The idea with a Family Trust is to protect the ownership of our assets.
Here’s how Trusts work:
We transfer the legal ownership of our assets to the trust while continuing to use and enjoy them. For example, if our family home is in a trust, we no longer personally own the house – but we can still live in it if that’s what the trust deed states.
Sorted.org.nz has an excellent guide to the pros & cons of setting up a family trust.
And you can find out more information about Family Trust through the New Zealand Law Society.
Family Trusts can be quite technical, so you’ll typically need legal, and sometimes accounting expertise. Trusts should usually be formed by a lawyer or a professional trustee company. Even though the cost of using an expert might seem quite high, it may cost even more if things are not done thoroughly.
If you’d like to talk to a friendly lawyer and get help with setting up your family trust then give us a call – 09 267 2700 or contact us