Common Example: 100% to Testamentary Trust which provides for elderly parents
Rationale: This is suitable for singles with parents who are not financially savvy. The entire estate will be used to set up a testamentary trust which will provide for the parents until the parents pass on, which would ensure the longevity of the finances.
To achieve this, fill up the details and selections in “Update Profile” and “Appoint People” accordingly.
In the "Appoint People" page, you will need to add a testamentary trust as per the article to provide for the parents:
- Common Examples: setting up a testamentary trust to provide for elderly parents until they pass away
In the “Allocate Assets” page, you can leave all assets as “No specific allocation”, in which case they will be distributed based on the “Allocate Residual Assets” section.
Under "Allocate Residual Assets", allocate 100% to the testamentary trust accordingly.
In the “Select Clauses” page, leave the survivorship period as 30 days and select “Redistribute as Residual Assets”.
OPTIONAL
If you would like to cater to the estate be distributed to another beneficiary (e.g. a charity) if both parents passes away before the testator, you can key in the following substitute beneficiary clause under "Other Instructions".
If ALL of the following beneficiaries:
- my Father, {Name}, {Identification Number/details}; and
- my Mother, {Name}, {Identification Number/details};
die before me, my ENTIRE ESTATE shall be redistributed to {Organisation Name}, {Identification details}.
