- A ‘Trust’ is an arrangement whereby property (including real, movable and immovable) is managed by one person / persons / organizations. This person is call a Trustee.
- A ‘Living Trust’ is a trust created during a person's lifetime to setup long term property management. All living trusts are designed to avoid Estate Administration.
- A living trust is created while you’re alive. It allows you to control the distribution of your estate and / or to transfer ownership of your property and assets into the trust. Living trusts can be irrevocable or revocable depending on the situation.
- An effective Living Trust must include the assets that you want to be managed or maintain.
- Your trust can only control assets in its possession.
- Maintaining control of assets in your Living Trust.
- Withdrawal of any amount is allowable.
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Investment Trust
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Insurance TrustA life insurance trust is an irrevocable, non-amendable trust that its main purpose is to allow you to state your terms and mode of payment to the beneficiaries of your insurance policy. This is especially important for beneficiaries who are minors or persons that are unable to manage in proper their financial dealings. Benefits of an Insurance Trust:
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Living TrustA "Living Trust" is created while you are alive and of Sound Mind. All living trusts are designed to avoid Estate Administration and may in addition be used to reduce taxes, safeguard financial privacy, to regulate the use of assets if the owner becomes incapacitated and to manage their property in the long term. Benefits of a Living Trust are:
A living trust can be either revocable or irrevocable. Revocable trust is when one reserves the power to revoke the trust document at any time. Irrevocable trust is when the settlor relinquishes assets to the intended beneficiaries and way to prevent the assets from being claimed by creditors in the event the settlor is declared a bankrupt. |
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Succession Trust
Succession Trust or Business Continuation Trust is aimed at ensuring that a smooth transition and succession of business interests following the departure or demise of a business partner. Various problems might arise when a business partner departs or dies without having a written instruction of what are to be done. Thus, it is important for proprietors, partnerships or corporation enforce a requirement to have a written agreement willed into a trust deed in place to ensure that continuation of the existing business according to the collective agreement of the current owner(s).
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