Over our lifetimes many of us build up a sizable base of assets. Family homes, retirement nest eggs, investment portfolios and other investments accumulate. How you protect these assets from creditors and keep control within the family in the event of your death is a crucial part of life planning. That’s where GYW Law step in.
Family trusts are among the most well-known legal mechanisms you can use to ensure the future of your assets is safe. GYW Law are highly experienced in trust law, and specialise in setting up family trusts to ensure the health of your assets, for you and your family.
For GYW LAW, the reasoning behind setting up a family trust is simple. Even if the asset mix is complex, trusts aim to achieve stability, predictability and accountability for your family and your assets – particularly in the event of a death. As our population gets older, the need for provisions when incapacitated become greater.
There are several strong reasons to consider establishing a family trust with GYW Law. These include: protecting selected assets against creditors, and competing claimants; particular provisions of money, earmarked for special reasons, such as university education for children; ensuring inheritance stays within the family; guard against competing claims against our estates in the event of our death.
It is important to note that when it comes to establishing a family trust, you should find a lawyer that you can rely on. A trust is a complex, costly process – and despite its significant upsides, is something that should be entered into with careful consideration and independent legal advice. Some people may be uncomfortable with transferring their assets to be held by a trustee; others may be put off by the complexity. That’s why it is important to get professional advice from the get-go.
For more information about forming a family trust, head to GYW Law: https://gywlaw.co.nz/trust-wills-estates/trusts/