Common Examples: setting up a testamentary trust to provide for your spouse until he/she remarries.
Presuming you would like to set up a testamentary trust which provides a fixed sum of money (say S$3000) per month until he/she remarries. Thereafter, any remaining balance of the Trust Fund is to be distributed to a charity or relative(s).
To achieve this, in the “Appoint People” page, add a testamentary trust.
Choose the name of the trust, trustee and trustee powers accordingly.
In the “Trust Beneficiary" section, add the spouse as a Trust Beneficiary with the following payout:
- Give: Monthly
- Amount: SGD 3000
- Condition: Start when I pass away but stop when he/she remarries.
To key in the condition, you can either manually type out the condition OR click on the “choose from list” function to select commonly used conditions.
In this way, the spouse will receive S$3000 per month until he/she remarries. We have also added in a clause whereby the Trust Beneficiary can benefit from the Trust Fund ONLY DURING his/her lifetime (e.g. he/she will not receive any entitled payout after he/she passes away).
When the spouse has remarried or passed away, any remaining balance of the Trust Fund will be distributed based on the "Remainder Beneficiary" section below.
In this example, add a charity as the Remainder Beneficiary and allocate 100%.
