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trust may be seen as an arrangement under which money
or other property is held by one person or company (“trust
company”) for the benefit of another person or persons.
The assets are administered according to the terms of
the trust agreement. Jamaica’s Trustee Act regulates
the kinds of investments that can be made by the trustees
of a trust fund. Establishing
a trust is considered a very efficient means of preparing
for the distribution of your estate. This method of
estate planning structures the ownership of assets in
such a way as to eliminate certain steps in winding
up an estate. This procedure enables the avoidance of
the delays, publicity and costs associated with probate
or estate administration.
Establishing
a Trust, which will own all your assets and distribute
them to your beneficiaries upon your death is a highly
recommended method of estate planning. Appointing a
trustee which is an experienced trust corporation or
an individual with expertise in trust administration
is recommendable.
Where
all the assets are transferred to the Trust, the deceased
would own nothing upon death and therefore there would
be no estate to administer, hence no need for probate
or a grant of administration. The trustee will be required
to administer the trust assets in accordance with the
instructions of the deceased.
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