QING MING TRUST
Qing Ming Trust
Qing Ming, or Tomb Sweeping Day, is a traditional Chinese festival that occurs on the 15th day after the Spring Equinox. This is a legacy for us to pay respects to our ancestors by visiting their graves, cleaning them, and making offerings.
Qing Ming emphasizes filial piety, which is the most essential virtue in Chinese culture, showing respect, obedience, and gratitude to our parents, ancestors, and elders. This tradition helps reinforce the importance of family values and reminds us to cherish our relationships with our loved ones.
It helps preserve traditions culture and values for future generations and reminds us of the sacrifices and hardships that our ancestors endured to create a better life for our descendants.
What is a Qing Ming trust?
A Qing Ming trust allows you to specify how you want to preserve this legacy for many generations to come during your lifetime or upon your death. With trust, you can protect and ensure your assets are distributed in a way that aligns with your family’s values and beliefs. A trust can be structured to provide for future generations, ensuring that your family’s values and traditions are passed down through the years.
Examples of a Qing Ming Trust (True Story -actual real case):
Mr. Loo (fictitious name) knew that the next generations were no longer interested in continuing the Qing Ming legacy. Therefore, he set up a Qing Ming Trust for the purpose of continuing the family legacy and harmonizing the entire family. His trust was set up with the following criteria:
1. All the Qing Ming preparations will be funded by his own trust.
2. Anyone who follows his family ritual by paying respect during the Qing Ming will be entitled to a certain portion of his inheritance.
3. All meals before and after the qing ming session will be provided by him via his trust. All family members are required to attend. This is meant to foster the family relationship.
4. The above trust will continue until 80 years after his demise or upon the exhaustion of his funding.
Finally, with a Qing Ming Trust, it encourages us to reflect on our own values and actions. By paying respect to our ancestors, it reminds us of the importance of living a virtuous life. This includes showing kindness and respect to others, taking responsibility for one’s actions, and living with integrity. In this way, Qing Ming helps promote moral and ethical behavior in society.
I have helped over 100 families to set up their various trusts. Trust is not only meant for wealthy people but it is meant for all of us who wish to see our next generations in harmony and united as a family.
Important: The information and opinions in this article are for general information purposes only. They should not be relied on as professional financial advice. Readers should seek independent financial advice that is customised to their specific financial objectives, situations & needs.
Published By:
Jeannie Tong
Will & Trust strategist.
I helped families to structure a comprehensive Will and Trust to protect their families’ assets and avoid any family conflicts.
I am a seasoned Will & Trust strategist with a passion for helping families safeguard their assets and prevent potential family conflicts. With my expertise, I work closely with families to develop comprehensive estate plans that ensure their legacy is protected for future generations. Through meticulous structuring of Wills and Trusts, I provide tailored solutions that meet each family’s unique needs and goals.
My in-depth understanding of estate planning laws and regulations allows me to provide expert guidance on matters such as asset protection, tax planning, and probate avoidance. I am committed to providing personalized and compassionate service, taking the time to listen to my client’s concerns and objectives, and crafting strategies that align with their values and wishes.
My track record of success in helping families achieve peace of mind and financial security is a testament to my dedication and professionalism. I am proud to be a trusted advisor to families, guiding them through the complexities of estate planning with clarity and transparency. Whether it’s developing a Will, establishing a Trust, or navigating the intricacies of estate administration, I am committed to helping families preserve their wealth and protect their loved ones for generations to come.
With my unwavering commitment to excellence and my deep expertise in Will and Trust planning, I am your trusted partner in safeguarding your family’s assets and ensuring a legacy that lasts for lifetimes. Contact me today to discuss how I can assist you in securing your family’s financial future with a comprehensive Will and Trust strategy.
Case references:
1️⃣ Divorcee who ran away with her children from her husband’s mental abuse.
2️⃣ Parents who disown their own son from their inheritance
3️⃣ Self-emergency funding in the event of dementia, coma, total permanent disability, or death
4️⃣ Proxy cases – to transfer your assets from a proxy to your family
5️⃣ Business ownership & succession planning
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