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When a family goes to court over a trust fund for kids
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If you plan to set up a trust fund for your beneficiaries, it is prudent to crunch the numbers and set aside the appropriate amount first.
ST ILLUSTRATION: MIEL
SINGAPORE - A father dying from leukaemia thought he was doing the right thing by writing a will that would provide his four young children with $15,000 each a year until they became adults, but the scheme hit a minefield of complexities that led to a bitter court showdown.
The devil was certainly in the details in this case, as the man had failed to allocate a separate fund for such payouts, so there was uncertainty over how the money should be drawn from his assets.
