Trusts

Sometimes the situation arises where it is not desirable for a beneficiary in a Will to be given a gift outright on your death, for example, if you have young children or a child of any age suffering from a disability. The reasons trusts are created are:

to provide for minor children
to provide for a minor child or adult who may be suffering from a disability and are unable to look after their own affairs without help. It is important that the Trust document is drafted to deal with their needs.
A Discretionary Trust.

In these situations a trust is created in a Will where trustees are appointed to carry out the terms of the trust for the benefit of the beneficiary.

Included in the Will are who the trustees will be, what the trust fund will contain, who is to benefit from the trust fund and what is the vesting date, e.g. to be held on trust until my child reaches the age of 21 years.

There is no limit on the number of trustees you can appoint but you should take into account that appointing a large number of trustees would not be wise and can result in disagreement in relation to running the trust. The legal ownership of the trust property is vested in the trustees.

Request a Call Back or contact us directly and one of our team will discuss your Will or Estate and how we can assist you.