[ADVISOR VIEW] How living, or inter vivos, trusts can be used to achieve one’s estate planning goals: Gareth Collier - crueinvest. Moneyweb LivingTrust EstatePlanning
A living trust is set up during the life of the trust founder to achieve a specific set of estate planning goals. By transferring certain assets into the trust, the trust founder must relinquish control of those assets to the trustees whose job it is to administer the trust assets in accordance with the trust deed in the best interest of the trust’s beneficiaries.
A living trust can be used effectively to protect assets intended for the founder’s beneficiaries, limit estate duty, plan for the succession of assets, or protect assets from creditors. In this article, we explore how living, or inter vivos, trusts can be used to achieve one’s estate planning goals.To set up a living trust, the trust founder will enter into a contract with the trustees in the form of a trust deed in terms of which they will make an initial donation to the trust in order to set up the trust. The trust is governed by a trust deed which provides a mandate to the trustees on how the assets should be managed on behalf of the trust beneficiaries.
In closing, bear in mind that living trusts can be useful to those whose personal estates have values in excess of R3.5 million and who have growth assets that they wish to protect for future beneficiaries. However, not everyone will benefit from a living trust and it is advisable to seek the advice of a trust expert before deciding whether to form a trust.
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