Practices Of Using Trust

Distributing Wealth To Avoid Grant Of Probate

Trust of this nature is useful when you have:-

  • Minor children and spouse who is a homemaker or who is not the main bread winner.
  • Special children requiring funds for medical, education and living expenses.
  • A second family to provide for.
  • To finance children’s tertiary education.
Protecting Wealth
  • Proctecting Against Wasteful Beneficiaries
    • The Protector appointed will ensure there is no wastage of moneys receives under the Trust. Protector can stop disbursement of fund to undeserved beneficiaries.
  • Against Creditors of Settlor and Beneficiaries
    • Protector will instruct Trustee to stop the disbursement of fund when any beneficiary has become a bankrupt.
  • Protecting Wealth Against the Settlor’s Creditors
    • When a person becomes a bankrupt, usually an investigation by the authorities is done to recover assets transferred up to 5 years prior to bankruptcy. Any questionable transfers may be nullified to recover the assets to pay the creditors.
Protecting Wealth Against The Beneficiaries’ Creditors!  By creating a Discretionary Trust to ensure that if any of the beneficiary becomes bankrupt, he/she will no longer be entitled to the benefit under the Trust.
Preserving Wealth For Your Great Grandchildren.
To Cater Funds For Various Family Situations like education and maintenance fund for grandchildren, nephews, niece etc.
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