Getting your Will drafted is the first and most crucial step in ensuring that your death , however traumatic for your family , is not compounded with the uncertainty of your final wishes , which inevitably leads to family feuds and often financial ruin .
It ’ s quicker and easier than you think . Just get it done .
Trusts
A Trust is a fiduciary relationship in which one party , known as a Trustor , gives another party , the Trustee , the right to hold title to property or assets for the benefit of a third party , the Beneficiary .
There are two main types of Trusts : a Living ( inter-vivos ) Trust and a Testamentary Trust . When it comes to dealing with Wills and Estates , we concern ourselves mainly with Testamentary Trusts .
A Testamentary Trust only comes into effect when you pass away . You should consider using a Trust when leaving assets to minors or Beneficiaries with disabilities or special needs , or protecting wealth for future generations .
Not only are certain tax exemptions
“ Without a Will in place , everything you leave behind is distributed according to intestate succession law , which is usually not in line with your plan .”
applied to Trusts , but through the mandate of the Trustees you ensure that the inheritance is left to minor children or Beneficiaries who can ’ t manage their own financial affairs , and that it is managed well and to their benefit . If there is no Trust in place , minors ’ inheritances are paid over to their legal guardian or to the Government Guardian ’ s Fund , which is probably not what you would have intended .
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