In today’s unpredictable world, safeguarding your children’s future is more important than ever. 

For parents, setting up a trust can be a strategic move to manage and protect assets for the benefit of their children. 

Trusts provide clarity, control, and protection, ensuring that the resources you’ve worked hard to accumulate are used wisely for your children’s education, lifestyle, and long-term needs.

If you’re concerned about misuse, external risks, or premature access to the inheritance, trusts are the way to go as well.

Understanding Trusts: What Are They?

A trust is a legal arrangement where assets are held and managed by a trustee on behalf of your beneficiaries, such as your children. 

You can set up different types of trusts based on your needs:

1️⃣ Living Trust

Created during your lifetime, allowing you to see its benefits in action.

2️⃣ Testamentary Trust

Established through your will and activated upon your passing.

3️⃣ Standby Trust

Set up now but activated only under specific circumstances like death or incapacity, without needing immediate funding.

The standby trust is particularly appealing for its flexibility and cost efficiency. It remains inactive until a triggering event, such as your death or incapacity, at which point it springs into action without having had to lock up assets prematurely.

Advantages include:

✅ Preparedness without immediate financial commitment.

✅ Peace of mind knowing the structure is ready when needed.

✅ Seamless transfer of life insurance proceeds, investment assets, or property into the trust.

✅ Avoids lump-sum distribution to minors at age 21.

✅ Option to appoint professional trustees to manage and distribute funds according to your instructions, protecting your assets from mismanagement or external claims.

How Trusts Support Your Children’s Education and Well-being

Trusts can be incredibly effective in managing funds for specific purposes like education and healthcare:

🎓 Dedicated Education Fund

Covers school fees, enrichment activities, and even overseas education expenses.

Payments are made directly, ensuring funds are used for their intended purpose.

🧒🏻 Care for Minors

Fills the legal void since minors cannot directly inherit assets.

Provides a structured way to release funds according to the child’s needs and milestones.

⭐ Support for Special Needs

Tailored to offer lifelong care, coordinating with entities like the Special Needs Trust Company (SNTC) for comprehensive support.

🪜 Staggered Payouts

Distributes assets at different life stages to foster responsibility and prevent financial imprudence.

🛡️ Protection from External Threats

Shields your children’s inheritance from creditors, divorce settlements, and other risks.

Local Legal Considerations

Trusts in Singapore are governed by robust legal frameworks, ensuring they operate smoothly and as intended:

• Governed by the Trustee Act and common law.
• CPF savings cannot be placed in a private trust, but CPF nominations can direct funds to named individuals.
• Insurance policies can be assigned to a trust (e.g. Section 73 policies)
• Trust companies or professional trustees are recommended for impartial and long-term management.

Steps to Establish a Trust

Here’s a step-by-step guide to help you navigate the process of establishing a trust or standby trust, ensuring that everything is tailored to your specific needs and legal requirements.

Step 1: Consult an Estate Planner or Trust Lawyer

The first step in establishing a trust is to consult with professionals who specialise in estate planning or trust law. 

These experts provide valuable insights and guidance based on your unique financial situation, family dynamics, and long-term goals. They can explain the nuances between different types of trusts and help you understand which setup might best suit your needs.

💡Tips for Consultation Prepare Your QuestionsList questions about the trust process, costs, and what to expect. Gather Financial DocumentsBring details of your assets, including real estate, investments, and life insurance policies. Discuss Family NeedsTalk about any special considerations for family members, such as minors or dependents with special needs.

Step 2: Decide on Key Elements of the Trust

The decisions you make about your trust are foundational to how it will operate. This step involves several important considerations:

Type of Trust

Choose between:

• A revocable trust, which allows you to make changes or revoke it entirely during your lifetime
• An irrevocable trust, which cannot be altered once it’s established
• A standby trust, which remains inactive until a specific event triggers its activation.

Trustee(s) and Guardian(s)

Selecting a reliable trustee is crucial, as this person or institution will manage the trust’s assets. Guardians are equally important if you have minor children; they will take care of the children’s daily and legal affairs if you are unable to do so.

Consider a professional trustee for impartiality and expertise, especially for complex estates. If choosing a family member or friend, ensure they are trustworthy and understand their responsibilities.

Conditions for Distribution

Define how and when the assets will be distributed to beneficiaries. You might set age-specific milestones, educational achievements, or other criteria that must be met before disbursement.

Step 3: Draft the Trust Deed

The trust deed is a legal document that outlines the trust’s terms and operation. Your estate planner or lawyer will draft this document, which includes:

Details of the Trustor/Settlor

That’s you, the person creating the trust.

Details of the Trustee

The individual or institution responsible for managing the trust.

Beneficiary Details

Those who will benefit from the trust.

Terms of Asset Management and Distribution

How the assets are to be managed and distributed, including any specific conditions or stipulations you’ve set.

Review Process

Carefully review the draft to ensure all details are correct and reflect your intentions.

Ask for clarifications on any legal terms or conditions that are unclear.

Step 4: Assign Assets

Finally, you will assign assets to the trust. This involves transferring ownership of your assets into the trust, which may include:

🏠 Real Estate

Deeds may need to be retitled into the name of the trust.

💰 Financial Accounts

Bank and investment accounts may need to be transferred.

💍 Personal Property

Items like art, jewelry, and other valuables.

For a standby trust, you’ll specify which assets will transfer into the trust upon activation, but you won’t transfer ownership until the specified event occurs (e.g., your incapacity or death).

Handling Assets

Work with financial institutions to ensure assets are properly transferred.

Remember to keep detailed records of all assets included in the trust for future reference!

Final Thoughts

Trusts, particularly standby trusts, offer a strategic and protective way for families in Singapore to plan for the future. 

They complement other estate planning tools like wills, Lasting Power of Attorney (LPA), CPF nominations, and insurance, providing a holistic approach to family and financial planning. 

Whether you have young children, special needs dependents, or a complex family situation, setting up a trust ensures that your legacy is managed according to your wishes, extending your care beyond your lifetime.

Reference

1. Express Trusts

The views expressed in this media do not necessarily reflect the views of PFPFA Pte Ltd (“PFPFA”). The information provided herein is intended for general circulation and not intended for distribution to, or use by, any person or entity in any jurisdiction or country where such distribution or use will be contrary to local laws or regulation. You should also note that the information presented does not have regard to the specific investment objectives, financial situation or the particular needs of any specific individuals; and therefore, may not be appropriate to your individual needs. You should seek the advice of your financial adviser representative or a professional before making any commitment to purchase or invest in any investment product.

Estate planning services is provided by PFP Legacy Singapore, a sister company of PFPFA Pte Ltd. Estate planning and/or will-writing services are non-financial advisory services and thus are not regulated under the Financial Advisers Act.

Creating a Will for the first time can feel overwhelming. You might have questions like:

“With so many Will writing services, who can I trust?”
“Can I just write my own Will in Singapore and call it a day?”
“I don’t have many assets, do I really need a lawyer?”

It’s normal to feel lost, especially when Will writing isn’t something we often talk about with friends, or even family. 

While it’s not exactly a taboo, many still shy away from thinking about end-of-life planning. Some think it’s too morbid, some don’t see the rush. 

Our goal today is to make this process less confusing and easier to navigate. 

When it comes to setting up your Will, you have three common options:

• DIY (Do-It-Yourself) Will writing
• Working with an Estate planner and a Lawyer
• Hiring a lawyer exclusively

In this blog, we’ll compare and break down these three choices, so you can decide what works best for you.

Overview of Each Will Writing Option

DIY Will Writing

In Singapore, a self-written Will is recognised.¹ 

There are specific conditions you need to meet for the Will to be legally valid, but you can generally draft your own Will without involving a lawyer.

Many people turn to online templates or services to create a Will independently. It’s popular for being quick, convenient, and cost-effective—sometimes even free.

However, this comes with its own risks.

While it makes Will writing more accessible, the simplicity of these templates and services increases the risk of errors and ambiguities. Since they are designed for the general public, they may not align with the latest local legal standards or your unique circumstances. And any legal oversights or vague language could render your Will invalid or contestable—the very outcomes you’re trying to avoid.

For individuals with minimal assets and no dependents, these online templates and tools offer a useful starting point for considering asset distribution.

But for those with more diverse portfolios and backgrounds, there’s a chance you might overlook critical details.

As the saying goes, “You don’t know what you don’t know.”

You might miss out on options which could better protect your interests.

As we all have unique backgrounds, a DIY Will might save time and money upfront but could lead to complications down the line.

Working with an Estate Planner and a Lawyer

They say two heads are better than one, and that couldn’t be more true when it comes to Will writing.

This option involves working with an estate planner and a lawyer to create a comprehensive, tailored estate plan. 

But why involve two professionals? 

Here’s how they complement each other:

• An estate planner takes a holistic look at your assets, background and circumstances. Their role is to help you structure your wealth distribution to align with your wishes and unique situation while minimising potential conflicts and tax liabilities.
• A lawyer’s role is to draft your Will in a way that accurately reflects your wishes and ensures it is legally sound, clear, and enforceable, leaving no room for misunderstandings.

You can expect to engage in collaborative discussions with your estate planner. They would guide you to think more thoroughly about your asset distribution for different possibilities so your legacy is foolproof. 

The discussion could cover topics like setting up a trust for your children’s education, considering contingencies if a beneficiary doesn’t outlive your will, or minimising estate taxes to maximise the inheritance for your beneficiaries.

With a professional planner guiding you, exploring options to manage your estate becomes easier.

Together, the estate planner and lawyer work to ensure your wishes are reflected accurately so that your assets are protected and your loved ones are cared for.

For those with multiple assets, complex family structures, businesses, or other unique circumstances, this option ensures that nothing falls through the cracks, giving you the peace of mind you seek amid life’s uncertainties. 

Hiring Lawyer-only

Hiring a lawyer exclusively for Will writing means receiving expert legal advice and a personalised service. Once the lawyer understands your wishes, they will handle all legal documentation and make sure your Will complies with local laws.

Usually, lawyers only specialise in drafting legal documents and providing expert legal guidance. 

They are not trained financial advisors, which means they might overlook certain aspects of the financial planning such as estate taxes or strategies to help your family sustain the inherited assets.

If you have a straightforward estate with minimal liabilities and dependents, going directly to a lawyer could be a practical and efficient choice.

However, if your situation is more intricate, there is a real possibility you might need to revise your Will multiple times to address overlooked blind spots when working solely with a lawyer.

Quick Comparison Chart

	Pros	Cons
DIY Will Writing	– Cost-effective – Quick and accessible	– Higher risk of errors – Limited legal and financial guidance – Does not accommodate complex needs or dynamics
Estate Planner + Lawyer	– Holistic planning  – Tailored solutions to protect your interests – Detailed, legally compliant documentation	– Requires more time to coordinate and align resources – Higher costs due to professional fees
Lawyer-Only	– Expert legal advice – Detailed, legally compliant documentation	– Usually does not offer advice on asset distribution – Might require several revisions – Higher costs due to professional fees

How Should You Decide?

Here are some factors to consider before making your decision:

1. Estate Complexity

The complexity of your estate plays a key role in choosing the right method. 

If you have multiple assets, such as property, investments, insurance, and business interests, or if there are several beneficiaries involved, the process becomes more complicated. 

The more intricate your estate, the more beneficial it is to seek professional assistance to make sure all assets are properly accounted for and distributed to your wishes. 

2. Family Dynamics

Your family structure and relationships also impact your decision. 

If your family dynamics are complex, such as having blended families, estranged relatives, ex-spouses, or potential heirs with differing interests, a professionally drafted Will can provide clarity and prevent disputes or contentions.

In these cases, an advisor or planner can guide you through the process, addressing all potential concerns and a lawyer can translate that to your Will. This leaves little room for misinterpretation and reduces the risk of conflicts among your loved ones over your legacy.

3. Budget

When considering your budget, weigh the peace of mind and long-term benefits that professional guidance provides against the short-term savings of a DIY approach.

When you’re younger and have a simple estate, a DIY Will might feel sufficient.

But as your assets grow and when you have more dependents, professional services provide higher security and assurance. It is an investment that saves you and your loved ones from potential legal headaches down the road.

Conclusion

Ultimately, the choice between a DIY approach, combining an Estate Planner with a Lawyer, or opting for a Lawyer-only service depends on your unique circumstances—such as the complexity of your estate, your family dynamics, and your budget.

We hope this post has helped clarify your options and guide you toward the best decision for your needs.

If you found this helpful, be sure to explore our other blogs on legacy and estate planning:

• Estate Planning: It’s Not Just for the Wealthy—It’s for Everyone
• How Testamentary Trusts Can Protect Your Loved Ones 

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We hope this article helped you in your legacy planning journey. Share this with a friend who might need it too.

👋 Need additional advice and support on navigating your financial planning? Book a complimentary consultation with us.

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Reference:

1. Make sure your will is legal | My Legacy @ LifeSG 

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_{The views expressed in this media do not necessarily reflect the views of PFPFA Pte Ltd (“PFPFA”). The information provided herein is intended for general circulation and not intended for distribution to, or use by, any person or entity in any jurisdiction or country where such distribution or use will be contrary to local laws or regulations. You should also note that the information presented does not have regard to the specific investment objectives, financial situation, or the particular needs of any specific individuals; and therefore, may not be appropriate to your individual needs. You should seek the advice of your financial adviser representative or a professional before making any commitment to purchase or invest in any investment product.}

For the average Singaporean, a single HDB flat is often their largest asset, with most 4-room flats now valued at over $500,000¹. Beyond that, many also have CPF savings and some cash, all of which contribute to their overall financial picture.

In fact, the mean net worth per adult in Singapore is $516,991 which is a significant sum.² Despite this, many still mistakenly believe that estate planning is only needed if they own multiple properties or a business, which isn’t the case.

What Is Estate Planning and Who Is It For?

Estate planning is about organising your finances and personal matters to ensure everything is taken care of if you become unable to manage them or pass away. It means deciding who will receive your assets, how your debts and taxes will be handled, and making arrangements for the care of minor children or pets. Most people work with a lawyer and/or estate planner to make sure their plans are thorough and legally sound. 

Estate planning is important for anyone who has assets—whether it’s property, investments, or even insurance payouts. It ensures that your entire estate—the sum of everything you own—is distributed according to your wishes.

The Importance of Estate Planning for Middle-Income Earners

Estate planning is often thought of as something only the wealthy need to worry about, but in reality, it’s essential for everyone—including middle-income earners.

The truth is whether you own a home, have savings, or are building investments, planning for the future ensures your hard-earned assets are protected and distributed according to your wishes. 

Here’s why estate planning could work in your favour : 

Secures Your Family’s Future

Estate planning goes beyond simply passing on assets; it’s about safeguarding your family’s future and minimising financial stress.

Let’s consider a hypothetical scenario: 

Mr. Tan left behind a wife, who is less financially savvy, and two young children. Although he had built a modest financial portfolio, including their home and savings, he knew his wife might struggle to manage the money if something happened to him. 

To protect his family, Mr. Tan had set up a trust with the help of a financial advisor. Instead of leaving a lump sum to his wife, the trust provided a monthly allowance for living expenses, allowing his wife to meet daily needs without the burden of managing a large sum all at once.

Without this careful planning, his wife might have faced significant financial challenges, potentially leading to the mismanagement of the inheritance. Instead, the structured monthly support offered stability and peace of mind, making sure the family was taken care of long after his passing. 

Preserves Your Children’s Inheritance

When a parent of young children passes on without clear instructions, it can create issues around the child’s inheritance. 

Although the law may appoint a guardian to manage the child’s assets, this doesn’t always protect the child’s best interests. 

In 2020, two women were named co-executrices and guardians of a child after his mother died. The deceased left behind an HDB flat and around $148,000 in assets for her son. Unfortunately, they failed to fulfil their duties. The son, now an adult, sued them for mismanaging his inheritance, resulting in a court order for them to pay him $87,000.³

With proper estate planning, you can sidestep such problems and ensure your children are cared for, such as, by setting up a trust with a professional trustee to manage the inheritance until they are old enough to handle it themselves.

Ensures Your Will and Nominations Reflect Your Wishes

A key reason estate planning is crucial is to ensure your assets and liabilities are distributed and settled according to your wishes when you’re no longer around. 

A clear will and proper nominations for your CPF savings and insurance can safeguard your legacy. 

For instance, if you haven’t set up a CPF nomination, your hard-earned savings might end up with someone you didn’t intend to benefit. It’s important to note that CPF savings are distributed based on the CPF nomination scheme, not through a will. Without a nomination, your savings may automatically go to your next of kin⁴, even if you prefer them to go to a partner, close friend, or charity instead of a well-to-do sibling. 

With a clear will and proper nominations in place, your assets—whether properties, CPF savings, or insurance payouts—can bypass intestacy laws and ensure your loved ones receive the support you intend.

Protects Your Family Harmony

Estate disputes can cause significant strain on family relationships, even among those who were once very close. It’s not uncommon to hear about disagreements over asset inheritance, especially when multiple beneficiaries are involved.

Picture this: a parent leaves a single property to their three children. One might want to keep it as a family home, while another prefers to sell it for cash. 

Without clear instructions and planning, this situation can lead to tension and arguments during an already emotional time.

By outlining your wishes, you can help mitigate conflicts among your beneficiaries, whether they’re your siblings, children, or spouse. You can specify how an asset should be managed or sold, alleviating the burden on loved ones and preserving family harmony.

Prepares for Life’s Uncertainties

Many people may not anticipate that life’s challenges, like illness or ageing, can leave them unable to manage their affairs. Conditions such as dementia or Alzheimer’s can make everyday tasks—like handling property or finances—overwhelming.

This is where estate planning becomes crucial. It not only involves deciding how to distribute your assets after you pass on but also includes preparing for situations where you might be unable to make decisions for yourself. 

One key tool in estate planning is the Lasting Power of Attorney (LPA). An LPA allows you to designate a trusted person to make decisions on your behalf if you cannot.⁵ 

With an LPA in place, your trusted person can step in and handle these responsibilities without needing court approval or causing family conflict. This proactive measure ensures that your affairs are managed according to your wishes, even when you can no longer do so yourself.

Bottom Line

Estate planning is important for everyone, not just the wealthy or business owners. Whether you own an HDB flat, or private property, or have some savings and shares, estate planning makes sure your loved ones are taken care of and your assets go where you want them to. 

By working with experts like lawyers, estate planners and financial advisors, you can create a solid plan to protect your family’s future and your financial legacy.

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We hope this article helped you in your investment journey. Share this with a friend who might need it too.

👋 Need additional advice and support on navigating your financial planning? Book a complimentary consultation with us.

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References: 

1. Just 14% Of 4-Room HDB Flats Under $500K Now: The Shocking Shift In HDB Prices Since 2000 | Stacked
2. Average Net Worth (Wealth) in Singapore | Smart Wealth
3. Executors of woman’s will liable to pay son $87k | The Straits Times
4. What happens to my CPF savings if I do not make a CPF nomination? | Central Provident Fund Board
5. Roles of a Will and LPA in Estate Planning (and Why You Need Both) | Singapore Legal Advice

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_{Estate planning services is provided by PFP Legacy Singapore, a sister company of PFPFA Pte Ltd. Estate planning and/or will-writing services are non-financial advisory services and thus are not regulated under the Financial Advisers Act.}

_{The views expressed in this media do not necessarily reflect the views of PFPFA Pte Ltd (“PFPFA”). The information provided herein is intended for general circulation and not intended for distribution to, or use by, any person or entity in any jurisdiction or country where such distribution or use will be contrary to local laws or regulation. You should also note that the information presented does not have regard to the specific investment objectives, financial situation or the particular needs of any specific individuals; and therefore, may not be appropriate to your individual needs. You should seek the advice of your financial adviser representative or a professional before making any commitment to purchase or invest in any investment product.}

In 2012, a tragic accident at Changi Airport took the life of a worker, leaving his widow, Madam Pusparani Mohan, and their four young children in debt. After her husband’s death, the family received nearly $1 million from insurance payouts and public donations, which could have provided financial security.¹

Unfortunately, Madam Pusparani, having no experience managing such a large sum of money, struggled to make sound financial decisions for her family. 

She used a portion to pay off debts, spent some on a family holiday to Genting Highlands, and invested $500,000 in her brother’s transport business, which eventually failed. By May of the following year, all the money was gone.²

Madam Pusparani’s story highlights how quickly money can slip away without proper financial and estate planning.

Receiving a windfall, whether from an inheritance, lottery, or insurance payout, can be overwhelming. In fact, it often brings more stress than stability. This is especially true if you’re not used to handling a large sum.

These cases happen more often than we imagine. Many lottery winners end up losing everything, with almost a third declaring bankruptcy.³

A windfall can create a false sense of security; since the money is outside your regular income, it’s easy to see it as “extra” or a “bonus”. This mindset often leads to overspending or risky decisions, and before long, what seems like a blessing can become a burden. 

So, when planning your wealth or estate, it’s important to consider how well your beneficiary can manage a large sum of money. 

Would it complicate things for them?

One of the key tools in wealth and estate planning is setting up a trust. A trust can provide your loved ones the support they need to make smart financial choices for their future. This ensures your assets truly benefit them in the long run.

In this article, we’ll focus specifically on testamentary trusts and explore how they can help safeguard your legacy for your loved ones.

What is a Testamentary Trust? 

A testamentary trust is created through a Will that starts only after the person who made it (the Testator) passes on.

In a simple Will, your assets go straight to the beneficiary. With a Testamentary Trust, however, a Trustee manages those assets in accordance with your instructions.

As the Testator, you can choose a family member or a close friend as your Trustee. It can also be a corporate trustee or financial advisor, who has experience managing trusts. It all depends on how complex your estate is and who you trust to handle everything responsibly.

In Singapore, this kind of trust is useful for families with young children, dependents with special needs, or people who might not be able to manage a large amount of money well. Once set up, the trust is irrevocable upon the Testator’s passing.⁴

Source: Beger & Co Lawyers

Why Choose a Testamentary Trust?

When your loved ones may not be financially savvy, setting up a testamentary trust can ensure their financial security, particularly when passing on large sums of money. It helps manage and protect your assets, ensuring they are used wisely and last longer.

Here’s how setting up a testamentary trust can benefit your loved ones:

Structured Payouts

Instead of distributing the inheritance all at once, a trusted individual (the Trustee) could help arrange regular payouts from the testamentary trust to cover the living expenses of your loved ones.

This provides your loved ones with the financial means to handle daily needs without overwhelming them with a large sum. It also helps to make sure that the funds are used wisely.

Tailored Financial Advice

Managing an inheritance without experience can lead to costly mistakes.

A Trustee can guide better decision-making. With this support, your loved ones can sidestep risky investments or unnecessary expenses, focusing on preserving the savings for important needs and emergencies.

Ongoing Financial Support

For families who rely on a steady income, the sudden loss of a breadwinner can be devastating.

Subject to a mandate provided by the testator, a Trustee can invest the trust’s assets in ways that generate consistent income to support your family’s regular expenses. This helps make sure that the family’s needs are covered over time while protecting the capital from running out too quickly.

Preserving Inheritance

A testamentary trust can safeguard the inheritance for children until they are mature enough to manage it responsibly. 

Instead of risking the loss of their future funds, the trust would keep the money safe. As the Testator, you can set specific conditions for accessing a larger portion of the funds, such as when a beneficiary reaches a certain age or milestones. This ensures that the fund is available for important milestones like education or buying a house. 

Final thoughts

Simply leaving an inheritance doesn’t guarantee a stable and comfortable life for our loved ones. 

We must consider that not everyone is financially savvy. Without proper guidance, our beneficiaries may struggle to manage large sums over the long term. 

However, you can help to make sure your absence doesn’t become a burden by planning your wealth and estate effectively.

As we covered here, setting up a testamentary trust can be a helpful solution to provide long-term stability and protection for your loved ones after you pass on. This helps safeguard their financial future, even when they may not have the experience or knowledge to manage their finances.

Since different trusts serve different purposes, it is best to talk to an expert to find the best option for your situation. 

Ultimately, your legacy is more than just wealth. It’s about the care you take in providing your loved ones with stability, peace of mind, and opportunity to thrive, even after you’re gone.

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We hope this article helped you in your investment journey. Share this with a friend who might need it too.

👋 Need additional advice and support on navigating your financial planning? Book a complimentary consultation with us.

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References: 

1. Killed airport worker’s family gets help offers | The Straits Times
2. $1m gone in one year: Widow of killed Changi Airport worker is now broke | The Straits Times
3. How winning record $2 billion Powerball jackpot could still lead to bankruptcy | THE CONVERSATION
4. Testamentary Trust In Estate Planning In Singapore: 8 Key Factors | The Singapore Lawyer

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_{Estate planning services are provided by PFP Legacy Singapore, a sister company of PFPFA Pte Ltd. Estate planning and/or will-writing services are non-financial advisory services and thus are not regulated under the Financial Advisers Act.}

_{The views expressed in this media do not necessarily reflect the views of PFPFA Pte Ltd (“PFPFA”). The information provided herein is intended for general circulation and not intended for distribution to, or use by, any person or entity in any jurisdiction or country where such distribution or use will be contrary to local laws or regulation. You should also note that the information presented does not have regard to the specific investment objectives, financial situation or the particular needs of any specific individuals; and therefore, may not be appropriate to your individual needs. You should seek the advice of your financial adviser representative or a professional before making any commitment to purchase or invest in any investment product.}