Is your Family Trust working for you?
It is not uncommon to have the family home or other assets in a Family Trust.
Sometimes people forget that their Trust exists or holds their property, and try to deal with that property as if it was still in their ownership, rather than that of the Trustees. Trustees may also forget to review the Trust and keep documentation current.
Trusts that are not created or managed appropriately can lose the advantages and protection of the Trust. There is the risk that the Trust be called a sham such that the assets are declared as those of the people who created the Trust rather than the legal owners, the Trustees. The Trustees can also be penalised for not upholding their Trustee’s duties to the beneficiaries and in terms of the Trust Management.
Obtaining solid professional advice on Trusts is important. If you think you need a Trust, want to have your Trust reviewed or have any queries, give our office a call on 03 940 2435, email me at firstname.lastname@example.org, or call in to see us at 987 Ferry Road.
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