If you think a family home trust is a stuffy old concept

Reserved for people who live in mansions, you're wrong. Setting up a family home trust is more relevant in today's fast-paced world than it was in your grandparents' day. It's also easier than ever to set up a family home trust because online services can get you up and running in about 15 minutes - using your computer or smartphone from the privacy of your home or office.

Why you need a Family Home Trust

A family home trust is a way to have your cake and eat it too. You transfer the legal ownership of your family home to the trust, but the house is still yours to enjoy, so you really do get a double benefit. You continue to live in your home, keeping it protected from the elements and from intruders. Meanwhile, your family trust guards your home against financial attacks and unwanted claims.

Make sure your wishes are followed

Let's take an example from a local couple who wished to leave their granddaughter Elizabeth enough money to buy a car upon graduation from university, as well as enough money for a down payment on a house upon getting married. In their will, they stipulated those terms, but the part of the inheritance earmarked for Elizabeth was controlled by the couple's daughter (Elizabeth's mother). Before long, the couple went to the great beyond, believing their precious granddaughter was, if not set for life, at least well taken care of.

Times change - But a Family Home Trust remains

Elizabeth's parents divorced, and she ended up in her mother's custody. Unfortunately, Elizabeth's mother lost her way. Elizabeth's inheritance, planned for her first car and her first home, was completely wiped out by her mother's poor money habits. Could this have happened if the grandparents assets were held in a trust?

A Family Home Trust is a way of gaining Financial Security

No it couldn't, Elizabeth would have kept her inheritance. The biggest benefit of setting up a family home trust is that ownership remains with the trust, and the trustees have to act in the best interests of the beneficiaries. In this instance, in Elizabeth's best interests.

If a family home trust arrangement sounds like a win-win situation for you and your loved ones - and you're not a billionaire - you should check out the affordable and hassle-free online family trust website like TrustUs.co.nz and register today to protect what you've worked hard to earn.

Its in your hands.