Our Estate Planning advocates are here to help you. If you would like to learn how a trust can benefit you, contact us for expert estate planning advice.
What Is A Trust?
A trust is a legal arrangement of property that’s set up by a settlor for a beneficiary and managed by a trustee.
Although there are many different types of trust, a common example includes a trust fund set up by a grandparent with monies set aside for a grandchild. Conditions are put in place while the grandparent is alive and can include when the trust fund will mature in order for the beneficiary to inherit its contents.
Trusts And Estate Planning
The purposes of estate planning can include ensuring your wishes are recorded and that the taxes due on your estate after your death are reduced.
Many people find trusts to be beneficial while they’re in the process of planning their estate. Contrary to common belief, trusts aren’t limited to extremely wealthy individuals. As helpful financial tools, trusts can be used flexibly to manage all kinds of assets and wealth, including moving investments, personal savings and life policies into specialised trusts to minimise tax.
In many situations, trusts can avoid probate which means that your beneficiaries can have access to the assets more quickly. If a trust isn’t put in place, assets and wealth take a lot longer to be transferred to your beneficiaries while the estate administration process takes place.
Can Disputes Occur?
Unfortunately, disputes often occur where a trust is involved. Disagreements between joint trustees are common, while there can be problems between trustees and beneficiaries. As the trust forms part of the estate and will be accounted for in a person’s will, you can find information on defending a will here.
How Can Quinn Legal Help?
At Quinn Legal our Private Client advocates are experts in their field and can answer all of your trust-related questions. We respect the timely manner needed for planning trusts and estates, particularly as we know that it’s not always the most enjoyable topic to discuss.
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