Estate planning
A trust is one way to arrange for assets to be managed for family members or other beneficiaries. It can be helpful in certain family, estate or business situations, but it brings ongoing costs, legal duties and tax responsibilities. We can explain the planning considerations and, with your permission, introduce you to an independent fiduciary professional who can assess your circumstances. The Legacy Wealth Club does not itself create or administer trusts.
The Legacy Wealth Club does not itself establish or administer a trust. That work is done by an external fiduciary partner, and only if you agree to the referral.
A trust is a legal arrangement in which trustees manage assets in accordance with a trust deed or other governing instrument for the benefit of designated beneficiaries or purposes.
The trustees have legal duties and must act in accordance with the trust’s terms and applicable law.
A trust is not the same as a personal bank account or a personal investment. The assets are held and managed under the trust’s rules, not as the founder’s own money to use freely.
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An inter vivos family trust may hold and manage assets for family beneficiaries. Whether that is appropriate depends on the legal and tax position. It does not automatically protect assets from creditors, avoid estate duty or eliminate tax.
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A testamentary trust is created through a valid will. It may be used to manage an inheritance for beneficiaries according to the testator’s instructions. The will itself still has to be properly signed. Start with the Will application.
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A trust may sometimes be considered in a business ownership or succession plan. The arrangement must be designed and reviewed by qualified legal, tax and fiduciary professionals.
None of these is a reason, by itself, to form a trust. A specialist has to look at the circumstances.
