Trusts are a unique way of protecting your hard-earned assets. Unlike ownership personally or through a company structure you do not own the assets when they are in a trust, your trustees do.
Having your assets owned this way means they are better protected if unforeseen circumstances arise. Relationship breakdowns, blended families with competing interests, claims against your will, business risks, these are all circumstances where having your assets in a trust can be beneficial.
Trusts can also be used to protect special things like farms or beach houses and keep assets safe for family who can’t look after themselves through age or infirmity.
Getting the structure of your trust right is the most important first step though. We have over 30 years’ experience with trusts and can help you with all your needs.
Trust Act 2019
On 30 January 2021 the new Trusts Act 2019 comes in to force.This Act will change all trusts from that date.If you have a trust or are a trustee of a trust there are two major changes you need to be aware of:
* New default duties are implied in all trusts which if not changed could affect a trustee’s liability;
* All beneficiaries must be notified of basic trust information confirming that they are beneficiaries, the names and contact details of all trustees and their entitlement to receive copies of core trust documents.
These changes could be problematic for trustees however there is normally an ability to amend the trust deed to minimize those problems.
We would recommend all trust clients to contact their lawyer to discuss whether or not changes should be made to their trusts before 30 January 2021.
For more information view the brochure below or give Craig, John or Aimee a call.