Trusts have been a part of the legal and social framework for 1,000 years, and are now more popular and numerous than ever before. Modern Trust Deeds are very sophisticated and flexible documents, but in essential terms they have changed little.
What is a Trust? The essence of a Trust is where someone holds assets for the benefit of others and is typically a Family Trust. Downie Stewart are experts in all matters relating to setting up a trust.
There are many reasons for establishing family trusts, including:
Protection of assets from the imposition of rest home fees and/or long term hospital costs
Protection from creditors (especially important for people in business)
Protection from relationship property claims
Ensuring family assets end up with the next generation as intended
Protection against the possible introduction of inheritance duties
The typical estate planning exercise is closely linked with correctly drafted Wills, Enduring Powers of Attorney and arrangements for financial management of assets.
Downie Stewart is particularly strong in all aspects of trust law for asset protection and estate planning.