When investing or planning to invest in property, a Trust is a very useful way of ensuring your assets will be used for a specified purpose and properly managed on behalf of those you want to benefit from them. It allows you to transfer your assets to trustees of your choice, who will be responsible for making sure the property is used in the way you intend, such as for contributing to the education of your children or grandchildren, supporting a family member or to benefit a particular cause that is dear to your heart. With a Trust, your property is protected from misuse
If you are thinking of getting married but do not want property that you have acquired on your own to be part of your new family’s property, setting up and transferring your property into a trust, can allow you to keep your property from being mixed up with matrimonial property.
Setting up and transferring your assets into a Trust is also tax-efficient. For instance, it ensures that upon your demise, your survivors or beneficiaries from your estate will not be left with the burden to pay estate duties which can be as high as 10% of the value of deceased estate and legal fees of typically 5% of the value of the estate.
At Boyds, we will take you through the process and help you set up a trust for your property investment. Furthermore, apart from helping you set up a Trust, we also have an experienced financial advisor who will guide you through the financial aspects of the Trust.