Part 5 of series of 6. Issues to Consider when there are Children who are Minors
1 How and when a monetary gift should be distributed to children. As minors, they cannot receive money in their own right and gifts will have to be made to trustees who are nominated
2. Whether the monetary gift should be given to children when they reach 21 years of age or should monetary gifts be staggered over a period of time to avoid financial pitfalls.
3 Whether the capital or income of a trust fund can be used to pay for the education and advancement of minors
Issues to Consider when there are Children who are Minors GUARDIANSHIP
Your Will can stipulate the appointment of a person to be guardian of your minor child after your death. Issues to consider
1 Who Should be appointed as guardian
2 Whether the proposed guardian resides overseas
3 If no guardian is appointed, then the surviving spouse will be the sole guardian
4 Appointment of guardian subject to challenge
Issues to Consider when there are Children who are Minors GIFTS OF LAND
If both you and your spouse predecease any of your minor children i.e. under the age of 21, two Trustees need to be appointed to hold real property for them until they reach the age of 21. If no land is involved, you can have a single trustee, but the court may appoint another trustee upon application by an interested party.
You may consider having the Trustees hold the real property on trust for the minor children until a later stage in their life, in order to prevent financial pitfalls. ............. #sginsta #singaporefamily #financialplanning #familylawattorney #estateplanning #sginstagram #igsg #familylaw #yourssingapore #s #sgdaily #postdivorce #divorce #sglife #singaporelaw #singaporeinsiders