Trusts, Asset Protection and Estate Planning.

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 that someone holds assets for the benefit of others, as is typical in a family trust. Downie Stewart are experts in all matters relating to setting up a trust, including the transfer of assets to the trust and advising on the ongoing administration of the 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

• Tax minimisation

You may have a trust already, but be unsure whether it is still giving you any benefit, or need help administering it correctly. Trusts law changed in 2020, increasing the legal obligations imposed on trustees, and giving beneficiaries increased rights. If you are a trustee and are not familiar with the terms of your trust, we can help. We routinely undertake trust reviews with clients to check that the trust is still “fit for purposes” and that the trustees are meeting their legal obligations in the administration of the trust.

When forming a trust, it is important to consider estate planning matters such as wills, enduring powers of attorney and continuity of the trust after the death of the settlors (the people who establish the trust).

Downie Stewart is particularly strong in all aspects of trust law for asset protection, estate planning and administration. To find out if whether a trust would be suitable for you, please contact a partner.

Our estate administration team includes Matthew Haggart, Bianca Greene, Christine Bowler and Kate McLay.