This is a trust (Living Trust) which takes effect during the Settlor’s lifetime, unlike a Will that takes effect upon demise. Once created, a Living Trust, guarantees that the Settlor’s Estate will be managed according to the Settlor’s expressed wishes.
To actuate the trust, the Settlor transfers all the assets unto the Trust. The trust can be utilized to gather the Settlor’s assets for efficient management and distribution.
The attendant benefits of a Living Trust include;
- Avoiding the rigors of probate and probate costs on estate assets.
- Protecting the Legacy- A well-constructed trust can help protect an Estate from creditors or beneficiaries who may not be adept at money management.
- Reducing the possibility of challenge by aggrieved persons.
- Privacy-It is strictly confidential.
This is a trust created under a valid Will. A Testamentary Trust comes into effect after the demise of the Testator and the Will has been probated. In this instance, we will have oversight and management functions over the estate assets to meet the needs of the designated beneficiaries. It generally captures the identity(ies) of the beneficiaries of the trust, the obligations of the Trustee, the operation and the winding up of the Trust.
UTL will manage and direct the trust until when the trust expires, such as when minor beneficiaries reach a specified age or accomplish a deed such as completing a set educational goal or achieving a specified matrimonial status.
A testamentary trust is created for asset protection & management, also for the maintenance and care of identified beneficiaries with special needs.
Children Education Trust
Establishing a Children Education Trust is a sure way of saving towards their future. The trust will ensure subject to the availability of funds that the beneficiaries’ education is undisrupted in the event of incapacitation, job loss or demise of the Settlor.
It would also provide for living expenses while in school and could cover all levels of education among other things.
With our Children Education Trust, the security of your child’s education is assured:
- Convenience and flexibility – School fees can be paid directly from the Trust Fund. The payment terms are also convenient for the Settlor.
- Assurance of prompt and regular payment of fees.
- Growth of the investment.
- Assurance of liquidity.
- Guaranteed Child education.
- Excised from other assets.
- Protected from termination by others.
- Ensures Settlor’s commitment to the beneficiaries’ education.
- Allows good educational planning for the child from Nursery to University level.
Children Investment Trust
Every parent wants the best for their children, this is why our Children Investment Trust was conceived to enable parents build nest eggs for their children.
Children Investment Trust ensures that parents are not kept in a state of dilemma about the future of their children. We believe that starting small is better than not starting at all in providing for a safety net for your children towards their successes in life.
- Assists parents in the training of their children to be good managers of financial resources.
- Provides a platform for parents to expose their children to investments and savings early in life with the added advantage of a consistent process.
- Ensures that beneficiaries enjoy seamless education up to the desired level.