A Standby Trust is a trust that you set up now but activate only when needed — such as in the event of incapacity or death. It ensures your assets are managed and distributed according to your wishes without delay.
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Including a Standby Trust in GM Legacy
If you wish to include your Standby Trust in your Will through GM Legacy, please ensure the following:
Prerequisite
- Precepts Trustee Ltd must be appointed as the Sole Executor and Trustee in your Will.
- You have created or are in the process of creating your Standby Trust with Precepts Trustee Ltd.
⚠️ Important: Please ensure all information entered is correct — it cannot be changed once saved. The Will can only be signed after the Trust Deed has been created.
If the testator appoints Precepts Trustee as sole executor and trustee, and also selects a Standby Trust as beneficiary, how will the estate be distributed?
If the Will contains specific gifts (whether movable or immovable assets), these will generally be distributed first in accordance with the testator’s instructions.
Only the residuary estate—the remaining assets after all specific gifts, liabilities, and expenses have been settled—will form part of the Standby Trust under the pour-over residuary clause.
Thereafter, Precepts Trustee will administer those assets in accordance with the terms and instructions set out in the Standby Trust.