No matter what your financial worth is, a lot of hard work has gone into building your asset base (big or small). There is an element of risk behind every major personal or financial decision that you make, for example beginning a relationship, starting a business, or buying a house.
This is a time to review your risks and look at how well you are protected. Don’t leave it too late.
Family Trusts – Asset Protection
One of the best ways to protect yourself and to provide for your family’s future is through a family trust. This will protect your assets and provide for your interests and give security to your loved ones. A family trust ensures that your assets are distributed in accordance with your wishes and requirements.
A trust also provides protection from creditors and ex-partners. However, a badly set up trust can create a whole lot of problems. Seek the best legal advice when setting up a Trust to avoid having these problems. Trusts should be reviewed on an annual basis to ensure that your needs are still being met and that you meet all the requirements of the Trusts Act 2019 which came into force on 30 January 2021.
Family Trust and Asset Advice
At Kannangara Thomson we can office you the best advice possible and the most suitable way to protect your assets and to help you do this.
Please contact us on 03 377 4421 or email on email@ktlaw.co.nz to be put through to our expert team.
Brent Selwyn
Kahu Simmonds