Persons With Disabilities
SG Budget Babe
Asked by Anonymous
Asked on 28 Nov 2019
Do i need to give certain specific financial instructions when it comes to writing a will? I'm afraid that my son might find it hard to manage his own finances, and hence directly giving him everything might make it tougher for him. Some advice would be much appreciated, thank you!
Hi there! I represent my clients at Rockwills Corporation. And part of my work includes Will writing and estate planning for my clients.
For most Wills, the money will be given to the child directly. As a result, there may be problems such as those that you have mentioned. With this in mind, greater care is required when we draft up the Will.
Instead, you may consider setting up a trust, e.g. discretionary trust. Through this channel, we can instruct the trust to payout a fixed amount to your child for his needs every month. Additionally, we can draw out more funds from the trust when required, e.g. to buy a large ticket item.
With a trust, we will retain greater control over your money, rather than to worry about it. Hence, it is an option worth considering over a Will.
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