EXPERTS IN FAMILY TRUSTS
The desire for family's to have a family trust has increased dramatically in the last twenty years. At Layburn Hodgins our trusts and successions team provides our clients with practical and understandable advice on structuring a family trust to best work for individuals and families.
Forming and Managing Family Trusts
The key people involved in a family trust are:
- The Settlor – a single person, or a couple who are the creators of the trust and owners of the assets prior to transferring the assets into the trust;
- The Trustees – the people who control the trust's assets;
- The Beneficiaries – the individuals who will receive the benefit of the assets in trust.
For example, a common family trust structure would be set out so that Mr and Mrs Smith are the Settlors of the Smith Family Trust. They elect both themselves as Trustees, as well as one of the Directors at Layburn Hodgins to be an impartial and independent Trustee. The beneficiaries of the Smith Family Trust are Mr and Mrs Smith's children and their grandchildren.
Layburn Hodgins' solicitors provide tailored advice on the setting up of family trusts, and advise you on the requirements of managing a successful trust. We will also assist with the ongoing gifting process.
Structuring Assets for Protection
One of the key purposes of forming and placing your assets into a family trust is to protect your assets. Once owned by a trust, your assets are protected from unsuccessful business ventures and often from relationship property claims.
There are no firm rules about the types of assets that a trust can hold. Generally it is advisable to place all of your major assets that are likely to appreciate in value into a trust, such as your house, life insurance, and antique jewellery and heirlooms.
Whatever your purpose and whatever your assets, our trusts and succession solicitors will assist with structuring your family trust to best protect your assets.
Succession Planning
At Layburn Hodgins we understand your concern for what happens to your assets once you have passed away.
By placing your assets into a trust they are protected for your beneficiaries against any claims by your beneficiaries' partners, and also protects your assets from being whittled away due to the poor business decisions of your beneficiaries.
We aim to simplify the complex nature of family trusts and to provide you with a simple, effective and informative service.
