Trust Drafting
Why do people choose to use trusts?
Trusts can be useful for many reasons, from protecting vulnerable individuals to asset protection. There are many types of trusts, and different types of trusts will be used in different situations. They are regularly created intentionally out of commercial necessity, but they can also arise by operation of law.
The main reasons that people consider trust structures are:
- Protection for vulnerable persons;
- Tax minimisation;
- Asset protection; and
- Estate Planning.
Life after trusts
Trusts need to be varied and altered as positions and situations change. Usually, a simple variation may be effective, but for certain trusts, there could even be additional considerations such as tax. Many people consider trusts to be limited to documents, but there are many roles and ongoing obligations that can be overlooked as they exist implicitly. It is therefore of paramount importance that a lawyer who is understanding of these requirements is engaged to ensure that the trusts drafted are compliant, and precise.
Understanding trusts
Considering the heavy burden of fiduciary duties, if you are involved in a trust, it is important to understand the trust structure to understand exactly what your role is in the trust structure. That is why our lawyers at Arrow White provide advice on all aspects of trusts, including duties, risk, implications. A role might have explicit duties attached to it, but we delve deeper into what your role means for you, your business, or family.
Trust law is considered to be closely related to succession law and in fact trusts may be a key consideration when planning your estate. However, trusts interact with many areas of law depending on what type of trust is used.
Where do lawyers come into the picture
We are able to draft modern trust documents, which focus on the intended outcome of the documents, rather than including superfluous, ambiguous, and ineffective ‘legalese’. Instead of charging by words, we charge by completed documents, which achieve the purposes that they are created for.
Disclaimer: This publication is intended for general and informative use only and is not to be relied upon as professional financial or legal advice.
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