Montane Life Trust
Frequently asked questions
▶ What is Montane Life Trust?
▶ What are beneficiaries?
▶ What is a co-trustee and a successor trustee?
▶ Who should I choose as my co-trustee or successor-trustee?
▶ How long does the trust last for?
▶ Who should have Montane Life Trust?
▶ Do I still need a Montane Will if I have a Montane Life Trust?
▶ I have additional questions about Montane Life Trust. Who can I contact?
What is Montane Life Trust?
Montane Life Trust is a legal entity that can “own” assets. When the entity, rather than an individual owns your assets, several people can receive the benefit of the assets whilst you are alive. Plus, when you die, your Montane Life Trust can continue on seamlessly managing your assets for their benefit.
What are beneficiaries?
These are people and organisations who benefit from gifts from your Montane Life Trust.
What is a co-trustee and a successor trustee?
A co-trustee is the person you share the role of trustee with whilst you’re alive. Often this is your spouse. A successor trustee is the person who is made trustee after your death.
Who should I choose as my co-trustee or successor-trustee?
Choose a person whom you can trust and who has the skills to:
- become familiar with the provisions of the trust
- to know where the trust document, trust assets, insurance policies (medical, life, disability, long term care) and other important papers are located
- to keep trust assets and their own separate
- unless the trust authorises it, a trustee cannot use trust assets for their own benefit.
- unless the trust says they can, a trustee must treat beneficiaries equally. There can be no show of favouritism
- to invest trust assets conservatively, with minimal risk and reasonable growth
- to keep accurate records, filing tax returns and reporting to the beneficiaries as the trust requires
How long does the trust last for?
Montane Life Trust can continue for 80 years or you may decide to end it sooner. When you die, your co-trustee or successor-trustee steps forward and manages the trust.
Who should have Montane Life Trust?
You should get a Montane Life Trust if:
- privacy is important and you do not want your assets on the public record
- you have minor children
- you have children or loved ones who are untrustworthy with money, have a gambling problem, a drug problem, a mental disability or some other life circumstance or disposition that means they should not inherit a sum of money in their name eg they are bankrupt
- you can foresee that any of the above situations may occur
Do I still need a Montane Will if I have a Montane Life Trust?
Your Montane Life Trust contains all your major assets, but a Montane Will is still necessary to handle the “pour-over” from the Trust. For example, you may have property that is not especially valuable, but that you want passed to particular people. Also, a Montane Will handles other matters, such as the guardianship of minors.
I have additional questions about Montane Life Trust. Who can I contact?
To get the extra information you need, you can contact our helpdesk.
Additional Product Support Information
Visit Montane Life Trust Support for more information.