Do you have a family trust? Trusts are often established for investment and business purposes and passing control of your trust is an important part of your estate plan.
Unlike most of your other assets, trust assets cannot simply be left to your children in your will. How the trust is best dealt with depends the nature of the trust, the particular terms of the trust deed and your intentions in relation to the trust property.
Many family trust deeds will already have your children and their families included as beneficiaries and the most important decision can often be who should be placed in control the trust. This is particularly important in discretionary trusts where the trustee has absolute power to decide when and to whom to make distributions.
How to pass control of the trust will depend on when you wish to effect the handover, the terms of the trust deed and the identity of the trustee and appointor of the trust. It is important that you obtain advice from a solicitor who is knowledgeable about succession planning for trusts to ensure that all documents are thoroughly reviewed and an effective transfer is made.
If you would like advice about transferring control of your family trust, contact Althea at Hornsby Wills and Probate on 0410 485 277 or by email to firstname.lastname@example.org