Gaining a basic understanding

While most people have a basic understanding of what goes into making a last will and testament and why it is important to do so, many have little notion of what a trust is or how it can benefit them. However, family trusts are an excellent means of protecting assets and wealth for family, friends, or future generations, and they're a lot easier to set up than you might imagine. If you're interested in asset protection during your lifetime and beyond, there are a few things you should know about setting up family trusts.

How complex is your current situation?

To begin with, you may need professional help if you are a property developer, a builder or wanting to transfer income producing assets into your family trust. That said, it doesn't necessarily have to be a difficult or expensive process. For example, there are now online businesses like ours dedicated to helping the average homeowner set up a family home trust in just minutes. You'll want to look for a website that is staffed by knowledgeable and experienced professionals. From there you simply have to enter information as prompted and you can create your family home trust in as little as about fifteen minutes and for a fraction of the cost you might once have paid elsewhere. Trusts are not just for the wealthy - everyone can enjoy the asset protection provided by family trusts.

What assets do you want to protect and who are your loved ones?

The process of setting up a trust is relatively simple from your end. All you need to do is determine the assets you want to place in trust, the intended beneficiaries, and the specifics of distributing the items held in trust. You can also include a plan for managing the trust in the event that you are incapacitated or otherwise unable to make decision on your own behalf.

If you have complex needs see an expert

If you want, you can also do it old-school by seeking out a qualified lawyer to set up the family trust structure that will help you to protect your assets from potential claimants. So that you can pass them along to intended beneficiaries as you see fit.

You may want an independent trustee in complex situations 

From there you just need to select a trustee to administer the trust. Often the trustees chosen will be yourself and your partner, and in complex situations the same professional you hire to create your trust for you. A lawyer should be well aware of the obligations associated with trust administration. Although you can also opt to name a trusted family member or friend as a trustee, it's usually best to select a professional that has the proper knowledge to carry out your wishes as defined by the trust. Once your family trusts are in place, you can sleep easy knowing that your assets are protected.

So why not learn more and register with TrustUs today.

After all, it's in your hands.