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An Inter Vivos Trust remains one of the most valuable mechanisms to protect and grow assets. Inter Vivos Trusts are often recommended for saving estate duty, but there are other reasons, such as:
• To protect your assets from creditors or relationship claim
• To provide continuity after death
• To protect your assets if a beneficiary is a minor or disabled
However, an Inter Vivos Trust is not suitable for every individual or family and you need to consult a lawyer in this regard.
Testamentary Trusts are created in a person's Will and only come into effect on the death of that person. The Will then operates as the trust deed spelling out the terms of the trust. The terms would state for whom and under what circumstances beneficiaries are to benefit and when the trust is to terminate. There are various reasons and circumstances to consider when deciding whether to create a Testamentary Trust, some relating to family issues and others to monetary and tax considerations.
What is estate planning?
Estate planning involves the application of recognised techniques to protect, preserve and grow an individual's or family’s estate during and after their lives. Estate planning is a multi-faceted exercise that requires the professional input of a number of specialised disciplines, such as lawyers, financial planners, insurance and assurance brokers, and tax experts. Estate planning is an ongoing process and there are certain recognised stages in a person's personal and business life that require you to reassess your estate plans, such as:
The start of a relationship union or marriage, The birth of a child or children, The termination of a relationship or divorce, A new business venture, Retirement, Disability, A subsequent marriage, Acquiring or selling a major asset, A change in financial circumstances (inheritance and insolvency), Emigration and relocation.