Free Essay

Wills, Trusts

In: Business and Management

Submitted By zakkiyahd
Words 408
Pages 2
Wills, Trusts and Estate Planning
Everyday many loved ones die without a Will in place and as a result, their affairs are left in limbo. Without a valid Will in place, your loved ones will be left to pick up the pieces, pay the unpaid bills and correspond and possibly litigate with creditors.

There is a common misconception that a Will can or should only be created later in life. However, if you have assets eg. a house, savings, or a business, and people or others you would like to look after, you must consider making a will no matter your age.

Thinking, talking & planning for death may feel uncomfortable. However, if you died or became incapacitated, through illness, accident, old age or emergency without sorting your affairs, this could wreak havoc on those you’ve left behind.
Like Wills, another widely misunderstood concept is that of trusts.

Trusts are often seen as something only the rich need to be concerned with. A trust is created when assets (which can include property, cash, shares etc) are transferred by a person (the settlor) to one or more persons (the trustees) with instructions that they are held for the benefit of others (the beneficiaries). A trust may be set up during a person’s lifetime and have immediate effect, in which case it is usually evidenced by a formal trust deed and commonly referred to as a settlement.
Trusts play a key role in everyday life and can provide to be extremely useful depending on the intentions of the Settlor. A trust can offer a means of holding and managing money or property for other people who may not be ready or able to manage it for themselves.
Some common situations where trusts are used (some often in conjunction with a will) are: * Succession planning * Protection of trust assets from divorce, litigation, creditors, forced heirship * Passing on assets now for future generations * To provide for a husband or wife after death while protecting the interests of any children. * To protect inheritance of young children until they are old enough to assume the responsibility themselves.
Trusts can also be established for charitable purposes and non-charitable purposes as evidenced by a Purpose Trusts. A purpose trust is a type of trust which has no beneficiaries but instead exists for advancing some non-charitable purpose of some kind. Examples of Purpose Trusts are: SPV’s, altruistic activities, trade associations, clubs and unincorporated bodies.…...

Similar Documents

Free Essay


...create their own that they will follow. The five values that I chose were trust, happiness, independence, love/affection, and achievement/ success. After analyzing and trying to decide on one value that means the most to me, I realized that four of the values I chose all play an intricate roll in one value. My achievement and success in my life is very important to me. Without having achievements or accomplishing something that I have set out to do, I would be an extremely miserable and lost soul. I believe everyone was put on this earth to achieve or accomplish something. It is up to the individual whether they are successful. While reflecting on previous years in my life, I noticed that trust, happiness, independence and love/affection have almost deterred my courage to achieve and succeed in certain situations. Trust is the very thing that everybody in this world desires, or at least should desire from one another. Trust is the reason a husband does not question his wife’s whereabouts, because he believes her faithfulness. Trust is the reason a boss does not check behind the work of his employees, because he knows that they will do it to his standards. I believe that trust is faith. When I say that I am placing my faith in somebody, I trust them. Whenever I die, it is one thing that I want to be remembered for. That as a woman, I maintained people’s trust in me. When there is trust in any type of relationship, the parties involved are able to let their......

Words: 864 - Pages: 4

Premium Essay

Trust Bank

... AN INTERNSHIP REPORT On “FOREIGN EXCHANGE AND GENERAL BANKING of Trust Bank Limited” (As part of the fulfillment of the requirement of BBA degree) Submitted To: Ms. Rokeya Sultana Senior Lecturer Department of Business Administration Manarat International University Submitted By: Mir Fatima Farhana Student ID- 0616BBA00480 BBA 16th Batch, Major- Finance and Banking Department of Business Administration JANUARY, 2011 MANARAT INTERNATIONAL UNIVERSITY FOREIGN EXCHANGE AND GENERAL BANKING of Trust Bank Limited LETTER OF TRANSMITTAL 26 January, 2011 Ms. Rokeya Sultana Senior Lecturer Department of Business Administration Manarat International University Subject: Submission of internship report on “Performance Evaluation of Credit and Credit Risk Management of Trust Bank Limited” Muhtaram I, hereby, submit you working report on “Performance Evaluation of Credit and Credit Risk Management of Trust Bank Limited” which has been prepared as a partial fulfillment of the requirements for the degree Bachelor of Business Administration. I tried to put in all my knowledge that was gathered through the period of my graduation in order to complete this report. However, all the internship and report completion period was a learning experience for me. The report might fail to notice any important condition. I hope that you would disregard my mistakes...

Words: 1959 - Pages: 8

Premium Essay

Wellness Trust

...Trust hosts the 2nd Oral Health Conference in Cape Town Last August the Trust co-hosted an Oral Health Conference in Cape Town together with the University of the Western Cape. The conference brought together key oral health stakeholders and offered a creative opportunity to share ideas, evidence of research and experience in the field. This will be an opportunity for all key stakeholders to review progress of the oral health strategy in Khayelitsha and the supervised tooth brushing programme which was set up last April.  The conference will be held on Thursday 21st November at Highlands House home for the elderly. Why is an oral health strategy needed in Cape Town? In South Africa, the 18 year period since the beginning of democracy has turned out to be inadequate time to put in place interventions and structures capable of reducing the oral health risks of South African children. Perhaps the efforts put place in were misdirected, ineffective, unequally distributed or seriously under-resourced. Either way, thousands of the most vulnerable children have little opportunity to achieve good oral health. Stakeholders at the Oral Health Conference held in 2012 all agreed it was high time to address this forgotten area of the health sector. It has been made clear that the existing provincial dental health care structures have had limited impact. This is namely because they are busy with emergency tooth removal. The private sector is scarcely represented in......

Words: 373 - Pages: 2

Premium Essay

Unit Trust

...The main role of a unit trust consultant would be distributing unit trust or mutual funds on behalf of a unit trust managemen company/ bank to the public. By explaining and analysing each and every fund that are distributed, unit trust consultant aid their clients in giving their best bets on their investments. In reality, a unit trust consultant is helping their clients in achieving financial independence at earlier age. And these need to start from educating them how important a financial plan is. Many people do not sense the urge of having a financial plan till they face financial difficulties. Therefore most of the governments “force” their citizens to build up their personal retirement fund which is mostly directly deducted from their pay/wages. For example, in Malaysia, every employees and employers ought to contribute to Employee Provident Fund (EPF). People can only withdraw the money when they reach the age of 55. However, 70% of the contributors spent all their EPF money after 3 years from their retirement, which seems do not serve the main purpose of setting up EPF. Thus in this case, unit trust consultant comes in and serve a role. There are many ways or types of investment which we can use to build up retirement fund. Long term investment in unit trust would be one of the most efficient way to build up a fund and at the same time offer a handsome return. There are 2 rules to follow in investing for unit trust: First, mid to long term investment. Second,...

Words: 295 - Pages: 2

Premium Essay

Hris & Trust

...1. INTRODUCTION In this term paper, I will explore the notion of ‘Technology Trust’ and if it impacts Human Resource Information Systems (HRIS) implementation success. According to my research, there are many studies focusing on how an HRIS project can be initiated and implemented efficiently and effectively. However, there is not much information if ‘technology trust’ is an influential factor to reach the ultimate goal of HRIS implementation. The study Lippert and Swiercz (2005) worked to explore several propositions about the relationship between HRIS and Technology Trust and the effect of the relationship on HRIS implementation success. We know that trust is an essential component of all relationships. Research shows that trust is not only useful, but also central to understanding individual behavior in varied domains such as teamwork, risk-taking and job performance, information systems implementation, etc. (McKnight et al, 2011) Therefore, it is crucial to explore if the notion of “technology trust” helps explain why there are HRIS implementation failures and explain how to integrate the HRIS implementation process since it is proven that most organizations deploy less than 25% of the functionality of HRIS (Boroughs et al, 2008). Browne and Roguch (2001) stated that “despite the good faith efforts by organizations, analysts, and users, majority of systems are abandoned before completion or fail to meet user requirements.” The recent reports explain reasons the...

Words: 2347 - Pages: 10

Premium Essay

Building Trust

...Ayana Dixon HLT-205 March 9,2014 Professor Lee Building Trust There are many elements that contribute to why most of the population distrusts the healthcare system, such as trustworthiness, trans cultural communication and cultural competence. “Distrust in the health care system is relatively high in the United States, between twenty and eighty present of people distrust the Health Care System.” (Armstrong, Rose, Peters, Long, McMurphy & Shea, 2006). Gaining trust with a physician and/or a doctor is essential, because, “…Trust promotes communication, timely care, healing, patient loyalty to physicians, less litigation, and adherence to treatment recommendations.” (Kosoko-Lasaki, Cook & O’brien, 2009, p. 41). Language barriers are an obvious effect of communication and building trust. The United States commonly use the language of English, but that’s not always the primary language for other nationalities and cultures. Some techniques that the author would use to over come the language barriers would be to speak slower, ask for clarification, check for understanding, be more specific, be patient and lastly choose an effective communication skill such as, an follow up email which the patient would state what they understood in the previous meeting. Another method would be showing examples like pictures or drawings, that would help the patient visually comprehend. Secondly, cultural and religion barriers. “Health professionals should be aware of cultural......

Words: 585 - Pages: 3

Premium Essay

Providian Trust

...Providian Trust (1) What key issues and challenges led to the initiation of the Access+ project? The key issues and challenges let to the initiation are as follows: * The Pension and Institutional Trust Services business had $42.7 billion in assets in 1994,which was the tenth-largest provider and they were losing money. They had outdated reporting systems as far as the clients were concerned. The institutional custody business was becoming extremely technology-intensive, with some of the larger players outsourcing their entire backroom function in order to make large operations more effective. * Internal process: The administrative functions were being done both by the front and back offices. There is an environment where everybody could point a finger at everybody else if something went wrong. The trust officers blamed the operations people and the operations people blamed the trust officers. * Intense client demand: (2) What organizational changes that the company should have made during the project to ensure the success of the Access+ project? * The front office of PITS and Personal Trust and the back office of Operation department which were responsible for handling, settlement, and record keeping for securities should made the changes during the project. * All existing trust information would be converted to the Access Plus system and the Operations group would become the primary caretakers of the data, taking over sole......

Words: 763 - Pages: 4

Free Essay

Trust in the Wlaceorkp

...Trust in the Workplace Trust starts with confidence in and reliance on good qualities, especially fairness, truth, honor, or ability. Trust in the workplace is essential. Untruthfulness can cause employees to lose moral, productivity and lead to feelings of low esteem. To be part of a team in an organization one must have respect for his/her team mates and subordinates in order to gain the mutual respect that which is expected. In the workplace, there are trust issues for the entire senior management team. One reason for distrust is that the management team use an autocratic method of managing, giving the other team members no room to be creative. It is as if the management team has personal issues with internal security within oneself and their work position in the organization. There are members of the management team who are very organized and proclaim to be team players, but it disheartens one to walk up on conversations about employees that should not be taking place in the hall. Those conversations should be behind closed doors with other members of the management team. According to Dave Bowman, a Human Resources Expert, “Many experts agree that trust is perhaps the most important element of a harmonious, synergistic and efficient work environment. Organizations that have trust among employees are usually successful; those that don't frequently are not.” Bowman gives five ways to create and build trust in their teams: * Establish and maintain integrity.......

Words: 1223 - Pages: 5

Premium Essay

Trust in the Owrkplace

...President sent out that stated we should control daily hours, just weekly hours. She felt that my Area Manger was trying to run the Customer Service department. She felt that m Area Manger was trying to limit her help so the department would not reach weekly production goals. The Customer Service Manager stated that my Area Manger was well aware that the Customer Service department hourly employees worked 12 hour days and the help she need would also have to work twelve hour days. The conversation was quickly becoming heated. My Area Manager and the Customer Service Area Manger did not trust each other. In the book The Five Dysfunctions of a Team by Patrick Lencioni page 197 it states one of the characteristics of a team that lacks trust is that each member hold grudges. These two leaders clearly held a grudge. When I reflect on this situation I think I realized that these two did not trust each other. It was the perfect opportunity to try some team building exercise between the two, but time was not in my favor The Business Unit Manager stated that this meeting would not end without a solution. It was clear that neither my Area Manger nor the Customer Service Manager was willing to compromise. So I suggested the following solutions: 1. It would be discussed between Shift Mangers the hours each person would need to work. 2. The hourly teammate would have to agree to the daily hours before they report to work 3. Department Mangers would not get involved unless a......

Words: 1690 - Pages: 7

Free Essay


...   A/B Trusts An A/B Trust is any type of trust that splits into two separate and distinct trusts upon the death of the grantor. One of the separate and distinct trusts is a Credit Shelter Trust, which is designed to hold as much of the grantor's property as is sheltered from the federal estate tax by virtue of the unified credit; i.e., $2,000,000 for decedent's dying in years 2006, 2007, and 2008, and $3,500,000 for decedent's dying in the year 2009. The other separate and distinct trust is a Marital Trust, which is designed to hold the remainder of the decedent's property, which is sheltered from the federal estate tax by virtue of the unlimited marital deduction. These separate and distinct trusts are designed to eliminate or reduce the federal estate tax liability of a married couple over the deaths of both spouses. An A/B Trust arrangement can be created under a living trust or a testamentary trust, since these provisions do not take effect until after the grantor's death. See "Credit Shelter Trusts" and "Marital Trusts." See also "Family Trusts" and "By-Pass Trusts." Back to Table of Contents     Asset Protection Trusts An "Asset Protection Trust" is a type of trust that is designed to protect assets from the claims of creditors. There are two types of Asset Protection Trusts - a Domestic Asset Protection Trust (also known as an "Onshore Trust" or "DAPT") and a Foreign Asset Protection Trust (also known as an "Offshore Trust"). Both types of trusts are also......

Words: 3639 - Pages: 15

Free Essay

Trust Is Key

...Trust is Key Though I may not have the quintessential wisdom from old age I do have experience dealing with trust and the many ways it can screw with someone’s mind. Like most children I was forced to trust the judgment from my parents since they were all I knew from my birth. Neither of my parents went to college, but tried to groom me into a college prepared student. That didn’t go so well. I had no idea what I was doing, and neither did they. The school I went to did no college preparation what so ever, and my parents saw nothing wrong with that. So finally when I graduated I had no idea what I was going to do or how to even proceed. My parents led me to believe that I could go wherever I wanted, so I did. I went to Rhode Island College, and after one semester my parents said that there was no way I was going there and that I needed to come home and pick somewhere else to go. I had invested a lot into that college, and they tore it away. They told me that they have picked a new college for me to go to and I’d be starting in a few weeks. It was culinary school, and though I didn’t mind the classes I hated the outcome. So then I went to Suffolk Community College, with no help from them, and no support in order to start a career path that actually interests me. What I have learned through my limited experiences with life and trust is to be very wary of who you trust, and always trust yourself. Trust needs to be a two way road, and though you cannot get through life only......

Words: 1532 - Pages: 7

Free Essay

Trust Factor

...Jennifer Heil HLT 05 Healthcare System and Transculture Daisy Savarirajan ,PH.D October 31, 2011 Trust Factor There are many elements that contribute to the specialzed populations’ distrust of the healthcare system. A few of them are trustworthiness, trans cultural communication, and cultural competence. Knowing more about these elements will help to break down the distrust of the healthcare system and help to build up more trust which is extremely important because when there is no trust, patients do not seek preventative care or specialty care. According to Cook, Kosoko-Lasaki, and O’Brien (2009) trust and distrust play significant roles in the interactions with in the healthcare system (p.16). This trust drives the frequency of the interactions between the culture and healthcare professionals. Trust can also be generational deriving from family members past experiences, also from others within the culture and this can affect future relationships within a particular group. Just like distrust can drive down interactions trust and increased understanding can increase a cultures competence. Trustworthiness can go a long way in helping clients and healthcare as a whole. Cultural competency has been attempting to improve starting at the caregiver and institutional levels. Policies have been made to heighten the sensitivity awareness when caring for others. “A big challenge to the adoption of cultural competency education is that no single method or body of......

Words: 1286 - Pages: 6

Free Essay

Cultivating Trust

...time and I know I can trust them to treat me fairly. Over time, we will develop an open relationship and will discuss any potential issue that arises directly to one another. I hope that I will be treated on the same level as an employee who has been working with the firm for a long time and who manages to maintain his position in good standing. What are the important features of this situation that need to be considered to ensure success? To ensure success, I must prove myself to be an approachable and responsible employee through the assignments that my boss delegates to me. I must consider the exact requirements of each assignment and ask questions to clarify so that I am fully aware of my boss’ expectations and visions for the advertisement that I am designing. I may encounter barriers in developing a trusting relationship in the beginning since naturally and will be apprehensive at first to delegate an important assignment to a new employee who lacks a proven track record in the company. However, this concern will be reduced over time as I continue to work hard and produce excellent ads for the company. As long as I am able to prove myself to be a responsible, hardworking, and communicative person who is an asset to their firm then the trust barriers will be diminished and the situation will be improved. The advantage that I have is that I was highly referred to the company from my past employers and therefore it should be easier to build up trust with my new boss.......

Words: 789 - Pages: 4

Premium Essay

Organizational Trust

...Building Organizational Trust Kirsimarja Blomqvist Telecom Business Research Center, Lappeenranta University of Technology and Sonera Research, P.O.BOX 20, 53851 LAPPEENRANTA, FINLAND e-mail:, mobile +358-40-755 1693 Pirjo Ståhle, Competence, Knowledge and Technology Management, Sonera Ltd, PL 116, 00051 SONERA, FINLAND e-mail: ABSTRACT In this paper we study the role of trust in enhancing asymmetric partnership formation. First we briefly review the role of trust. Then we analyze the state-of-the-art of the theoretical and empirical literature on trust creation and antecedents for experienced trustworthiness. As a result of the literature review and our knowledge of the context in praxis, we create a model on organizational trust building where the interplay of inter-organizational and inter-personal trust is scrutinized. Potential challenges for our model are first the asymmetry of organizations and actors and secondly the volatility of the business. The opportunity window for partnering firms may be very short i.e. there is not much time for natural development of trust based on incremental investments and social or character similarity, but so called “fast” or “swift” trust is needed. As a managerial contribution we suggest some practices and processes, which could be used for organizational trust building. These are developed from the viewpoint of large organization boundary-spanners (partner/vendor managers)......

Words: 7325 - Pages: 30

Free Essay

Trust Mechanisms

...Trust In Semantic Web Muhammad Arslan Shafiq (081212) Department of Computer Science SZABIST Islamabad, Pakistan _______________________________________________ _______________________________________________ Abstract—Trust management is important in semantic web in order to achieve the goals of semantic web vision. In this paper two approaches of implementing trust have been discussed. One approach is strong and secure i.e. Policy based systems, the other approach is more of a social approach which takes feedback from the users in order to build and maintain trust. Also discussed in this paper are pros and cons of both the techniques. Keywords-component; semantic web;Trust; Policy Based Systen; Reputation Based Sytems Introduction The idea behind semantic web seems great and offers a lot but why one should trust in semantic web. Who would trust such a system where anyone can say anything. We say that it is going to be a smart web, it will be intelligent and it will know the semantics. It will know what we are looking for. But what happens when a person says that x is yellow and another person says x is not yellow. Would semantic web fall apart? The idea behind SW is its authenticity of information which isn’t available in today’s web. Information comes from different sources which could be wrong or write and for a specific situation. So how are we going to determine which is reliable and whom should we believe? To tackle......

Words: 3887 - Pages: 16