Trusts

Why create a Family Trust?  

  • Creditor Protection: If the assets are beneficially owned by someone else, then notwithstanding they may legally be in your name as trustee they are usually safe from creditors (some exceptions apply). 
  • Tax savings: Income earned by a Trust is distributed between family members who are on lower tax rates. Protection from Relationship Property Claim: subject to Court Order, if your assets have effectively been transferred into a Family Trust they have a stronger protection from claims from future partners.
  • Protection for your children: for instance if you or your partner die the Trust will protect your half share which would have effectively been your child’s half inheritance from you.
  • If you have any questions please flick them through to me. once probate has been granted, the provisions of Family Trusts are kept confidential.  

A Trust is a good way to protect your assets and manage anything else of value to you. A Family Trust is a mechanism for holding assets where property is put into the name of certain people “Trustees” (usually you) who hold the property for the benefit of someone else (the beneficiaries, which would usually include you). The Trust is not like a company and does not have any legal existence, the Trustees are effectively the Trust. 

The preparation of documentation for a Trust requires an experienced lawyer, contact our team today to find out what type of trust is best suited for you.

FAQ - Trusts, Wills and Estate Planning

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