How do I give instructions to my Executors to utilise a particular beneficiary's share of my estate to acquire a financial solution on their behalf, rather than providing everything in cash, considering he/she may have challenges managing large sums of monies?
Under “Select Clauses >> Other Instructions”, key in the following:
For the share of my estate given to my {Relationship}, {Name of Beneficiary}, {Identification details}, who may have challenges managing large sums of monies, I direct my Executor(s) to utilise {Name of Beneficiary}'s share of the estate to purchase {financial solution} for him/her. In this regard, my Executor(s) is to seek assistance from my trusted financial advisor, {Name of advisor}, {MAS Rep No.}, who can be contacted at {Contact Details}.
Once the financial solution(s) (e.g. an endowment plan) is purchased for the beneficiary, it will belong to the beneficiary to be utilised as the beneficiary deems fit (e.g. he will be able to liquidate the plan if needed).
You can also give the beneficiary a specific sum of money with the rest to purchase the said plan by making some alterations to the instructions:
For the share of my estate given to my {Relationship}, {Name of Beneficiary}, {Identification details}, who may have challenges managing large sums of monies, I direct my Executor(s) to distribute it to him/her in the following manner:
- a lump sum gift of {Currency}{Amount};
- the remaining balance of his/her share of the estate shall be utilised to purchase a {financial solution} for him/her. In this regard, my Executor(s) is to seek assistance from my trusted financial advisor, {Name of advisor}, {MAS Rep No.}, who can be contacted at {Contact Details}.
