Common Examples: 100% to spouse, and if spouse dies before me, spouse’s share to setup a testamentary trust for parents
Rationale: This payout will provide for the spouse. The spouse will provide for the parents, and if the spouse dies before the testator (or within 30 days of your passing), the spouse’s share will fund a testamentary trust which will provide a monthly payout to the parents to ensure the longevity of the fund.
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 a substitute beneficiary to provide for your children.
For the testamentary trust configuration, you can utilise and edit according from the below article
As there will not be assets allocated directly to the trust (instead as a substitute, tick the "Bypass auto Trust Fund check" option under that Testamentary Trust page and click "Save":
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 to the spouse accordingly.
In the “Select Clauses” page, leave the survivorship period as 30 days and select “Redistribute as Residual Assets”.
Under the “Other Instructions” section, key in the following:
If my {Husband/Wife}, {Name of spouse}, {Identification Number/Details}, dies before me, the share of my estate which he/she would otherwise be entitled to receive under this Will shall be redistributed to My Testamentary Trust - {TRUST NAME} Trust.
