Life Insurance and Trusts

Paper Summary:

Life insurance and trusts are two financial arrangements that provide security to the family and living relatives of the owner of a property or trust. This paper looks at insurance and trusts and how these can be used for better financial security and risk management.

Introduction
What is a Trust?
Elements of Trusts
Determining a Trustee
Types of Trusts
Inter Vivo Trusts
Testamentary Trusts
Unit Trusts
Purpose (Objectives) of Trusts
Life Insurance Trusts
Benefits
Drawbacks
Trusts and Case Law
Conclusion

From the Paper:

"Financial risk management is an important concept in the field of management. A person with an established business, occupation or source of income can suddenly take ill, resulting in the loss of that income which depended on him to generate. This can be a serious loss for him and others who depend on the income. There are two financial instruments which are available which can continue to provide to him or his dependents financial compensation or income based on his previous investments. For monetary investments which had been paid on regular intervals, there is the instrument of life insurance. For property owned, there is the instrument of trusteeship. [Trusts & trustees 2003]."

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