Need help on feedbacks and well as estimated legal cost involved.
I am thinking of setting up a simple Trust (irrevocable) on a HDB flat held under tenancy in common on half share basis..
My aunty wants to will her half share to me (with no conditions), but I may not be eligible as I am an owner of a HDB flat. The other half share belongs to her son who is not capable of managing his money and life. However, I have in mind a Trust in lieu of a Will which can be revoked or changed due to influence from others and also to avoid probate when my aunty up lorry.
In short, the intention is to realise the asset either before or after my aunty dies and distribute a certain sum of money to her son age 59 on a weekly basis from age 65 till the fund is exhausted. When the beneficiary dies, any balance fund will go to X in one lump sum, thereby terminating the Trust. No compensation for trustee.
Now awaiting for HDB's response on whether such a Trust is acceptable before I go see a lawyer.
Urgently need to settle this issue as my aunty has passed her 94th bd.
TIA.