Special Trust for Persons with Disabilities
On the headlines of Friday’s Straits Times, one focused on the setup of a Government-backed trust to cater to needs of families with children or relatives who have disabilities. This will help provide for the care of their disabled family members after their eventual departure. My earlier post on Legacy Planning also had this aim in mind for the benefit of the less fortunate around us.
The Special Needs Trust Company, a non-profit trust company setup to provide trust services for needs of special persons, will have its social workers assist clients to work out how they want their children or relatives to be cared for after their deaths and how much they need to set aside for this.
$5,000 is all it takes to setup. Admin fee is fixed at $250 a year. This is much lesser a commitment than the private trust setup cost and its annual running fees.
Clients can either top up the accounts every month, or on an ad-hoc basis. They may also name the account as the beneficiary of their insurance policies or Central Provident Fund savings. When the client dies or becomes incapacitated, SNTC will disburse the money directly to those appointed by the client to look after the family member, for example, a child's guardian or the doctor providing medical treatment.
The Special Needs Trust Company, a non-profit trust company setup to provide trust services for needs of special persons, will have its social workers assist clients to work out how they want their children or relatives to be cared for after their deaths and how much they need to set aside for this.
$5,000 is all it takes to setup. Admin fee is fixed at $250 a year. This is much lesser a commitment than the private trust setup cost and its annual running fees.
Clients can either top up the accounts every month, or on an ad-hoc basis. They may also name the account as the beneficiary of their insurance policies or Central Provident Fund savings. When the client dies or becomes incapacitated, SNTC will disburse the money directly to those appointed by the client to look after the family member, for example, a child's guardian or the doctor providing medical treatment.
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