A trust will help provide ongoing support to your loved ones, once you have gone. Trusts not only benefit minors and individuals with disabilities! If someone in your family has a spending problem or some form of addiction, this will allow their expenditure to be monitored until a certain time that you deem appropriate. Trusts can be set up for those who are going through bankruptcy or someone who anticipates a separation or divorce.
You can also specify how you would like your beneficiaries to benefit from a trust. For instance, you might want to set money aside for your grandchildren’s education. This will allow the trustee to manage the funds of your trust and monitor expenditure, to ensure the trust continues on for as long as required for your beneficiary.
Trust administration is a complex area and many issues can arise if you are inexperienced. Therefore, it is very important you seek advice from professionals such as the Public Trustee.
If you would like to know more about how a trust can suit your needs, please fill out the form below or contact your nearest Public Trustee branch.