Types of trusts

There are a number of different types of trusts that exist for different purposes. Common types of trust include:

• The Family Trust – usually lasting for up to 80 years, a Family Trust can help you to; pass on an inheritance, safeguard funds from unwanted claims, provide for the education of children or grandchildren, provide for those with special needs, protect personal assets from business liabilities and provide tax advantages.

• The Charitable Trust – many of our clients choose to structure their philanthropy through a charitable trust; a tax-exempt perpetual type of trust which must be set-up to support one of four specific charitable purposes, providing for the; relief of poverty, advancement of education, advancement of religion, or advancement of any other purpose beneficial to the community.

• The Funeral Trust – a straightforward way to minimise the financial and emotional impact of your death on your family by allowing you to set aside funds in advance to cover your funeral expenses, specify the type of funeral you want, and name the funeral director you want to attend to the arrangements. Funds are available immediately, with any residual amount paid over to your estate.