Common Example: 50% share to Testamentary Trust to provide for elderly parents, 50% to siblings
Rationale: This is suitable for singles with parents who are not financially savvy. The share of the estate given to the siblings will be given directly to them. The other share of the 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 the % to the siblings and testamentary trust accordingly.
You can also create two separate testamentary trusts, one for each individual parent. Read more on Should I Establish One Testamentary Trust for Multiple Beneficiaries or Separate Trusts for Each Beneficiary?
In the “Select Clauses” page, leave the survivorship period as 30 days and select “Redistribute as Residual Assets”.
