July 09, 2020, 08:12 PM
Macau casino tycoon and billionaire Stanley Ho Hung-san passed away on May 26 at the age of 98.
Since his death, there has been speculation on how the family would be splitting Ho's wealth between his three wives and 16 recognised children.
Family trust fund
It seems though, that instead of passing on his wealth in lump sums of cash to his family, Ho will be disseminating it via a family trust fund.
According to 8 Days, each of his children will receive S$18,000 allowance every month.
His three wives, Lucina Lam, Ina Chan and Angela Leong have been named as beneficiaries, and are tasked to use an undisclosed amount of money for their children's expenses and education.
Lam, Chan and Leong will also be allowed to request for additional funds when necessary.
However, the request will be subject to voting from the other two wives, and final approval can only be given by the fund's executor, who has not been named.
Ho's funeral procession will be held on July 9 and 10.
His funeral committee reportedly comprises over 100 politicians and celebrities from Macau and Hong Kong, including Macau Chief Executive Ho Iat Seng, Hong Kong Chief Executive Carrie Lam, and business mogul Li Ka-Shing.
A public memorial for Macao gaming tycoon Stanley Ho Hung-sun was held Thursday at the North Point Funeral Home in #HongKong. A funeral service will be held on Friday at Hong Kong Funeral Home. pic.twitter.com/HhADi3I1qc
— China Daily Hong Kong (@CDHKedition) July 9, 2020
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Top photo from Viviane Moos/CORBIS/Corbis via Getty Images and VCG/VCG via Getty Images
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