Are Trusts just for the wealthy?
by Heckenberg Lawyers
Sydney Trust Lawyers
No, Trusts are not just for the wealthy. Trusts, are a well accepted and expert way to deal with a number of issues that can arise in any family, rich or poor.
Setting up a Trust in your Will is one way to ensure that any children you care for under the age of 18 years old, will be looked after financially after you are gone. This can mean setting money aside in the Trust for their future education needs, as well as their everyday needs with the balance of any moneys in the Trust to be given to them at an age you consider appropriate.
Vulnerable Family Members
A Trust is also the ideal way to manage and ensure the financial security of any vulnerable family members including any members of your family who may be suffering from a mental or physical disability.
A Trust may have some taxation benefits for the beneficiaries of the Trust which needs to be balanced against any impact the income from the Trust may have on pensions or other government benefits.
Choosing the Trustee
By setting up a Trust in your Will, you can choose who you would like to appoint as the Trustee of the Trust. After deciding to set up a Trust, choosing the Trustee is the most important decision you can make. This is because it is the Trustee who, will be in charge of administering the Trust and making the day to day decisions on when and how to distribute the income in the Trust. You need to think very carefully about the person you would like to appoint as your Trustee and you need to talk to them about your decision to make sure they accept the responsibility.
If you need advice on setting up a Trust, then you need to seek legal advice from an expert Wills & Estates, Trust Lawyer. You need to speak to the expert law team at Sydney Wills Lawyer - We specialise in Trust Law and pride ourselves on our open and honest communication with clients.
Our offices are conveniently located in Sydney CBD, close to public transport. Call today for an appointment on 9221 2779 or email firstname.lastname@example.org