Perth’s team of expert Family Trust Lawyers will guide you through the process
What is a Family Trust?
A family, or discretionary, trust may be set up to establish funds or property, or both, to benefit members of a ‘family group’. A family trust may be subject to a family trust election; this makes it a family trust for taxation purposes.
A family trust is a way of being flexible when you are considering distributing income and assets to family members identified in the trust. It also allows the trust members to either directly or indirectly control these funds or assets as set out by the trust rules.
What are the benefits of having a family trust?
Reasons why people set up a family trust:
- Provides a way for you to pass on family assets to future generations.
- Allows you to access favourable taxation.
- Can protect the family assets against liabilities of other family members (for example, if a family member becomes bankrupt).
- Able to avoid challenges to a Will after the death of a family member identified in the trust.
Many people set up family trusts to build as a tax-effective investment on top of their superannuation. However, with constant changes to the rules governing these trusts, setting one up can be difficult.
How can The Will and Probate Centre help?
As there are many types of family trusts available, establishing the rules of your particular family trust can be very confusing. Our team of expert lawyers will be able to guide through the process to ensure you have the correct trust for your family and your circumstances.