Who are the Trustees?
Trustee responsibilities include administration and management of the trust.
They will be required by law to operate in the best interests of the beneficiaries, ensuring that the trust’s assets are appropriately managed and protected from any harm.
Typically, the settlor selects trustees with care to ensure that they have the necessary qualifications, experience, and expertise regarding asset protection.
In rare instances, family members or close acquaintances who possess these criteria may also be eligible to serve as trustees.
It is crucial to remember, however, that trustees must stay unbiased while making decisions involving the trust’s assets due to their handling of sensitive financial information.
Can I still access my assets while I am alive?
One of the main benefits is that you and your spouse can continue to live in the house and access property in the trust fund.
As you will be a trustee, you will have full control over things relating to the trust funds. There will be a provision that you will have a right of residence in the house while you are alive.
What is a Family Savings Trust?
This is a broad marketing term that includes any form of trust that is meant to protect your assets from risks.
They can be very flexible, and contain elements from lots of different types of trust. Often the phrase family saving trust is used to apply to trusts that deal with income from a business the settlor has ownership of.
What is the best trust for asset protection?
Different types of trusts are better for different families, depending on the value and complexity of the estate and what you want to happen to your assets. There are specific asset protection trusts you can look at.
Trust wills are useful because will trusts only come into effect after you die. It is worth seeking legal advice to answer questions on what type of trust would benefit your family and to learn about the details of the trust.