Blog

Misinformation and noise

There is a lot of confusion and misinformation surrounding family trusts - what they are, who they're for, and how they can benefit you and your loved ones. But rather than paying heed to the hype, it's probably best to do a little research and dispel the rumours. Here are just a few myths about family trusts that you'll want to ignore.

1. They're for the elderly

You never can tell what's around the next corner, so if you want to provide for your loved ones and protect your family home, you shouldn't wait to set up a trust to pass on your assets to the intended beneficiaries. We all have an expiration date and none of us know when it is, so plan accordingly, regardless of your age.

2. They're for the wealthy

It is a common myth that only the uber-wealthy need family trusts. But if you own property or there are other assets you want to ensure your family members and other loved ones receive, either during your life or when you die, a trust is the way to go. You don't have to own a lot to make a family trust worthwhile.

3. They're too expensive

Without a doubt, you want to protect your young family's future, but the bulk of your money might be tied up with paying your living expenses at the moment, leaving you little to spare for thoughts of a hazy future. Luckily, there are affordable options available. For example, setting up a simple family home trust can be accomplished quickly and easily online these days, allowing you to protect your main asset with little fuss or expense.

4. Trusts and wills are the same

The main difference between a will and a trust is that a will bequeaths property to a specified heir only in the event of your death, whereas a trust can be used to distribute property or other assets while you are still alive and/or following death. Both can be useful forms of asset protection, but they're not the same.

5. Trusts can't be sued

Unfortunately, this isn't true. If you think that establishing a trust as opposed to a will is the way to ensure that your assets are protected after death, think again. That said, a trust will protect your young family in a variety of ways. For example, setting up a trust could stop creditors from claiming assets that should by all rights go to support your family. But if your family members are squabbling over the contents of the trust, lawsuits could indeed arise. You simply need to understand the benefits and limitations of family trusts. Once you see their value, you can use them accordingly.

So why not learn more why not register with TrustUs today.

Its in your hands.