Should You Be Setting Up a Trust?

What is a trust? Should I create a trust during my lifetime or in terms of my Will?

A trust is an entity which is created with a specific purpose in mind. As an example you may want to protect your assets or minimize estate duty liability. The main purpose of a trust is a vehicle for the efficient management of assets that have been set aside for the benefit of beneficiaries.

A trust can be created through an agreement between the donor or founder and the trustees (the so-called "inter vivos trust") or in terms of your Will (the so-called "testamentary trust"). Your personal requirements and wishes normally dictate whether it is necessary to create a trust and when it should be created, but a trust is generally useful in estate planning.

Please contact your Partner if you would like further advice when deciding whether you need a trust, and what it should provide for.