PERSONAL

Trusts

Protecting your wealth now and in the future.

The Trusts Act 2019 (the Act) took effect on 30 January 2021, bringing with it amendments to the law governing trusts for the first time in more than 70 years and applies to existing trusts as well as those yet to be drafted. If you are a trustee, a beneficiary of a trust or contemplating setting up a trust, McVeagh Fleming can help.

Traditionally trusts are designed to protect property and manage assets. They require close management by trustees, who have increased obligations under the new Act – including keeping good records. McVeagh Fleming’s trust services can help you with:

  • Protecting assets for family benefit
  • Transferring wealth to the next generation
  • Retention of assets, like a family business, when one or more members becomes ill or cannot work
  • Protection from relationship property claims or contested wills
  • Looking after the assets of somebody who is no longer able to act on their own behalf
  • Changing tax liabilities
  • Estate administration through the transfer of assets to a trust before death.


Family Trusts Administration

  • Family Trusts Administration
  • Formation and administration of family trusts
  • Business trusts
  • Charitable trusts
  • Special purpose trusts
  • Gifting
  • Estate and retirement planning
  • Wills
  • Asset management.

Recent Insights

April 2020

A Time to Reflect on Estate/Trust Matters

The current 'lockdown' is unprecedented. In times like these your first priority is to ensure you take care of yourselves, friends and family. However, while it is important to protect those close to you, you should also give consideration to the protection of your assets. Accordingly, it may be an opportune time to review your current estate planning to ensure everything is 'as you would like' and, if you have a trust, to make sure that it aligns with the provisions of the Trusts Act 2019 ("the Act") which was enacted this year but comes into force at the beginning of 2021.
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April 2020

The Family Trust and the ‘Independent Trustee’

A trust exists to hold assets for a certain purpose. For an ‘ordinary’ family trust, commonly conceptualised as a ‘mum and dad’ trust, the ‘mum and dad’ settlors ordinarily transfer their main home to trustees to hold that property for the benefit of their immediate family group. In this scenario it is common for ‘mum and dad’ to be appointed as trustees. They are additionally named as discretionary beneficiaries to ensure they may benefit from the trust assets throughout their lifetimes as well.
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March 2020

Getting on Top of Your Legal Affairs – What you Could do During the Lockdown Period

During this unprecedented and unsettling time, there is an opportunity here to take advantage of the phone calls and emails slowing down (for some) and use your time to address those things you have been putting off – a bit like that painting job most people have been meaning to get to.
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To get in touch call or email us to see how we can help you.

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