Why should you use trusts?

Perhaps you would like to give away some of your wealth to benefit other members of the family, but you are concerned that it will be dissipated. A trust can manage the amount and type of benefit paid out to your chosen beneficiaries. For example, you may wish to assist your niece with her university expenses, but you do not want her to spend the money on a fast car. A trust is the ideal vehicle to achieve those ends.

A trust allows your trustees to adapt to circumstances as they arise. If you make an outright gift of property, you cannot change your mind and give it to someone else.

When a settlor puts assets into a trust, they set out in the trust document how those assets are to be dealt with. They will be able to say who will benefit and to what extent; whether the property may be sold or used for certain purposes and who will benefit from them in the future.

Please watch this brief video which explains why you should use a trust to protect your assets.