A question our lawyers and trust specialists are often asked is “What is a trust ?”
By way of a simple explanation, a trust is a form of transport, much like a container truck. The driver and co-driver are the Trustees, who are charged with ensuring the safe transportation of the container contents, being the Trusts Assets, for the benefits of the recipient, being the Beneficiaries of the Trust.
Could a trust benefit me and my family and when should I use a trust ?
It is advisable to meet with a trust specialist as soon as you have any assets. Ask yourself, do I want to lose my assets to creditors or the Government? If the answer is “No” to those questions, then speak to a Trust specialist regarding a Trust. Trusts are an invaluable asset protection tool and mechanism for preserving one’s wealth.
If you have an existing trust, it is advisable that this trust and gifting is reviewed with your trust specialist in order for your trust to be brought into line with the Gift Duty changes that have occurred during 2011. This law change has a practical impact and effect on people with existing family trusts, and also for those contemplating the establishment of a new family trust.
To contact a lawyer at Quay Law and to further the discussion around “what is a trust and can it benefit my family and circumstances?” contact Quay Law on (09) 523 2408 or visit our legal website.
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