A rapidly changing, more sophisticated world has resulted in increasing threats to personal and family assets. More people are becoming self‑employed rather than employees. Marriage is not always the long term, permanent institution it once was, and often couples choose not to marry but to “live together”. 

With these changes comes increased pressure on your assets. 

The more complex your life becomes, the more vulnerable your assets will be to attack by a number of parties. 

If any of the following situations apply to you, your assets are potentially at risk and you should consider putting them in trust.

• If you are self-employed there is an increased risk of personal exposure to creditors

• If you are a company director it is not always possible to hide behind the “corporate veil” in the event of the company being put at risk from creditors, or facing penalties imposed under fiduciary obligations and statutory legislation

• If you are in a de facto relationship or soon will be and have property that you purchased before you entered into the relationship

• If you have inherited assets which you want to keep separate from the assets of your relationship

• If you want to leave your assets to people other than family members, or to benefit family members unequally on your death

• If you have income-producing assets (such as shares or rental properties), or if you intend to purchase them in the future

• If you want to protect your assets from the partners of your children.

If any of these situations apply to you (and the list is not exhaustive) alarms bells should be ringing and you should be seeking advice on forming a trust and transferring your assets to that trust. 

It is important that the structure and documentation is correct from the start. Trust law is a very specialised area and the right advice and structure at the start can save a lot of money in the long term. 

Another part of our practice is reviewing existing trust structures to ensure they are set up correctly and meet the clients’ needs.  Many of the trusts we review have defects, or do not achieve the result the client wants.

At Davenports Harbour we can provide you with the professional advice necessary to decide whether you actually need a trust, the type of structure you need and what assets should be transferred to the trust. 

See the specialists. Contact Tammy McLeod

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