Activation of the Trust
The Trust is activated upon your demise or incapacity as the main caregiver. SNTC will act according to your wishes written in the Letter of Intent in disbursing the funds and always acting in the best interest of your beneficiary.
What happens upon activation?
- We will conduct a home visit for an immediate needs assessment of your beneficiary, to follow-up on the Care Plan and discuss his/her accommodation needs.
- We work with relevant parties including executors of your will, insurance companies and CPF Board to oversee the transfer of assets into the Trust.
- Funds will be disbursed monthly or periodically in accordance with your wishes set out in the Letter of Intent.
- Reviews will be conducted with your appointed caregiver to review and update the Care Plan and verify the balance in the Trust against disbursements made during the year.
Termination of the Trust
The Trust will be terminated:
- Upon demise of your beneficiary. We will distribute any balance of the trust funds to your appointed Residual Beneficiaries named in the Trust Deed.
- When the trust funds are fully utilised or otherwise exhausted before the demise of your beneficiary.
- Your beneficiary no longer resides in Singapore. We will transfer the balance of the funds to another trust fund in the country he/she resides.