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One should really ask 'Why not create a trust?' There are many reasons why a person would choose to set up a Trust, and there is no one-size-fits-all Trust structure.
In a nutshell, a Trust is a relationship where an individual or corporation (the Trustee) holds property or assets for a specific person or group of people (the Beneficiary or Beneficiaries). The Trust Document spells out the rules the Trustee must follow in relation to that property.
There are many reasons why someone would want to set up a Trust. There is a widespread misconception that Trusts only benefit the wealthy by protecting their business assets, however Trusts have a wider purpose: they serve as an inventive and practical tool that can protect a range of personal and family assets. Below are a few reasons which illustrate the benefits of having a trust:
If you would like to take advantage of these benefits, it's important for your Trust to be set up correctly, and the documents prepare by someone qualified to do so. It is also important that your Trust documents be regularly reviewed and updated as necessary.
To discuss the type of Trust that would best suit your personal circumstances, contact Pathway Lawyers & Migration Agents to arrange an appointment with our Trust professionals.
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