There is a movie about cloning human beings made in 2000 titled The 6th Day starring Arnold Schwarzenegger. In the not-too-distant future, when cloning plants, pets, and human organs is accepted, a sinister corporation has begun illegally duplicating entire human beings. Before that happens, cloning a person is still not possible now no matter how much money you have. In this article, we will discuss the possibility of cloning your life values, which is an essential part of leading a person’s life.
At the moment you leave this world — when it is unplanned and unexpected — your heirs’ understanding about your life values cease. Wouldn’t it be nice to have a series of life tutorial videos made and passed on to your children, so that they can watch it at the suitable time just in case you can’t make it? Before you turn on the video camera, let me show you how you can pass on your life values via living trust.
A trust is an arrangement which you can set aside certain amount of assets to a party called trustee, to be used for the benefits of the beneficiaries. The beautiful part of a trust is that you can determine the “terms and conditions” which the beneficiaries must fulfill before they are entitled for the incentive. Thus, you can call these type of trust the “Incentive Trust“. Some examples:
To Have Time with Family
Trust provision: Each child shall receive a monthly distribution if she can engage in such a profession that allows her to work from home.
To acquire knowledge and wisdom
Trust provision: Each child shall receive a distribution indicated upon achieving tertiary education – Bachelor Degree $100,000, Doctorate $200,000.
Personal Achievement & Hard Work
Trust provision: Each child shall receive an annual distribution equal to 50% of his earned income reported officially the previous year.
To be creative and innovative
Trust provision: Each child shall receive $100,000 for every successful patent filed.
To appreciate music
Trust provision: Each child can claim for reimbursement for all the fees with the proof of participating in music lessons
Above are just a few examples. Be creative! And make sure you share about your life values when you are discussing the issue of setting up a trust with your estate planner.
Reference: Maximise What You’ve Got.. No matter How much You Have Now by Yap Ming Hui