What is a Trust?
- A Trust is a legal and fiduciary arrangement created by the Settlor during their lifetime, where legal ownership of assets are transferred into the Trust to be managed and administered by Trustee
- Designed to protect assets from lawsuits and Settlor to have more control over their assets during their life and even after death
Key benefits of having a Trust
|Wealth Preservation and Asset Protection||Avoidance of Probate|
|Family Wealth Planning – ensure the usage of Trust Funds allocated according to the wishes are properly distributed||Avoid family conflict – ensuring the right people benefit from the assets, keeping afloat across generations|
|Avoid loss of wealth through divorce or re-marriage||Asset consolidation|
|Avoid wasting of wealth by spendthrift family members||Privacy|
|Creating a legacy of giving back to Society- Charities/Philanthropy||Better tax planning benefits|
A typical Standby Trust structure
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