First Citizens Settlement Trust

A Settlement Trust Account is an account that is managed by a trustee for the benefit of a third party. It is created to manage, protect and distribute assets according to the grantor’s desires. It is a great way to protect and preserve your assets.

You should consider setting up a Settlement Trust when you want to safeguard assets for future generations, protect your assets, or ensure controlled distribution of wealth according to your wishes.

A Settlement Trust can help you achieve the following:

• Effective Estate Planning – A settlement trust eliminates the lengthy process of a probate allowing the orderly transfer of assets to beneficiaries
• Asset Management – A settlement trust account provides professional management of assets which is useful if your beneficiaries are minors, financially inexperienced or unable to manage assets themselves due to special needs
• Asset Protection – A settlement trust safeguards your wealth for future generations. It can protect your assets from creditors, lawsuits and claims in divorce proceedings
• Charitable Giving – You can set up a settlement trust to benefit charitable organizations.
• Privacy – A settlement trust remains private and protects the details about the distribution of your assets unlike a Will that becomes a public record when probated
• Business Continuity – A settlement trust can aid in the successful transition for business continuity in the event the business owner dies or becomes incapacitated. It can help to preserve and sustain your legacy for generations

You can start by setting up an appointment with us by clicking here

You will need to have the following:

• One form of valid identification e.g. National Identification Card, Drivers Permit or Birth Certificate
• Proof of address not older than 3 months in your name e.g. utility bill, bank statement
• Proof of legal ownership of the assets to be held in the trust such as:
  • Property – Deed of Title
  • Equity – Share certificate / statement
  • Company – Certificate of Incorporation / Continuance,  Articles of Incorporation / Continuance, share register
  • Vehicle – Certified copy

A vast variety of assets can be placed into a Settlement Trust Account such as:

• Real Estate
• Cash and Bank Accounts
• Shares
• Bonds
• Jewelry
• Vehicles
• Mutual Funds/Certificates of Deposit
• Insurance Policies

If you establish a Revocable Settlement Trust, you can access and use your assets as well as modify, add or remove assets from the Trust at any time.

With a Revocable Settlement Trust you would retain control of your assets and would be allowed to make changes or revoke the Trust at any time during your lifetime. It is ideal for persons who would like flexibility and control over their assets. However, an Irrevocable Settlement Trust means that the Trust cannot be altered, amended or revoked without the consent of the beneficiaries. It is ideal for persons who want to protect their assets from creditors.

First Citizens Trustee Services (FCTS) is backed by the strength of First Citizens, a regional financial services group with a strong foundation built on decades of expertise and experience. FCTS is the one of a small number of local Corporate Trustees which boasts such a diverse range of skills and expertise amongst the key personnel dedicated to serving our clients. We do possess the skills and competencies required to effectively manage your trust assets.

Yes, fees would be paid to the competent service providers who would be responsible for the proficient management of the Trust.

These can include Trustee Fees, Investment Management Fees, Establishment Fees and Legal Fees.

Yes, a Will and a Settlement Trust are completely different estate planning tools and it is advisable to have a Will even though you have a Settlement Trust.

A Will and a Settlement Trust are both estate planning tools. However, they both function differently. A Will is a simple legal document that gives details of the distribution of your assets to beneficiaries after death. A Settlement Trust on the other hand, allows for private, efficient asset management and distribution without probate.

You can generally choose a wide range of individuals or entities as beneficiaries for your Trust.

• Family members: immediate family, extended family and special needs individuals
• Friends or Business Partners: You can select close friends, people you have a personal connection with or business partners
• Charitable organizations: if charitable giving is important to you then you can consider naming a charity as a beneficiary. This can also aid with tax benefits
• Institutions (e.g. Universities, Foundations): you may wish to leave funds to educational institutions, scholarship funds, or foundations.

As your Trustee, FCTS would be guided by your instructions contained in the Statement of Wishes (the document which details the management and distribution of your assets). It is the Trustee’s responsibility to honour your wishes without influence from the beneficiaries.

Your beneficiary should contact FCTS via FCSettlementTrust@firstcitizenstt.com to inform us of your demise and inquire about the next steps for settling the Trust.

Yes, you can make changes to your Settlement Trust by amending your Statement of Wishes (the document which details the management and distribution of your assets). Following the establishment of your Trust, FCTS would meet with you periodically to confirm the details of your Trust and make changes as you may deem necessary.

As a Corporate Trustee, we can offer professionalism and longevity in the management of your Trust assets.  Our team of Trust professionals possesses all the relevant expertise, allowing us to always take a holistic approach to dealing with complex matters affecting the administration and management of the Trusts under our purview.