Set Up a Family Trust
A family trust is a property that set up to get benefit for members of a family. The purpose of having it is to transfer assets to the trust. You can set up a family trust property either while you are still alive or when you die. It exists when one person or a trustee holds and owns property for the benefit of another person or a beneficiary.
The key elements of a family trust property are the settlors, the trustees, the beneficiaries, the trust deeds, and the trust’s assets. The settlor is the person who sets up the trust and holds the assets that will be transfer to the trust. The trustees are people who have responsibility to manage the trust and to make sure that the wishes of the settlor are carried out.
The beneficiaries are the key factor in family who may benefit under the trust. The trust deed is the legal document that stated the settlor’s wishes and sets it up. And they must have some assets. When trust property is set up, the assets will usually be a nominal. The aim is for the trust to hold all of significant assets.
The goal of setting up a family trust property is to achieve personal poverty protection by being beneficiary of the trust property and to protect your assets from threats from various directions. Almost any assets can be held by the trust, including real estate, motor vehicles, valuable artworks, household items such as furniture, and company shares.
The steps to transfer your assets to a family trust are choosing the asset to be transferred to the trust, obtaining valid and acceptable valuations for that asset, transferring the ownership of the assets in exchange for a debt, and the last is forgiving the debt. The process of forgiveness of debt by stages is known as a “gifting programme”.
