In the age of the unexpected, setting up a trust for you and your family is an important safeguard. We understand that setting up a trust with all the supporting documentation in place and knowing what you must do to ensure that it is correctly managed from then on is not straightforward, but The Law Connection staff are committed to making this a simple process for you.
There are many benefits of setting up a correctly organised trust; here are just a few to consider:
Asset Protection from Unforeseen Circumstances
Establishing a trust with The Law Connection can secure asset protection for your family. This will offer a legal shield, retaining assets for intended beneficiaries. This is crucial because you’re safeguarding what you and your family have worked so hard to build – a trust will be that extra layer of security.
Shielding Assets from Business Risks
Protecting your assets in times of economic downturn is an essential safeguard. Whether you are taking business-related risks or if there’s a misfortune, a correctly constructed trust can aid in securing your assets in certain situations if the unforeseen happens. This is a crucial step for security and succession planning.
Securing Funds for Future Generations
A trust can ensure that your children and future grandchildren have financial resources for a particular purpose for example their education or a future property purchase. Setting aside a certain amount can be done through a trust, which can used to help pay for these things.
Protection for relationship property claims
A trust would work alongside a Contracting Out Agreement (also known as Property Relationship Agreement) in helping to protect your assets in the event of a breakdown in a qualifying relationship. This is a complex topic and you will need to see one of our lawyers to ensure that you receive the necessary specialist advice.
Reduction of Family Disputes
What happens to assets over time is a personal matter for a family and disagreements and conflicts may arise if there are no proper plans in place. A trust will outline asset distribution, ensuring the beneficiaries of your trust know exactly what to expect. Assets held in a trust can make the outcome of any legal challenges all the more unlikely.
Creating an appropriately structured family trust with all the necessary documents needs to be handled alongside lawyers. The Law Connection’s staff are experienced in this process and will be able to assist you in the proper establishment and ongoing management of your family trust.