A family trust is a trust created to benefit persons who are related to one another by blood, friendship, or law. It can be established by a family member for the benefit of the members of the family group.
Family trusts act as an instrument to pass on the assets to future generations.
They were originally used by wealthy families to minimise tax. They are now becoming very popular due to the many blended families that exist, to protect family assets from passing to non related person or to cater for drug effected or disabled members of the family that cannot manage money, so that the funds are utilised in the best possible manner.
HOW WE CAN HELP
We can assist you to set up a Family trust within days of receiving your instructions.
8 Top reasons to have a Family Trust
- Avoiding probate for all property held in the trust
- Planning for financially disabled family members
- Limiting children’s access to their inheritance.
- Making lifetime gifts to children.
- Protecting beneficiaries from themselves.
- Limiting partners (or your partners new partner) from spending your children’s inheritance
- Protection from bankruptcy or insolvency
- Tax minimalisation