If you are considering setting up a family trust, understanding what they are and how they operate is crucial. A family trust is also known as a discretionary trust. It is a financial relationship between family members that facilitates the sharing of wealth.
In general, a member of the family, on behalf of the other family members, will set up a family trust. One of the many benefits of a family trust is that it allows for tax planning by distributing income and capital to its beneficiaries.
In many cases, a family trust serves as a vehicle for asset protection in the event of a family member becoming insolvent or going bankrupt. In addition, if an older family member dies, the family trust may also prevent challenges to the family member’s will from interfering with the operation of the family trust. The lawyers at LegalVision work solely on a fixed-fee basis. This means you will know exactly what you’re paying at the outset and won’t have to worry about paying by the hour. As an online firm, we work efficiently and effectively to ensure our clients receive the best possible service.
To get legal advice on setting up a family trust, contact LegalVision on 1300 544 755 or fill out the form. To have an obligation-free consultation with one of our specialists, leave your details and we can respond to your enquiry! Contact LegalVision today for a fixed-fee quote, and build long-term value for your family.