Trust for Specific Purposes
Trust for Specific PurposesMany people have many different needs. These can be easily solved by setting up a special specific purpose trust to protect their assets and loved ones as listed below.
TRUSTEE FOR PRIVATE PURPOSE TRUSTS
I want to take care of my nephew’s education because his father took care of mine.
- You wish to create a fund to take care of a certain person for example, a distant relative who took care of you when you were young.
- You wish to free your family members the burden of paying your outstanding loans and liabilities e.g housing loans.
- You wish to ensure that upon your demise, the needs of your family are well taken care of while waiting for Probate or Letter of Administration to unfreeze your assets?
- You want to establish a fund for various purposes such as education, medical assistance, maintenance and even for purposes of charity, and also for different categories of beneficiaries for example, family members, future generations and relatives.
Create a Private Purpose Trust with Rockwills Trustee Berhad where you can set up a fund which can cater to the above situations and to your loved ones.
HOW A PRIVATE PURPOSE TRUST HELPS YOU
- You can create a fund for any Beneficiary which is not limited to family members only.
- It is fast and convenient. The assets in the Private Purpose Trust do not form part of your estate and is not frozen upon your demise. It can be used immediately to settle your liabilities without burdening your loved ones.
- It can even be used to finance the application for Letter of Representation without requiring your family members to pay from their own funds.
- You can plan for multiple level of beneficiaries and also for multiple purposes.