A Family Trust offers an effective way to ensure your loved ones benefit from your assets in the manner you intend, providing additional security and peace of mind. In many cases, a Family Trust can be a more robust method of passing on your wealth than relying solely on a Will or making outright gifts.

Our experienced team can guide you through the process of setting up a Family Trust, ensuring your wishes are respected and your assets are safeguarded for the future.

Key Parties in a Trust

A Family Trust involves three main parties:

• Grantor: The individual who establishes the Trust.
• Trustees: The people or professionals appointed to manage and administer the Trust in accordance with your instructions.
• Beneficiaries: The individuals or groups who will benefit from the Trust.

Some of the benefits of a Family Trust

A Family Trust can offer a range of advantages, including:

• Reducing the tax burden on your spouse or family after your death.
• Protecting assets for family members who may not be able to manage them themselves.
• Minimising inheritance tax liabilities.
• Providing financial security for your family in a tax-efficient manner.
• Safeguarding assets in the event of divorce.
• Clearly outlining how your assets should be distributed after your death.
• Helping to avoid or reduce the need for probate.

If you would like to explore how a Family Trust could benefit you and your family, please contact our team for tailored advice.

Types of Family Trusts

Irrevocable Family Trust
An Irrevocable Family Trust cannot be easily changed or cancelled once established. After the Trust is created, the Grantor relinquishes control and access to the assets, which are then managed by the Trustees for the benefit of the Beneficiaries.

Living Trust
A Living Trust is set up and used during your lifetime and holds your assets while you are alive. It also specifies your wishes for how those assets should be managed and distributed after your death.

Revocable Family Trust
A Revocable Family Trust offers flexibility, as the Grantor can amend or dissolve the Trust at any time during their lifetime.

Marital Trust
A Marital Trust ensures that, upon your death, your assets pass to your surviving spouse. When your spouse subsequently passes away, the remaining assets are distributed to the beneficiaries you have named.

To discuss your options or to learn more about setting up a Family Trust, please speak to our team. We are here to help you protect your assets and provide for your loved ones with confidence.