Trust Services - Hakika Trust
We Guarantee Sustainability, Minimize Risk, And Professional Management
TRUST FUND ESTABLISHMENT AND MANAGEMENT SERVICES
Over the years, organizations, schemes, and high net worth individuals have handled death benefits casually, either in-house, i.e., in the HR/ Finance department for organizations, within the scheme for retirement benefits, and with no written Will or Trust in place for individuals.
The children suffer because of the lack of a structured system for receiving school fees, medical care, and maintenance assistance. This method of managing children’s funds is only viable when there are few cases to deal with. However, when there are many beneficiaries, the risks for organizations, schemes, and individuals increase.
To guarantee sustainability, minimize risk and professional management, we recommend that organizations, schemes, and high net worth individuals consider outsourcing the management of death benefits (Group-life, Personal Accident, Retirement benefits) and other assets into a Trust Fund.
Benefits Of Setting Up a Trust Fund
Trust funds are invested in pooled funds to enhance growth of the funds to meet the ongoing liabilities
Professional structures to provide advisory services to the beneficiaries in respect of management of the benefits.
When the beneficiaries are of age and have gone through their education, the Trust fund can be wound up and benefits paid to them in agreed proportions
Frequent updates and comprehensive reports on how the funds are performing.
Facilitation of periodic audits to enhance accountability and overall transparency
VALUE ADDITION
- Financial Wellness Advise – Octagon Africa.
- Counselling-Outsourced at The Expense Of The Beneficiary.
- Home Visits Where Necessary- Octagon Africa Open Days-As Arranged.
- Independent Property Manager-Where There Is Property
TRUST FUND GOVERNANCE STRUCTURE
In our Endeavor to provide superior professional services in respect of the provision of this Settlement Trust Fund Management, Octagon Trustee Services Ltd provides Trustee and administration services, the fund manager provides guarantee and segregated fund management services, and the Bank provides custody services.
- Periodic reports are availed to the guardians, beneficiaries, and other related parties on the Trust fund performance to enhance transparency and accountability.
- Assets under management (AUM) for the various trusts we administer are more than Ksh. 300 Million.
- We serve over 70 trusts.
How to set up a Trust Fund
- Individuals, organisations, or the schemes agree to appoint Octagon Trustees Services Limited.
- The objectives of the Trust Funds shall be to pay school fees, medical care, and upkeep where necessary. However, in the preparation of each Trust Deed these objectives can vary depending on the needs of the beneficiaries and discussions with the Trustees.
- A deed of settlement shall be developed for the settlor and signed jointly with Octagon Trustees Services Limited as the Corporate Trustees.
- The established fund shall be implemented by discussing with the settlor/ beneficiaries the periodic payments that need to be made for upkeep and education including the mode of instructions plus making of payments.
BENEFITS
- Payments in respect to the beneficiaries in terms of school fees, upkeep and medical expense is well structured.
- Income on the accumulated fund will be reinvested to allow for the quick growth of the funds.
- Once all the children are through with school/college, they have the option of drawing down the funds at a pre agreed rate over a period of 10 years.
