117 years! That is how long one intestacy case (William Jennen’s estate) lasted in the UK and the only reason it was concluded was that the legal fees and other administrative costs depleted the estate.

Our African culture prohibits us from talking about our death, let alone planning for it. But as we have seen, not planning can be costly.

Creating a trust is one way to explore when planning your estate. As incorrectly presumed, you do not need to be very wealthy to take advantage of the benefits trusts can offer.

A trust is a legal entity with separate and distinct rights, similar to a person or corporation. In a trust, the settlor transfers assets to the trust, and another party, the trustee, manages the assets for the benefit of a third party, the beneficiary.

With a trust you will:

• Avoid the probate court process;
• Protect your assets from creditors;
• Establish it during your lifetime;
• Ensure privacy is maintained;
• Control how beneficiaries inherit and use assets far into the future; and
• Meet the needs of beneficiaries who are yet to be born.

Please contact us at info@cfllegal.com should you require further information.