Stanley Ho’s Kids Will Each Receive At Least S$18K A Month From A Family Trust The Late Casino King Had Set Up
Their privileges might get revoked if they spend their money recklessly though.
There’s been a lot of talk about how the late Stanley Ho would be splitting his vast wealth among his family members. And it turns out that the casino mogul had decided against giving a lump sum of money to each of his kids. According to Hongkong Apple Daily, Stanley had set up a family trust where his children will each receive a "six-figure sum" every month. When converted to Singapore dollars, it means they'll be getting at least S$18K a month.
Stanley's extensive family tree
On top of that, all three of his surviving wives, Lucina Laam, Ina Chan and Angela Leong, have been named as beneficiaries and have been tasked to use an undisclosed amount of money to pay for their children’s daily expenses, education fees and more.
There’s also a clause that states that Lucina, Ina and Angela will be allowed to request for additional funds when necessary. This, however, will be subject to a round of voting from all the other two ladies, with the final approval rights given to the executor of the fund, who has not been publicly named.
Stanley celebrating his birthday with Angela and their children in 2017
This trust fund is believed to have been established long before Stanley’s death, and has a certain set of rules that his family members have to abide by. One of Stanley’s daughters is said to have gotten her pocket money privileges revoked after she splurged on an expensive sports car for her then-boyfriend. She was only allowed to receive her funds after some time — presumably after her parents got over how she was squandering her money.
Trust funds aren’t new to the ultra-rich in Hongkong. Michelle Reis was previously reported to receive S$350K a month from a trust fund that her late father-in-law, tycoon Hui Sai Fun, set up to ensure that his descendants do not have to worry about their living expenses for the rest of their lives.
Photos: PBE Media
Related Stories
