationship}, {Name}, {Identification Number/details}, may face challenges in managing large sums of money, in the event that he/she is entitled to a share of my estate, my Executor(s) shall (from his/her share of the estate) distribute it to him/her in the following manner:
- XX% to purchase a {type of financial product};
- XX% to purchase a {type of financial product};
- XX% to purchase a {type of financial product};
for him/her.
If you intend to give a lump sum of money with the remaining balance to purchase a financial product;
As my {Relationship}, {Name}, {Identification Number/details}, may face challenges in managing large sums of money, in the event that he/she is entitled to a share of my estate, my Executor(s) shall (from his/her share of the estate) distribute it to him/her in the following manner:
- a lump sum gift of S$XXXX;
- the remaining balance of his/her share of the estate shall be utilized to purchase a {type of financial product} for him/her.
If you intend to give a lump sum of money with the remaining balance to purchase multiple financial products:
As my {Relationship}, {Name}, {Identification Number/details}, may face challenges in managing large sums of money, in the event that he/she is entitled to a share of my estate, my Executor(s) shall (from his/her share of the estate) distribute it to him/her in the following manner:
- a lump sum gift of S$XXXX;
with the remaining balance of his/her share of the estate to be utilized as such:
- XX% to purchase a {type of financial product};
- XX% to purchase a {type of financial product};
- XX% to purchase a {type of financial product};
for him/her.