Britam Cash Trust
A Cash Trust is a trust fund that manages cash exclusively. These trusts ensure liquidity, accessibility, and availability of funds whenever needed for predefined purposes such as education, medical care, or general upkeep, as determined by the founder or settlor.
They protect cash assets and ensure financial provision for you and your loved ones during your lifetime and after, in case of death or incapacitation.
Need-Based Cash Trusts by Britam
- Education Trust Fund: Covers school fees, books, uniforms, trips, and other education-related expenses for the beneficiary.
- Medical Trust Fund: Pays medical bills and/or annual medical cover premiums.
- Family Care Trust Fund: Covers various family needs, such as education, medical expenses, upkeep, rent, utility bills, and transportation.
- Charitable Trust Fund: Provides funding for charitable causes that matter to you.
- Milestone Trust Fund: Supports children’s dreams upon achieving specific targets defined by you.
- Welfare Trust Fund: Designed for groups aiming to sustain each member’s beneficiaries by paying out funds in the event of a member’s death.
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Protection for Vulnerable Beneficiaries – Trust funds safeguard cash investments for vulnerable individuals, including underage children, incapacitated persons, or elderly individuals. You can secure employee benefits, investments, or policies (e.g., education, whole life, pension, group life) by naming a trust fund as the beneficiary, ensuring future payouts directly support your loved ones.
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Investment of Trust Funds – Funds held in a trust are invested to earn long-term returns, ensuring sustainable financial growth.
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Elimination of Succession Court Processes – In the event of the founder’s passing, trust-held assets are not part of the estate, bypassing succession court processes. This enables a smoother transition for beneficiaries and protects privacy while saving on legal costs and time.
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Asset Protection – Trust assets are shielded from creditors, bankruptcy proceedings, and similar court actions. For example, in bankruptcy cases, trust assets cannot be used to settle the debts of the settlor or beneficiaries.
- Adherence to the Settlor’s Wishes – Funds are managed according to the founder’s specified terms, ensuring their wishes are honored even after death.
- Settlor(s): Copies of ID or Passport and KRA PIN.
- Beneficiary(ies): For those below 18 years, a copy of the birth certificate. For those 18 years and above, copies of ID or Passport and KRA PIN.
- Guardian(s): Copies of ID or Passport and KRA PIN (if any beneficiary is under 18 years).
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