By setting up a family trust, you no longer personally own the asset. This may be useful for various reasons:
However a trust is not for everyone and depends on your circumstances. There are costs associated with forming a trust and ongoing administration. Speak to one of our lawyers if this is an appropriate option for you.
- You may own a business and want to protect your family home.
- Have specific money set aside for special reasons, such as your children or grandchildren's education.
- Ensure your children, not their partners, keep their inheritances.
- Protect assets from relationship property claims
- Avoid family protection claims against your estate
However a trust is not for everyone and depends on your circumstances. There are costs associated with forming a trust and ongoing administration. Speak to one of our lawyers if this is an appropriate option for you.