Leading insurance company Britam has launched a trust fund service to help individuals and families protect their wealth, streamline succession planning, and ensure assets are transferred to future generations in accordance with their wishes.
Launched on Wednesday, June 17, Britam Trust Services will offer two trust solutions: The Britam Cash Trust and The Britam Family Trust.
The Britam Cash Trust allows individuals to set aside funds for the specific needs of chosen beneficiaries, such as education, healthcare, and general maintenance.
Speaking during the launch ceremony at Britam Towers, Group Managing Director and Chief Executive Officer Tom Gitogo said the service comes at a time when more Africans are accumulating wealth through savings, property ownership, pensions, businesses, and investments.
“Trusts have often been viewed as tools for significant inherited wealth. Britam Trust Services is built on a broader premise: that anyone building wealth needs a structure to protect and steward their assets. This includes the Kenyan worker, saver, business owner and family that has spent years building something worth protecting,” said Gitogo.
The CEO added that trusts are an essential financial planning tool for individuals seeking to preserve and grow their assets across generations.
He stressed that trust funds are not exclusively for high-net-worth individuals but can benefit anyone looking to protect assets and provide clear instructions on how their wealth should be managed and distributed.
Britam Rolls Out Trust Fund to Reduce Inheritance Disputes
On her part, Britam Trust Manager Susan Mathenge said the Trust Fund service was developed in response to increasing demand from clients seeking assurance that their beneficiaries will be cared for and their legacy preserved.
According to Mathenge, the service provides structures that help protect assets from unnecessary interference while ensuring wealth is transferred in line with the wishes of the asset owner.
“We are stewards of the wealth and assets entrusted to us. The question then becomes, how do we ensure they are preserved, protected, and passed on in line with our wishes to benefit the next generation?” she posed.
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She noted that proper succession planning requires individuals to consider key questions, including whether beneficiaries are capable of managing inherited wealth, whether there are vulnerable dependants, and when beneficiaries should gain access to assets.
Mathenge added that the Trust Fund service will offer clients peace of mind by ensuring their wealth is managed responsibly and distributed in accordance with predetermined instructions.
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Trust Beneficiary Shares How Family Trust Supported Education
During the launch, Ruth Tengecha, a 24-year-old trust beneficiary, shared how a family trust established by her late parents transformed her life by providing financial stability, educational opportunities, and support to start a business.
Tengecha said the trust created by her parents went beyond financial support, offering her security and a foundation to build her future following their death when she was still young.
“The trust my parents created did far more than provide financial support; it gave me security, opportunity and the foundation to build my future,” she said.
Tengecha revealed that through the trust, she was able to access quality education and healthcare, acquire an apartment at the age of 21, and receive financial backing to start her own business.
The structured support, she narrated, ensured continuity in her upbringing and protected her from the uncertainties that often follow the loss of parents at a young age.
All You Need to Know About the Trust
- The Trust Fund allows individuals to set aside money today and give clear instructions on how it should be used for needs such as education, healthcare, and maintenance.
- The funds are professionally invested and managed to generate returns that help sustain long-term support for beneficiaries.
- Clients can also name the Trust Fund as a beneficiary of insurance and pension policies to ensure continuity of support for dependants.
- Beneficiaries do not receive cash directly; payments are made to service providers, such as schools and hospitals, upon verification of invoices or fee structures.
- The structure is intended to reduce risks such as misuse of funds, family disputes and delays linked to probate processes.
- The Trust Fund is designed to ensure money is used strictly for its intended purpose while providing care, control and continuity in family planning.
For more information, call or WhatsApp 0705 100 100.
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