WHAT IS A FAMILY TRUST?
A Family Trust is a discretionary trust created to hold a family’s assets or for family business purposes. When assets are held in a Family Trust, they belong to the Trustee of that Trust, not the family members. This type of structure can assist in protecting assets for family members or future generations. A Family Trust can be created as part of your Estate Plan or be established during your lifetime (inter vivos trust).
DO I NEED A FAMILY TRUST?
A Family Trust may be right for you if:
- You are running a family business or business in partnership
- You are a high income earner
- You have family members who are lower income earners
- You are seeking asset protection for future generations of your Estate