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Are documents written in Plain English?

A trust deed need not be complex in order to ensure that the items held in trust are received by your beneficiaries in the event of your passing. You will, of course, want to set up a family home trust to protect your young family's future in the event that you suffer an unexpected illness or accident that leads to your untimely death.

Documents do not need to be complex

But once you understand the basic elements needed to create a well-written trust document, you'll see that the process doesn't have to be complicated in the least. And you'll find that asset protection can be as simple as completing an online process, saving you time and money in the process. Here are a few items you'll want to make sure you have ready when you elect to put your assets into a family trust.

Names of Settlor's

As the owner of any property to be held in trust, the first thing your trust deed must contain is your name. This is essential for two reasons. First and foremost, it signifies that you are aware of and in agreement with holding the property on trust. Further, a trust is designed so that you can retain ownership and usage of the named property. You therefore want to check and double-check that your name is listed properly as a Settlor.

Names of Trustee's

You need to include the name of the person or persons who will administer the trust. If you are young and healthy parents and are the current owners of your family home, you are likely to be the Settlor's, Trustee's and Primary Beneficiaries during your lifetime. Although the rules pertaining to who may serve as trustee differ depending on the type of trust you set up, you may be able to name yourself, any person who can own property (an adult over the age of eighteen). 

Names of Beneficiaries

Naturally, you'll want to include in your trust deed the names of those you intend to leave your property to, i.e. the beneficiaries. Whether you want to protect your family home for a partner, children, or another beneficiary, naming your heir is the main purpose of setting up a family home trust.

There are, of course, other elements of a family home trust that you need to understand, but a well-written trust deed will almost certainly include these essential pieces of information.

So why not learn more and register with TrustUs today.

Its in your hands.