Ensure you property and assets go to your loved ones.
What are Trusts?
Trusts are an estate planning tool that enables you to ring-fence specific assets for chosen loved ones and appoint trustees to manage how you wish the assets to be distributed. They can be incorporated into a basic Will to give a person (settlor) an extra tier of protection and guarantee that assets intended for a beneficiary do not fall victim to unexpected circumstances.
Why may someone choose to incorporate a Trust in their Will?
A trust can serve several purposes that are often important to people and their estate planning goals. Trusts can help protect your property, money, value belongings against debt, bankruptcy or changes in marital status that affect a path of inheritance. They also help to minimise tax liabilities, and as they do not typically go through probate, it provides a more efficient and private transfer of assets.
Three Types of Common Trusts:
Protective Property Trust:
designed to protect the family home and ensure it is transferred to the ultimate beneficiaries, often children, after a couple have both passed away.
Flexible Life Interest Trust:
designed to protect the family home with a second trust capturing the residue and personal possessions to ensure it is transferred to the ultimate beneficiaries.
General Discretionary Trust:
offers flexibility in distributing assets among a group of beneficiaries, managing how and when to distribute them.