TRUST SERVICES
Standby Trust
A quiet safety net that springs into action upon a specific, pre-determined event or crisis as you decide.
What is a standby trust?
- A standby trust is a powerful planning tool designed to remain inactive until a specific triggering events occurs, e.g. incapacity or death. It provides maximum flexibility and protection while giving you control during your lifetime. Once activated, the trust steps in seamlessly to manage your affairs.
- Unlike a standard living trust, a standby trust usually remains “unfunded” (empty) or minimally funded (holding a nominal amount, e.g. $100) until a specific event, e.g. medical determination of incapacity.
BASIC TWO-PHASE STANDBY TRUST CONCEPT
What are the benefits?
Avoids immediate re-titling
You have full control of your assets while you are well
Incapacity planning
Immediate protection upon incapacity
Flexibility
You can change or revoke the trust at any time while you have capacity
Peace of mind
Ensures your wishes are followed even if you are unable to act
Lower upfront hassle
Lower ongoing costs while inactive
Who should consider a standby trust?
