Trusts

A trust is an effective way to own, manage and protect your assets. Establishing a trust is a way of protecting the interests of those you care about and providing future financial security for them. A trust is governed by a trust deed that states its purpose and how it will operate.

Why should you establish a trust?

• To protect your personal lifestyle assets from the risks associated with business
• To provide for dependants such as children and grandchildren (i.e. for their education, if they have physical or other disabilities)
• To ensure continuity of family ownership
• To protect assets you bring into a marriage or relationship
• To provide long-term support for charity
• To protect and grow your investment assets and enable these to be passed on to your loved ones
• To limit the ability for claims to be made against your assets after death.

Who is involved?

• Settlor - The person who establishes and transfers assets to the trust
• Beneficiaries - The people or organisations who benefit from the trust
• Trustee - The trust company, person or people who legally own the assets in the trust and administer them, according to the trust deed, for the benefit of the beneficiaries.

Types of Trusts

• Family Trusts
• Charitable Trusts
• Prepaid Funeral Trusts
• Inheritance Trusts
• Education Trusts - Education Trusts can be established to pay education related expenses for children or grandchildren.