Once considered a privilege for the wealthy, trusts are increasingly popular among all who understand the power of planning. They want to protect and grow their assets while alive and ensure they are distributed according to their wishes after their demise without the requirement, expense or delay of probate — in confidentiality and privacy.
But how do you get started?
You would be hard-pressed to find someone with more experience and hands-on know-how than Dianne Bingham, Managing Director of Leno Trust (Bahamas) Ltd.
“I’ve seen the gamut from the management of only foreign currency trusts to management of trust in Bahamian dollars allowing Bahamians to enjoy the same benefits of structured planning and asset protection as they had been managing for others with carefully planned and structured companies, real estate or other assets from within The Bahamas,” says Mrs. Bingham.
She’s quick to cut through the clutter of confusion between wills and trusts.
“One does not negate the other,” she explains. “It’s important to have a Will because if you die intestate (without a Will) you have effectively relinquished control as to how and who will receive your assets. You leave it up to the courts to decide who wins if there is a fight among spouse, children, parents and stepchildren. Even siblings can fight over your estate until the only ones who benefit are the lawyers.”
A Will allows you to name an executor, someone to manage all those potential conflicts and to smooth out the process that unfolds upon your death. Is there a guarantee they will be around long after your demise to see it through? Did they consent to take on this responsibility? It can get a lot uglier than any of us like to imagine!!
All of the uncertainty can be avoided when your assets are safely and neatly packaged in a trust where they will be managed or distributed by someone who is independent, licensed and regulated!
A trust, Mrs. Bingham explains, allows you to leave “what you have to whomever you want” in privacy without prying eyes or court probate process with public records.
“The deceased may wish to leave cash, company shares or real estate to someone who once showed kindness or to a friend who needs support. This will remain private to you and your Beneficiary friend. No one else need ever to know to whom your cash, real estate, jewelry or other assets were given. You earned during your lifetime what you leave and you have a right to ensure it is handled according to your wishes when you are no longer here to protect or preserve your assets yourself.”
Mrs. Bingham’s hint – think of wills and trusts as bundling your estate plan. You bundle your internet, she says, why wouldn’t you pay just as much attention to your financial legacy?
How to get started? Do your research online with respected sources, avoiding those sites that are sponsored. Then call Dianne Bingham at 242-396-3225. She will press the “go” button and guide you safely to your destination!!
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