Living Trust
A Trust is an arrangement set up in the lifetime of the asset owner. It is an arrangement between two persons/entities, with one person or entity agreeing to hold property/assets for the benefit of another person(s), which may include the person with which the arrangement was entered into subject to the type of arrangement. The creator of the Trust is called the “Settlor” and the person for whose benefit the property is being held is called the “Beneficiary” while the person who manages the assets and distributes in accordance with the settlor’s directive is called the Trustee.
Benefits of Living Trust
By setting up a Living Trust, you receive:
- Asset protection for the settlor as will further be outlined in the Trust Deed
- Flexibility and opportunity to amend instructions/directives in his/her lifetime for efficient administration upon the occurrence of incapacitation or death.
