• Why do I need a Family Trust?

    24 March at 09:59 from atlas

    WHY DO I NEED A FAMILY TRUST?

    Simple answer is you may not, but then again if you do need a trust and don't have one you could be putting a lot at risk.

    These are some of the reasons people need to consider trusts as part of their overall planning.

    1.  ASSET PROTECTION FOR BUSINESS RISK.

    Do you have to provide personal guarantees?

    Many business people are placed in situations where they have to give personal guarantees to lending institutions, suppliers etc.

    Is it possible that you/ your business could be sued for damages?

    Yes it is. We live in an era where there is much more inclination for an aggrieved client to take legal action and there is much more responsibility on Company Directors.

    2.  RELATIONSHIP ISSUES

    The legislation relating to relationships makes it very probable that on the termination of a relationship there will be a dispute over the ownership of assets.

    There is, in the legislation, the presumption of a 50/50 split and that is not always the fairest outcome.

    3.  INHERITANCE ISSUES

    Your child and his/her partner end a relationship for whatever reason, do you want that partner to get half of what you left to your child and grandchildren?

    EVERYONE'S CIRCUMSTANCES ARE DIFFERENT. CALL US TO DISCUSS IF A TRUST CAN HELP YOU.

 

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