- The role of a Trustee is to not look after the minor financially but to administer and manage the funds for the benefit of the beneficiaries.
- Trust assets are protected from creditors of the parents or grandparents which provide a ringfence around future financial certainty for the beneficiaries.
- A Trust has a separate legal identity and is liable for taxes.
- The bureaucratic process is avoided when making use of a Trust by providing ease of access to funds for the benefit of minors or the beneficiaries.
- Invested capital and interest can be used for the benefit or the maintenance of the minor(s).
- The benefits of a Trust far outweigh the tax implications of having one, but that is not to say that there are no tax implications.
- A Trust has to be managed by the Trustees.
- Choose reliable Trustees who you can have complete faith in to execute the duties required for the benefit of your beneficiaries.
- For the sake of accountability, always have more than one Trustee.
- It is always wise to seek the counsel of an accredited financial advisor on Trust matters.
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