Warkworth Family Trust Lawyer – Do You Need One
To begin, let us define a family trust to ensure that everyone is on the same page. Then we’ll discuss if you actually need one. In a nutshell, a family trust is a trust that someone establishes to secure their family’s assets for current and future generations. Does this sound like rocket science to you? Why don’t we all have a family trust if everything is so simple? A Warkworth family trust lawyer offers some suggestions. Keep in mind that the following suggestions are not intended to substitute legal counsel. If you have any questions, you should see a family trust lawyer.
What are some of the major reasons for establishing a family trust? Then you can determine if this is something you want to do. Then make an appointment with a Warkworth family trust lawyer for a thorough conversation about the possibility of establishing a family trust.
The following are the primary reasons for establishing a family trust:
- Protecting your legacy and assets from claims by relatives
Assume you leave your assets to your children in your will. When you die, your spouse is entitled to a significant portion of this property. Only the beneficiaries of a family trust will be able to access the monies, assets, or properties you’ve entrusted to it. This could include or exclude your current spouse. If you decide to divorce, your spouse will have no legal claim to these assets because they aren’t in your name. A family trust can safeguard your children from your spouse’s claims.
- To safeguard assets from legal claims
- To safeguard your assets from family members who are incapable of properly managing them.
Your last will and testament does not give you any say over how your assets are spent by your heirs. To prevent them spending money recklessly you can place it in a family trust which allows a certain amount to be drawn down each period you specify. This is a good way to keep your family safe from being irresponsible. The family trust could do one of two things. It can distribute a portion of the assets within a certain timespan. Alternatively, it can allocate lump sums at different phases of their lives such as the birth of a child, or by the time they reach a certain age.
If you think a trust would be advantageous for you after reading this, call McVeagh Fleming, a Warkworth family trust lawyer. They will be able to assist you.