Single Parent’s Dilemma …
“Being a divorce and single mother to my two young daughters has been very hard on me. I have no one but myself and my daughters. I have to work 7 days a week as a lecturer in various colleges to provide for my daughters. I am constantly worried about their well-being should an accident happen to me or suffer from a serious illness.”
“I was watching a movie on a Saturday night with my 2 children and Mei Mei turned and said, “Daddy, I love you.” I was touched. My wife passed away after giving birth to Mei Mei. I have been saving my hard earned money in case my heart’s condition gets worse but my daughters are still minors and not able to manage the money. My thoughts are troubled.”
Who Would Be The Beneficiary of Single Parent Trust?
During the lifetime of the single parent but before any disability or critical illness, he/she may be the sole beneficiary. However, if the single parent becomes disabled or critically ill during his/her lifetime, then the children be entitled a portion (say 60%) and the remainder to the single parent. Upon the death of the single parent, the children will be the beneficiaries until the end of the trust.
As the children are growing up, UProvide allows the single parent to amend the trust to suit changing circumstances in meeting the single parent’s objectives.
What Are The Advantages of Creating UProvide?
The single parent can ensure what he/she wants is followed to provide regular income to the children for the maintenance, education and medical needs. UProvide ensures the assets are used for the intended purpose for the children.
The children can get money immediately as Rockwills Trustee owns the trust assets, there is no legal process or the need to go through the courts before Rockwills Trustee can distribute the assets or income to the children.
Rockwills Trustee as appointed trustee ensures that UProvide is administered impartially and disputes are therefore avoided.
The instructions given to Rockwills Trustee stated in the trust deed are private and confidential. This means the courts and the public will not know of the contents of the trust and will not even know that a trust exists. Only the single parent and Rockwills Trustee will know that a trust is created.
What Assets Can You Place Into The Trust?
Usually assets that generate income, such as properties that have rental income, listed company shares, insurance policies, unit trust and moneys in bank accounts are placed into the trust. This would allow the trustee to use the proceeds to pay for the children’s expenses for maintenance, education and medical.
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