A private trust is designed for private individuals. Unlike a will, a private trust is more concerned on the preservation of assets and wealth; how the assets and wealth can be protected for the benefits of intended beneficiaries. For example, as the key provider of the family, leaving the assets you have accumulated all at once to a wife who is not financially savvy might result in a catastrophic mismanagement.

By setting up a private trust, you as the Settlor can impose a certain conditions as to how you want your assets and wealth distributed by a Trustee (an individual or a corporation) to designated individuals i.e the Beneficiaries. The conditions can be as specific as only paying out to your wife when your children enter college. Or maybe you want to will away your assets by portions to cover your children’s educational fees and maintain the monthly lifestyle of your family.

Unlike a will, your private trust can pay out to your beneficiaries immediately without probate.

Some benefits of setting up a private trust include;

• Ensuring assets and monies are properly invested through conditions decided by the Settler (owner)
• Assets are preserved for the future generations
• Trust Fund monies are given to spouse and surviving family members