Objective:
You are concerned about the possible deterioration of physical and mental health in old age, as well as the financial implications associated with aging. Worries may include chronic illnesses, mobility limitations, cognitive decline, and the need for assistance with activities of daily living.

The Solution:
Rockwills provides specialized trust structures, such as Old Age Care Trust, Insurance Trust, and Declaration Trust to allocate funds to cover various health-related expenses that may arise in old age. This helps ensure that you have the financial means to address your health needs and maintain your well-being.

On the other hand, an Old Age Care Trust can allocate funds for your personal needs and preference, such as hobbies, travel, entertainment, or other activities that enhance your quality of life. This allows you to enjoy your later years and engage in activities that bring you joy and fulfillment.

How The Trust Structures Can Help You:

• Contingency Planning

An Old Age Care Trust, you can name yourself as the initial trustee and appoint Rockwills Trustee Bhd as a successor trustee to take over your assets in the event of your incapacity or on your own call. The successor Trustee can then manage your assets according to the instructions you’ve provided in the trust documents.

Before the trigger of incapacity event, you retain the ownership over the assets.

In addition, trust takes into consideration potential changes in your care needs as you progress through the aging process. You can allocate an asset as nursing care provision, to provide funding for nursing home care services as health declines and independent living is no longer feasible.

So, you have the financial resources to access appropriate care and support, promoting your well-being and quality of life during the later stage of life.

• Immediate access to the assets allocated in the trust.

By having an Old Age Care Trust, the transition of management of your assets during incapacity can be smooth and uninterrupted.

The successor trustee can step in immediately to manage your assets without any delay if you become incapacitated and are unable to manage your own financial affairs.

This ensures a smooth transition for the continuity of financial resources for paying for expenses such as medical expenses, daily living costs, and any other expenditures to ensure your well-being is taken care.

• Protection Against Financial Exploitation

In the event of mental incapacity, such as dementia, Alzheimer’s disease, or cognitive decline, you will be more vulnerable to financial scams.

In some other significant life transitions or major events, such as the death of a loved one, or a sudden windfall, these events can disrupt your emotional state, and make you more susceptible to financial manipulation.

Assets held in Old Age Care Trust are shielded from potential financial exploitation, By removing you from direct ownership and control the assets, the trust provides a layer of protection against scams, fraud, and undue influence.

• Safeguarding assets from gold digger family members

An Old Age Care Trust offers privacy protection for the assets held within it.

The details of the Trust, including the assets held within it, beneficiaries, and distribution instructions, are typically private and confidential. This means that the trust’s information is not readily accessible to family members or individuals outside of the trust structure. This confidentiality can help prevent gold digger family members from gaining knowledge or attempting to exploit the assets held inside the trust.

• Appoint Caregiver

In Old Age Care Trust, you can appoint someone you trust to provide the necessary care and support as you age. This could be a family member, a close friend, or a professional caregiver who has been chosen based on their experience, and compatibility with your needs and preferences.

You can make financial provisions to compensate the appointed caregiver for their services. This can ensure that the necessary funds are available in the trust to cover the costs of care.

You may establish a guideline at the Old Age Care Trust regarding the caregiver’s responsibilities, the level of care required, and any preferences you may have regarding your living arrangements or medical treatments.

• Clarifying care preferences

You can express your wishes and preferences regarding care, living arrangements, medical treatments, daily routines, dietary preferences, recreational preferences, and other non-financial matters in the Letter of Wishes.

The Letter of wishes is a document that is often associated with an Old Age Care Trust, while it is not a legally binding document, but it serves as an important guide to the caregiver regarding your desires and preferences. It ensures the care provided aligns with your needs, values, and lifestyle choices.

In addition, the Letter of Wishes can also provide instructions to the Trustee on how to preserve and uphold your preferred lifestyle, including residence preference, travel, social activities, or religious practices.

• Personalized Approach

I understand every individual has specific concerns and goals. I will listen to your needs and gain a thorough understanding of your situation. This will enable me to create a Will and a trust structure that is tailored precisely to your requirements and addresses your unique circumstances.