Trusts create the legal relationships between your assets and their beneficiaries. You can structure your Trusts in many ways in order to achieve the ends you want. A major benefit to owning Trusts is to safeguard your assets from creditors, allowing your family to live in peace following your death. Examples of how Trusts can be used:
- can be used to honour maintenance agreements in terms of divorce
- can be used to provide and safeguard assets for beneficiaries and future generations
- can provide for those with disabilities, as well as aged parents
- can serve as a holding vehicle for assets as part of an estate planning structure.
- can be used to provide regular income to charities and the like
- can even be used to provide for the dependants of a deceased employee
Trusts for Beneficiaries
Creating a Trust for your beneficiaries is the best way to safeguard your child’s future against creditors and the like following you death. It also protects them against spouses should you become insolvent or suffer a divorce.
With a Trust, you can plan for your child’s future in terms of education and living costs. You can setup your Trusts in such a way that your child is paid out certain amounts at certain times. For instance: paying them a lump sum for university costs when they leave school, then a monthly living expense throughout. Perhaps another lump sum for graduate school and then living expenses for a year once they have started working.
Trusts can also be used to pay lump sums yearly, or monthly, to honour maintenance agreements. Perhaps you may even wish to setup a Lifetime Trust to ensure the longevity of your future generations. It can all be done.
Get in touch with Crest Trust today for more information of sound advice on creating your Trusts.