You will accomplish
- Understanding about Trust Services
- Get in touch with SNTC
If you have feedback or suggestions to improve our module, please share with us at fcp@minds.org.sg.
What is a Trust?
A Trust is a legal relationship in which an individual or institution (known as the Trustee) holds assets, subject to a legal obligation to keep or use the assets for the benefit of another (known as the Beneficiary).
SNTC Trust is an affordable and legal arrangement in which a settlor (person who sets up the trust) places cash, in the control of a trustee (SNTC) to manage the assets for the benefit of the beneficiary. It helps to ensure your loved one receives the gifts under your will, insurance and/or CPF nomination.
Take Action
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Discuss with your family
Discuss with family members on the relevance of setting up a Trust account for the family member with special needs.
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Get an estimate cost of care
The Financial Care Plan (FCP) Generator is an online tool to help families of people with disabilities and special needs to plan better. It is an estimation of how much your loved one will require in his/her lifetime based on the information you provide.
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Make an appointment
Make an appointment with SNTC Case manager to go through a holistic needs assessment and develop a customised Care plan.
FAQ
Not all families will need a Trust. Some families, however, may prefer to engage a Trust Company to manage the financial disbursement.
The trust account will be terminated and the residual money will be distributed according to settlor's instructions registered at trust set up.
The Trust account is only activated upon the demise or mental incapacity of the caregiver who set up the trust account (Settlor). Other scenarios requiring activation can be discussed with the SNTC case manager.
The Trust account will be terminated upon the demise of the beneficiary, when the beneficiary leaves Singapore permanently or when the trust fund is fully utilised.
Trust funds under the SNTC Trusteeship Scheme are held by the Public Trustee in a Common Fund and invested in low-risk income earning investments. The principal value of your committed funds, less fees payable to the Public Trustee, is guaranteed by the Government.
SNTC has a sponsorship scheme and you can speak with SNTC Case Manager if you may be eligible for the sponsorship.
The source of fund for SNTC comes from various sources such as from the settlor or family member, while the source of fund for SNSS is from the CPF savings of the nominee's parents. The amount of disbursement of funds from SNTC can vary while SNSS disburses a fixed amount every month.