Trusts for children

Wealth automatically flows to children from a will when they turn 19 unless you establish a trust that holds that wealth for a longer period. There are some really good reasons why you might consider such a trust. Perhaps you want to make sure the money is used to finance something specific like a university education or a first home. Or maybe you want to protect your children from your creditors, or maybe you want to shelter them from some of the tax implications.

A trust is customized and spells out how and when wealth flows to your children. Again, a well-planned trust can avoid all sorts of hard feelings and difficulties for your family and executor.

Trusts for other purposes

You might want a trusts to serve another important purpose. Trusts can help with

• Tax planning

• Planning for blended families

• Planning for disabled children

• Charitable gifts

• Family cottages

• Business interests

Talk to your legal advisor to see how trusts might benefit you and your family.