A Family Trust is an arrangement whereby certain assets are held on trust by a trustee (or manager) on behalf of a group of people (usually specified family members) known as beneficiaries. Neither the trustee nor the beneficiaries actually own the assets and the structure can therefore provide some protection from claims against your estate, claims by creditors, litigants and potential future negligence claims.
Family trusts tax advantages
A Family Trust may also provide some taxation advantages. It is crucial that a Family Trust be established professionally by an experienced solicitor to ensure it meets your specific needs and does not trigger unintended financial or emotional hardship on your loved ones when dealing with trust assets.
A Family Trust (created during your lifetime) differs from a Testamentary Trust (coming into force only upon your death).
Contact Andersons Solicitors today to discuss your requirements for a Family Trust.
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