Frequently Asked Questions
What is Income Protection?
Income protection is a type of insurance that provides financial support to individuals who are unable to work due to illness, injury, or disability.
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The Importance of Legacy Planning: Protecting and Preserving Your Wealth
In this article we will discuss what is the Importance of Legacy Planning: Protecting and Preserving Your Wealth.
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Understanding Will Trusts: Ensuring Your Assets Are Distributed According to Your Wishes
When it comes to estate planning, a crucial element is ensuring that your assets are distributed in accordance with your wishes. Will trusts offer a powerful tool to achieve this.
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What is a Vulnerable Person Trust?
A Vulnerable Person Trust is a trust designed to protect the assets of individuals who are unable to manage their own affairs due to a physical or mental disability, or other vulnerability, the trust can also provide for the ongoing care and support.
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What is Life Insurance?
Life insurance is a contract between an individual and an insurance company in which the insured person pays premiums in exchange for a sum of money to be paid out to their designated beneficiaries upon their death.
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What is Critical Illness Cover?
Critical illness cover is an insurance policy that provides a lump sum payment to the insured person if they are diagnosed with a specific critical illness, such as cancer, heart attack, or stroke.
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What is Business Protection?
Business protection is a type of insurance that helps protect a business from financial loss in the event of certain unexpected events, such as the death or illness of a key employee or business partner.
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What is Key Man Insurance?
Key man insurance is a type of business protection insurance that provides financial support to a company in the event of the death or disability of a key employee or executive.
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What is Buildings Insurance?
Buildings insurance is a type of insurance that provides coverage for damage to the physical structure of a building, including the walls, roof, floors, and foundation. It typically covers events such as fire, flooding, and storm damage.
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What is Contents Insurance?
Contents insurance is a type of insurance that provides coverage for damage or loss of personal possessions within a building, such as furniture, electronics, and other personal belongings.
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What is a Spousal Bypass Protection Trust?
A Spousal Bypass Protection Trust is a type of trust that helps to protect assets from estate taxes by transferring them into a trust upon the death of the first spouse.
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What is an Asset Protection Bare Trust?
An Asset Protection Bare Trust is a type of trust used to protect assets by transferring them to a trustee who has discretion over how the assets are used and distributed, while beneficiaries have no legal ownership of the assets.
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What is a Trust with Decreasing Term Policy?
A Trust with Decreasing Term Policy is a combination of a life insurance policy and a trust, where the trust owns the policy and the death benefit funds the trust for specific beneficiaries and estate taxes. The term of the policy decreases over time
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What is a Loan Trust?
A Loan Trust is a trust used to obtain a loan by using the assets in the trust as collateral, it can be structured to protect the assets from creditors and lawsuits, it can be useful for obtaining financing without putting personal assets at risk.
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What is a Discounted Gift Trust?
A Discounted Gift Trust is a type of trust that allows an individual to make a gift of assets to a trust while retaining control over the assets and receiving a discount on the gift for gift tax purposes.
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What is a Personal Injury Trust?
A Personal Injury Trust is a trust used to protect the proceeds of a personal injury settlement or award from creditors and lawsuits, it can be used to provide for the ongoing care and support of the injured person.
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What is the purpose of a Trust?
Trusts may be set up for a number of reasons, for example:to control and protect personal or family wealth and assets when someone is too young or unable to handle their own affairs.
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What is a Trust Settlor?
This is the person who created the trust and who owned the property being transferred. A trust can have more than one Settlor, however for inheritance tax purposes, each settlor is treated as making separate gifts under one trust deed.
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What is a Trust Beneficiary?
The people selected to receive benefits from the trust. It is possible for a beneficiary to also be a Trustee.
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What is a Trust Trustee?
The individual or individuals who take legal ownership of the property in the trust. They are responsible for the administration on behalf of and for the benefit of the beneficiaries .
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Disclaimer: The information provided in these FAQ pages is correct to the best of our knowledge, but may contain errors. We cannot be held liable for any misunderstanding or errors that may arise from the use of this information. We recommend that you seek professional advice before making any decisions based on the information provided here.