This article published way back in May 2008, however it is still very much relevant today and for next decades to come.
In summary, example of the benefits of an Insurance Trust are
1) Control your beneficiaries spending habits
2) Determine the amount to be paid to your beneficiaries on a periodical basis
3) Set up conditions on how the fund are utilised
4) Reduce the amount or stop payment when the beneficiaries mature
5) Determine when your beneficiaries will receive their full entitlement.
The article also highlight the benefits of using corporate trustee than individual trustee.
Individual trustee is a human, may be dead, fall ill, incapacitated, become of unsound mind, or even become bankrupt, not to mention potentially not doing the job or payment according to your wish. Why take the risk?
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