Blog

When you consider the prospect of setting up a family trust

You might not think it's right for you. Many are under the misconception that trusts are only intended for the wealthy. But this is hardly the case anymore, especially with so many options for estate planning that work with your budget. If you own a home and/or you have other assets that you want to ensure your young family, your spouse, your grown children, or other family members receive upon your passing, you should definitely consider a family trust. But as a non technical person, you might be concerned about navigating the tricky waters. Do you need an expert to advise you in these matters?

Get advice if you are a builder or a property developer

Unfortunately, there is no easy answer. There are definitely cases in which setting up a family trust will require the services of an expert: for example if you are a builder or property developer. While you'll always want a knowledgeable and experienced professional behind the creation of a trust, the process of asset protection can be complex depending on your situation. If, for example, you are looking to protect income producing assets like shares from potential liabilities, it's possible that you might need more than a standard family home trust to ensure proper legal protection.

Get advice if your situation is complicated 

If you have both income and non-income assets you wish to place in trust, you're currently attempting to protect your home from debt collection services, or you want to find ways to reduce your tax liabilities, or you've purchased properties in addition to your family home with the intention of earning a passive income through rentals, chances are that your situation is complicated enough to warrant hiring an expert to advise you on how to create a family trust.

But my life isn't really that complicated?

There are also situations in which paying for expert advice isn't needed. If you're an young homeowner looking to protect your family's future, you haven't complicated your life yet, but you want to place your family home in trust and other non income producing assets like life insurance policies, you don't necessarily need to shell out top dollar for an expert opinion. You can find alternative options for setting up a family home trust, especially with all the resources to be found online these days. In fact, you might be surprised by just how easy and inexpensive it can be to set up a family home trust and protect your lifestyle assets.

You may think that setting up a trust requires the input of an expert, and in complex situations this is true. But if your needs are relatively straightforward, there's no reason you can't save some money and still achieve the protection you seek by using an online service to meet your needs.

So why learn more and register with TrustUs today.

Its in your hands.