Trusts

What happens in the future can depend on the decisions we make today. Nolans Trusts and Asset Planning specialists help you, no matter what stage of life you're at, create structures that suit your needs now and in the future. We have expertise to assist with that farm re arrangement or succession plan.

We also provide the following ancillary services:

  • Family Trusts. 
  • Farm re arrangements. 
  • Farm succession planning. 
  • Business succession planning. 
  • Planning for Retirement. 

What is a trust?

A trust is an entity created for the benefit of others. Assets are held by the trustees but the trustees are obliged to apply the benefit of those assets for the beneficiaries of the trust.

Do I need a trust?

There are a number of reasons why a trust might be beneficial to you and your circumstances will determine what they might be. Some of those reasons are:

  • Tax benefits
  • asset protection from creditors
  • confidentiality
  • some protection from relationship property claims

Why do I need a lawyer to do a trust?

Trusts need to meet your needs now and into the future. Once a trust is created it can be difficult to change so it is very important when it is established it is set up right. Each person’s circumstances are unique and any trust needs to be uniquely created for them. A lawyer can look at all of your circumstances and make sure the trust is fit for purpose.

What is a trust?

A trust is an entity created for the benefit of others. Assets are held by the trustees but the trustees are obliged to apply the benefit of those assets for the beneficiaries of the trust.

What are the tax benefits of a trust?

There can be some tax benefits in having a trust but they depend on your circumstances. You can talk to your lawyer about these benefits.

What is involved in running a trust?

The administration of a trust depends on what the trust does and the type of assets you have in the trust. If your trust is involved in lots of transactions there is likely to be more administration than a trust that just holds the family home.
If the trust owns income generating assets (like a rental property) tax returns will need to be filed.  If you are a trustee of a trust you have established, your trustee obligations mean you need to always consider what is in the best interests of all the beneficiaries.
Simply picking an investment and then sitting back is not enough, you need to be regularly reviewing and assessing if the current course is meeting that obligation.

What is involved in setting up a trust?

Your lawyer will talk with you about your situation and assess what the best options are for you. You will need to make some decisions like who will be the trustees and beneficiaries. 

Then they will draft a trust deed which meets your needs to discuss with you. Initially there will be a trust deed along with an initial resolution of the trustees to prepare and sign. 

Usually when a trust is established assets are transferred to it. If your trust set up involves this there will be additional documents (like an agreement for sale and purchase) between you and the trust to transfer assets. 

Documents dealing with how the price for those assets is to be paid and depending on your situation bank documents may also need to be prepared and signed. A valuation of the asset may be required to ensure they are transferred at the correct value.

Partners

Lawyers

Katherine Callaghan

Consultant

Registered Legal Executive