Not only can a trust decrease your tax but it can cover your assets against losses from divorce, bankruptcy or the claims of creditors. If drafted properly, it can act like a wall that comes down to protects the individuals’ property.
You may structure your family trust around either a discretionary trust or a unit trust. Although a discretionary trust has traditionally been known as a ‘family trust’, the Trustee is given freedom to decide whether the beneficiaries receive any benefits, and if so, how much.
There is a well-established process for deciding family provision claims cases. This is known as the two-stage process that involves determining if someone has received adequate provision under a will.
Trust structures can offer certain benefits to family businesses. In this article, we examine how a ‘discretionary trust’ can benefit your business.
A trust structure has certain advantages for your business, including the ability to split income and protect assets. Many businesses, however, fail to appoint a corporate trustee and instead may rely on ‘natural persons’.
Filing an application for a Grant of Probate with the Supreme Court can be a complex and tricky process. If not done properly to the standards of the Supreme Court, the application can be dragged out and require more work.
As explored in our last post, the Notice of Intended Application for Probate is published on the Supreme Court website so that anyone wanting to make a claim on an Estate are given the opportunity to do so. Some people may question how it is fair for people to make a claim on an Estate when they are not mentioned in the testator’s Will.
Your partnership may have come to an end because:
To begin the process of obtaining a Grant of Probate, you must publish a Notice of your intention to apply for a Grant of Probate. There is a requirement in legislation that a Notice must be published at least fourteen days before an application can be made to the Court.