Amanda Ferguson will tell you that having a ‘Last Will and Testament’ alone does not necessarily bring peace and harmony to those left behind and often compounds the misery of the grieving process.

“It’s better to have a Will than nothing at all,” says Royal Fidelity Trust and Estates Manager, Amanda Ferguson, “death can result in dissension and even sometimes irreparable damage to a family structure. It’s kinder, smarter, and more beneficial to set up a Trust."

Amanda explains further that the best way for individuals to have their last wishes granted regarding the distribution of assets is to have a Trust and also a Will to direct the distribution of assets that are outside the Trust and therefore form what is known as the individual’s estate.

“Often a Trust is established by the client (settlor as we call it) for estate planning and asset protection purposes, including confidentiality.

The Trust assets are distributed to specific people chosen by the settlor, called beneficiaries. The settlor can also be a beneficiary of the Trust.

“That’s the beauty of a Trust,” the manager explained. “Once the client establishes a Trust, their assets of choice, which can be made up of cash, stocks and bonds, real estate etc. are transferred into the Trust and will only be distributed to the chosen beneficiaries of the Trust.

“We service Bahamian clients and Bahamian residents.

There are many benefits to having a Trust and I wish more people would ring me or come in to Royal Fidelity and get some information. Trusts are not difficult to set up and well worth the effort.”

Amanda said that in most cases clients would’ve worked a lifetime and have cash and other assets to pass on to loved ones, and a Royal Fidelity Trust is the best way to ensure that assets are distributed in a manner according to their wishes, during or after their lifetime.

“Unlike a Will, Trust assets can be distributed immediately upon the death of the settlor, as they are not subject to Probate.

The Probate process can often take a year or longer, even if there is a Will.

The individual’s loved ones must wait until Probate is granted in order to begin receiving assets from the individual’s estate.

Probate documents are public records for all to see - who got what.

Also, the Will requires an executor of the estate.

Oftentimes individuals name a trusted friend or family member as their executor.

However, the reality is that the named person may struggle with administering the estate due to grief, lack of knowledge of the probate process and time constraints (especially if the executor is employed).

Royal Fidelity can assist in this regard as we provide Executorship Services.”

The Trust manager said that there is often confusion surrounding Trusts, Wills and inheritance laws and whether everything in the deceased’s estate automatically passes to the spouse or children, if any.

“Once assets are properly transferred into a Trust, the assets of the Trust are no longer a part of the settlor’s estate and are therefore not subject to inheritance laws.

Trusts offer asset protection and assist with estate planning which is why Trusts are so popular, especially in the offshore space.

“Appointing Royal Fidelity as a neutral party in the form of a professional Trustee can assist in avoiding a number of the complications that arise.

Sometimes we see families with the best intentions, but the death of a loved one often leads to a level of discord.

The Trustee administers, invests and distributes the assets as set out in the Trust documents, and so we’re able to carry out our client’s last wishes in the strictest confidence.”

The Royal Fidelity brochure on Trusts and Estate Planning explains it thus: Estate planning will ensure you are remembered the way you want to be!

It facilitates the private and confidential distribution of your assets according to your wishes and gives purpose to what you’ve accomplished in your lifetime.

About Amanda Ferguson
She is a friendly, articulate and dedicated professional with banking, alternative investment and trust administration experience with top level financial institutions. She enjoys explaining her portfolio of products and services to clients and building lasting relationships to assist them in reaching their financial life goals. Education and Qualifications: Amanda is presently pursuing an LLM with the University of Salford. She holds a BBA in Economics & Finance from The College of the Bahamas and is a member of the Society of Trust and Estate Practitioners and an Associate of the Bahamas Institute of Financial Services.