Mr. Chen and his wife have a son, forming a loving and happy family of three.
Their son has just started kindergarten, and the couple dotes on him deeply. To prepare for their child’s future, they invest monthly in a bank financial product as a “growth fund” for their son.
They also designated their son as the beneficiary of their life insurance policy and update their wills annually to prevent any unexpected events that might impact their child’s well-being.
However, they still feel these efforts may not be enough.
Their main concern is: If they were both to pass away unexpectedly, would their son be able to handle potential issues that might arise?
- Would he be capable of managing the inheritance?
- Would he waste the wealth recklessly?
- What if others coveted his inheritance?
Through media, they learned that many celebrities use family trusts to ensure long-term care for their children. This prompted them to look into family trusts, designating their son as the beneficiary. By reasonably distributing assets through the family trust, they could secure their child’s future.
Securing Long-Term Care for the Child’s Future through a Family Trust
With a well-designed trust distribution, the family trust could initiate distributions at specific dates or upon certain events in the future.
It could provide not only financial security for daily needs but also support for healthcare, education, entrepreneurship, marriage, childbearing, and special assistance, ensuring a life of stability and support for their son.
