Flexible Trust Form

[kloofnek]

I am trying to fill in a Flexible Trust Form...so complicated!!!!

Have got..Settlor.. Trustee...Additional Trustees...Beneficiary...?????

Can someone correct me if I am wrong here,please:
Settlor:Policy Holder
Additional Trustees:What do these do and what do they do??
Beneficiary: Person who receives the money?

So if one wanted to leave the money to one of their children who would then distribute it out to any remaining children and spouse ,(if still alive).according to their wishes.
She would be the Benificiary..am I right here?

Help here please...in simple jargon.
Thank You

[kloofnek]

Forgot to ask...can the Beneficiary also be a Trustee?

[dzug2]

No she would be <<A>> beneficiary. And trustee. She receives the money and doles it out according to the criteria you specify.

Additional trustee(s) are a safeguard against one person making off with the money. Can be anyone - a solicitor if you are prepared to pay them but anyone you trust

[kloofnek]

Thank You dzug2...explained very clearly.
Happy Easter.

[Peter Pedant]

I think the best advice that Drugz could have given you is:

you need to see a solicitor if you are going to set up a trust and this as many a judge has sighed, may save you in the long run.


with a name like Kloofnek are you from afrikee ?
wills in South Africa come under ROman Dutch law and trusts are NOT intuitive in that legal system.

Trusts are absolutely central to wills in this country and I think you should a tickee to make sure your money is going where you want it to.

[boxtops]

peter, some of your post has weird words in it...

[kloofnek]

Peter,yes Afrikaans.
Lived in UK for many years,so my Trust and Will are in accordance to UK laws.

[Peter Pedant]

central message should be clear -

see a solicitor and pay