“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.”
How can a “Single Parent” protect their children?
By setting up a Single Parent Trust, it can give you peace of mind knowing that when you are not able to provide financial security to your children, the trust will do so. Our Single Parent Trust is the solution to secure your children’s future.
The Single Parent Trust allows you to:
Receive money as one of the beneficiaries during your lifetime should you become critically ill and disabled;
Distribute your assets the way you want to as the trust will be customized to fulfill your wishes;
Change the distribution terms as your children are growing up to meet their different needs;
Use your life insurance policy(ies) and/or other assets such as unit trust and moneys in bank account, to easily set up the trust;
Have peace of mind especially when Rockwills Trustee Berhad as your trustee to carry out your instruction;
Be assured that the trust assets will be quickly available when you and/or your children need it for maintenance, medical fees and education expenses.
What are the advantages of creating the Single Parent Trust?
1. 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. U-Provide ensures the assets are used for the intended purpose for the children.
2. 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.
3. Rockwills Trustee as appointed trustee ensures that U-Provide is administered impartially and disputes are therefore avoided.
4. 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.