The workshop centered around the concept of Special Needs Trust, a vital tool used to safeguard the financial interests of vulnerable individuals who may lack the capacity to manage their own financial matters. These vulnerable individuals typically encompass special needs dependents or, in some cases, individuals facing their own unique challenges.
Furthermore, the workshop emphasized the advantages of utilizing a trust structure, particularly in terms of circumventing legal delays that often hinder beneficiaries’ access to assets allocated in a Will. The workshop also delved into the Special Needs Saving scheme, an extension of the CPF nomination scheme, and its role as a complementary service to the Special Needs Trust Company (SNTC) trust.
The primary objective of the workshop was to provide attendees with a deeper understanding of how trusts could be effectively utilized to ensure the continuity of a quality living standard for individuals with special needs. Participants gained insights into the practical applications of trusts in addressing the financial concerns of vulnerable individuals and promoting their well-being.
