Potential Benefits of Trust

Asset Protection
Trusts could protect family assets from creditors, lawsuits, or divorce settlements, ensuring that the assets remain within the family.

Estate Planning
Trusts facilitate the smooth transfer of assets upon the death of a family member, helping to avoid probate and ensuring that the deceased’s wishes are honoured.

Tax Benefits
Trusts can provide tax advantages, such as income splitting among beneficiaries, which may reduce the overall tax burden on the family.

Control Over Asset Distribution
Trusts allow the Settlor to specify how and when assets are distributed to beneficiaries, which can be particularly useful for minor children or beneficiaries who may not be financially responsible.

Privacy
Unlike wills, which become public record upon death, trusts can maintain privacy regarding the distribution of assets and family affairs.

Support for Dependents
Trusts can provide ongoing financial support for dependents, such as children with special needs, ensuring their needs are met throughout their lives.

Management of Family Business
A trust can help manage and protect family-owned businesses, ensuring continuity and proper governance across generations.

Philanthropic Goals
Trusts can be structured to support charitable giving, allowing families to fulfil their philanthropic goals while potentially receiving tax benefits.

Conflict Resolution
By clearly outlining the distribution of assets and responsibilities, family trusts can help to minimise disputes among family members, providing a clear framework for decision-making.

Long-Term Financial Planning
Trusts can be part of a broader financial strategy, allowing families to plan for future needs, such as education expenses, healthcare, and retirement.