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Beneficiary, Not Next of Kin; How to secure generational wealth.

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Creating a Trust funds

If you’ve ever wondered how generational wealth has been passed through generations such as the famous Rockefeller family, and why some couldn’t retain the wealth after the second generation. Trust fund is a way to retain generational wealth, and here is a lesson about trust funds — A trust fund is any fund including assets/wealth belonging to a trust, and held by a trustee for a beneficiary. Wealthy families such as the Rockefeller family uses trust funds and sort to distribute wealth through generations.

You will ask, how does a trust fund work? Simple! There is always a three-party involved in setting a trust fund.

  1. The grantor: This is the individual who created the trust fund, with a purpose and donates property/wealth to the fund. This individual is also the sole decision-maker upon which how it must be managed.
  2. The beneficiary: This is the person for whom the trust fund was established. It is intended that the assets in the trust, though may not necessarily belong to the beneficiary, but will be managed in a way that will benefit the beneficiary, as per the instructions and rules laid out by the grantor when the trust fund was created.
  3. And there is the trustee. You would ask, who is a Trustee? A trustee is basically any legal institution or individual that has been assigned by the grantor to keep properties/wealth(s) for the benefit of another person, group/family, or organization known as the beneficiary.

But this is not about who a Trustee is, rather this is about how Fundall uses the Trustees to watch over your money and how to set your beneficiaries on the Fundall app.

These Trustees serve as a wealth guard for your monies to prevent it from being mismanaged or stolen. Fundall as an investment platform is registered with Emerging Africa Capital Trustees, they watch your monies saved on Fundall and they also serve as your fall-back-to in case of any issues.

7 out of 10 people take the word “next of kin” wrongly for the word “beneficiary”. There are differences between the beneficiary and the next of kin — A next of kin is usually a close relative of the grantor who is set to be the guy to be reached in case of any issues, the next of kin has no rights over anything owned by the grantor. While the beneficiary may not be the first to be contacted during these issues but the one entitled to the wealth of the grantor as per the grantor’s instructions.

How does one set up a beneficiary on Fundall? Easy.

  1. Simply sign in on the web app
  2. Go to your profile tab
  3. Click ‘Beneficiaries’ on the left pages bar.

4. Fill the quick survey and update beneficiary.

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