Setting up a family trust is a great way to ensure family assets are passed down to each generation and to protect these assets. Family trusts can also be a great tool if you have any long term investment plans and a legal method for tax deductions.
A family trust is generally set up by one family member and will have a group of people under the trust as ‘trustees’ who will benefit from the trust. If you would like to set up a family trust, you can elect a family member or set up a separate company to be the trustee and hold the assets under the family trust on the terms set out in the trust deed. If your family members have imbalanced income, you can also use the family trust as a tool to issue even payment to each member.
Setting up and managing a family trust can be difficult for an individual without a legal background. Our team can assist you in setting up your family trust and the terms of the trust deed.