Wills & Trusts (Estate Planning)
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Will: Legal document that outlines wishes regarding distribution of asset and property upon death
A Trust: Legal arrangement whereby a person or entity (known as trustee) holds these assets as its legal owner on behalf of beneficiaries, such as your children or elderly parents.
Trust fund: can be compared to a safety deposit box that holds valuable items, for the benefit of your loved ones or courses.
- Trust Funds contain cash; grows with compound interest
- Structured distribution of funds like life insurance proceeds to beneficiaries when one passes on.
- Set-up Cost of a Trust Fund: Free | Minimum contribution: Ksh 5,000
- Uses of Trust Fund: Saving for education, medical costs, funding a charity, family welfare, upkeep
Here are 8 benefits of a trust fund for your loved one:
Controlled Distribution
You can specify when and how your children receive the funds, such as at certain ages or upon achieving specific milestones like graduating from college.
Professional Management
A trustee, a financial institution, will manage the trust assets, providing expertise and ensuring that the assets are handled in the best interest of the beneficiaries.
Growth of Funds
Since the funds will be invested in a Money Market, the money will grow over a period of time through compound interest
Protection from Creditors
Hence protected if your child faces financial difficulties or legal issues.
Financial Discipline:
By setting up specific terms for distributions, you can help instil financial discipline and responsibility in your children, preventing reckless spending
Generational Wealth Preservation:
Trusts can be designed to pass wealth down to your children and their children, promoting long-term family wealth and stability
Continued Support:
Trusts can provide for your children’s long-term needs, such as education, healthcare, and general living expenses, ensuring ongoing support even after your passing.
Avoiding Probate
Trust assets bypass the probate process, ensuring a quicker and more private transfer of assets to your beneficiaries without court involvement.
Plan Your Legacy with Le’Risque Africa Today
Ensure that your wishes are respected and your loved ones are taken care of by creating a will with Le’Risque Africa. Our professional will services provide you with the peace of mind that comes from knowing your affairs are in order.