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Protect Vulnerable Beneficiaries – A Family Trust can hold and safeguard assets on behalf of the vulnerable including: underage children or persons who are incapacitated, very old or sickly persons etc. You can secure employee benefits, investments or policies (e.g., education, whole life, pension, group life etc.) meant to support your loved one's future by naming a trust fund as the beneficiary. This ensures they benefit from any future payouts.
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Eliminates the need for succession court processes – In the event a property owner passes on with a Trust in place, the Trust safeguards the privacy of the settlor and their beneficiaries. It also saves on legal costs and time of going through the probate process.
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Asset Protection – Asset protection against creditors, bankruptcy proceedings etc., especially with irrevocable living trusts. In the event of bankruptcy proceedings, the Trust property cannot be sold or transferred for purposes of settling debts of the founder or the beneficiaries.
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Creation and preservation of sustainable generational wealth – Trusts preserve family assets throughout multiple successive generations since the property is held by a legal (immortal) person on behalf of beneficiaries.
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Safeguards the founder/settlor’s wishes – There are several court instances where a deceased’s Will was invalidated. The operation of living trusts ensures that the deceased’s wishes on their property are adhered to.
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Tax Benefits – Property transferred to a Family Trust is exempt from Stamp duty and Capital Gains Tax.
A legal declaration by a person of his wishes and intentions regarding the disposition and/or distribution of his property after his death duly made and executed, and includes a codicil.
Wills have their various challenges that make them an inefficient and ineffective mode of estate and succession planning