A Trust is a fiduciary agreement that enables the first party (i.e. the Settlor or Grantor) to grant the second party (i.e. the Trustee) the authority to hold assets and property on behalf of and for the benefit of the third party (i.e. the Beneficiary). There are different types of trusts, such as living, testamentary, revocable and irrevocable trusts. However, revocable and irrevocable trusts are the two major ones.

A Revocable trust can be altered or cancelled at any time during the grantor's lifetime. A revocable trust becomes effective as soon as the legal document is signed. Once the grantor dies, a revocable trust becomes irrevocable.

An irrevocable trust cannot be modified, altered or terminated once it is signed and comes into effect without the consent of the beneficiaries. The grantor effectively relinquishes all ownership rights to the assets and transfers them fully to the trust.

Will and trust both are the effective tools of estate planning, knowing your needs and being aware of tools are the best way for you to create an effective estate plan.

Moreover Covid-19 has shown us that life is unpredictable. The pandemic has affected all of us in an unexpected way and made us think about our future safety and security. It has been observed that an enormous proportion of individuals who died from Covid-19 failed to have an estate plan. It has been a wake-up call for everybody to own a well-defined estate plan, no matter what proportion they owe. The sooner you plan, the better it is, so the right time to secure our family's future is NOW.