Family Trust Asset Protection
Our lawyers can help you protect assets and wealth for the benefit of your family, both now and in the future.
Providing for your family is an essential goal for most people, but it isn’t always easy – simply passing wealth on in your Will or as gifts while you’re alive can be risky and inefficient.
We can help you set up a trust to make sure that your family gets the most out of your assets. A trust can:
- Protect assets for family members who can’t look after assets themselves
- Protect assets from business creditors or divorcing spouses
- Prevent an inheritance from affecting someone’s entitlement to state benefits
- Provide for young children in an income tax efficient way
- Provide for both a current spouse and children from an earlier relationship
- Protect family members’ estates from large inheritance tax bills when they die
- Reduce your spouse’s tax burden when you die.
When setting up your trust, you choose the people who will look after your assets – the trustees – and who will benefit from them – the beneficiaries. You can leave instructions for how the trustees should manage the assets and how they should distribute the assets.
The trust will continue to protect your assets after you have passed away or have lost the capacity to manage your own affairs. With a discretionary trust, you can give your trustees the flexibility to handle whatever new circumstances might arise after you’re gone.