How and why do you need to fund Trusts?
- The Trustmaker’s assets need to be retitled and transferred into the name of the Trust.
- Failing this, the Trustee cannot manage the Trustmaker’s assets.
- This means that probate will be ensue and your assets will be divided accordingly.
Having undergone your Estate Planning process and drafting your Last Will and Testament, you will create your Trusts, whereby you set in motion the legal instrument by which your Estate will divided. Simply put, trusts are legal relationships between people, dictating the distribution of assets between them. Trusts are legal relationships facilitated by the Trustmaker for the benefit of a third party, which means that someone needs to be appointed to administer your Trusts.
To retitle your assets, ensuring they form part of your Trusts, get in touch with your Fiduciary advisor today.
Trusts form a number of different applications for your Estate. The can be used to honour maintenance commitments in terms of a divorce orders and settlement agreements. The can provide for disabled dependants and aged parents, can protect and provide assets for following generations.
They can serves as holding vehicle for assets as part of an estate planning structure, providing a regular income for favourite charities and other PBO’s. They can even provide for the dependants of a deceased employee.
To fund a Trust refers to the act of transferring ownership of a Trustmaker’s assets into the Trust, and changing the title of ownership to suit. This ensures that all property owned by the Trustmaker is administered according to the Trust agreement so that your assets are divided the way you intend.
Crest Trust can help you fund your Trusts and ensure your assets reach the beneficiaries you intent. Contact us today to setup your Trusts and retitle your assets!