Family Trust Law, a little bit of advice…
Trusts can be complex and should be formed by a lawyer that is experienced in trust law. Get professional advice from the start.
Trusts continue to be a popular way for people to protect their assets against risk. However, careful thought needs to be given as to why you wish to set a trust up and not because they happen to be “flavour of the month.”
The Trust Deed is a very important document which sets out the rules about how your trust is to be managed, who is to manage it and who is to benefit. Once a trust is established, there are clear legal obligations which the Trustees must meet otherwise you run the risk of it not being legally effective. So our advice to you is to first sit down and think about the reasons why you want to set up a trust, what it is you are hoping to achieve and to understand that there will be certain legal obligations that must be met. Managing your trust is an ongoing commitment.
Talk to our expert trust team about whether a family trust could suit your circumstances.
For a good overview on Family Trusts, click on our guide To Trust or Not to Trust.
