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Wills, Trusts

In: Business and Management

Submitted By zakkiyahd
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Wills, Trusts and Estate Planning
Everyday many loved ones die without a Will in place and as a result, their affairs are left in limbo. Without a valid Will in place, your loved ones will be left to pick up the pieces, pay the unpaid bills and correspond and possibly litigate with creditors.

There is a common misconception that a Will can or should only be created later in life. However, if you have assets eg. a house, savings, or a business, and people or others you would like to look after, you must consider making a will no matter your age.

Thinking, talking & planning for death may feel uncomfortable. However, if you died or became incapacitated, through illness, accident, old age or emergency without sorting your affairs, this could wreak havoc on those you’ve left behind.
Like Wills, another widely misunderstood concept is that of trusts.

Trusts are often seen as something only the rich need to be concerned with. A trust is created when assets (which can include property, cash, shares etc) are transferred by a person (the settlor) to one or more persons (the trustees) with instructions that they are held for the benefit of others (the beneficiaries). A trust may be set up during a person’s lifetime and have immediate effect, in which case it is usually evidenced by a formal trust deed and commonly referred to as a settlement.
Trusts play a key role in everyday life and can provide to be extremely useful depending on the intentions of the Settlor. A trust can offer a means of holding and managing money or property for other people who may not be ready or able to manage it for themselves.
Some common situations where trusts are used (some often in conjunction with a will) are: * Succession planning * Protection of trust assets from divorce, litigation, creditors, forced heirship * Passing on assets now for future generations * To provide for a husband or wife after death while protecting the interests of any children. * To protect inheritance of young children until they are old enough to assume the responsibility themselves.
Trusts can also be established for charitable purposes and non-charitable purposes as evidenced by a Purpose Trusts. A purpose trust is a type of trust which has no beneficiaries but instead exists for advancing some non-charitable purpose of some kind. Examples of Purpose Trusts are: SPV’s, altruistic activities, trade associations, clubs and unincorporated bodies.…...

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