The living trust
A Living Trust is a Trust created during a person’s lifetime, whilst also taking effect during their lifetime.
- It can be revocable meaning that the Settlor can change his/her mind and decide to take asset(s) out of the Trust at anytime he/she choose to, without any difficulty, or impediment.
- It can be irrevocable i.e. once the Trust is created and assets are transferred into it, those assets cannot be taken out of the Trust except as described in the Trust Deed.
- The Settlor should consider the following factors before setting up a Living Trust:
b)The size of his/her estate
c)The location(s) of his/her real estate holdings
BENEFITS OF A LIVING TRUST.
It is the most cost effective tool for Estate Planning as it reduces the costs of Estate and Probate duties payable.
Beneficiaries will avoid the delays of processing letters of administration of estates because Trust assets are not part of assets for probate administration.
It ensures privacy of Settlor’s estate planning instructions.
ALM LIVING TRUST FEATURES
A Trust Deed setting out the objectives of the Trust shall be duly executed by the parties and stamped.
Access to online account and ability to monitor the Trust account with ALM Trustees.
Provision of yearly Statements of Trust account.
Reserved Power Trust: We afford the Settlor the opportunity to continue to actively manage the Trust Assets.
We operate a family office structure thus, are able to effectively administer your Trust.
Responsiveness: We are available to our private trust clients 24/7.