NZ Trusts Q&A
Last month we had Mike Dorset from JR Legal give us an overview of trusts in our 2019 Trust Seminar. Keep an eye out in 2020 for our next Trust Seminar.
What is a Trust?
- Family trusts are a popular way to protect and manage your assets such as the family home, for you and your family, now and in the future.
What is the purpose of a Trust?
The purpose of a Trust is move wealth away from an individual. Reasons for setting up trusts can include protection of assets from creditors, relationship property, provide for children’s education, provide protection for disable or mentally challenged family members, protect inheritance for your children from their spouses, to be able to choose not to leave wealth to particular child or family member who can otherwise challenge your will.
When can a Trust be set up?
- A trust can be set up at any time, so if you are young and have a home with a large mortgage, setting up a trust is probably an unnecessary expense. Likewise, if you are on salary & wages and aren’t at risk of creditors, happily married etc then a trust isn’t necessary.
- Get professional advice from the start. We can answer any questions you have about trusts, being a trustee, administering a trust deed, and the proposed new Act. Contact us today to book an appointment to meet with us.