A trust can be a great way to protect and run assets, for the benefit of children. Keeping in mind the reason for the trust is important. Responsibility of running the trust lies with the trustees and some are not always clear.
Some things to consider:
- Make sure personal transactions go through a non trust bank account number
- Consider assets purchased with a family trust loan – do they benefit the beneficiaries? Reasons recorded?
- Trust law tidy up to take effect now – Trusts Act 2019
- Reasons why the trust was formed – still valid today?
If you feel that your family trust could be run better, make those changes now and seek advise.
