Business & Family Trusts Townsville
What Is A Trust?
In the legal world, a trust is a fiduciary relationship in which one party, known as the trustee, holds and manages assets for the benefit of another party, known as the beneficiary. The assets can be anything from real estate to investments, cash, or even personal property.
The trustee is responsible for managing the trust’s assets and ensuring they are used for the beneficiary’s benefit. The beneficiary, on the other hand, receives the income generated by the assets or the assets themselves, as specified in the trust agreement.
Trusts are commonly used for family and business purposes such as estate planning, asset protection, tax planning and managing the financial affairs of minors or incapacitated individuals.
At Crosby Brosnan Creen (‘CBC’) Lawyers we’re here to help navigate the tricky waters of business & family trusts. Based in Townsville, we assist clients throughout North Queensland including Mt Isa and the Burdekin.
What's The Purpose Of A Family Trust?
A family trust, also known as a discretionary trust, is a type of trust set up to hold and manage assets for the benefit of family members. The purpose of a family trust is to protect assets, provide tax benefits and ensure assets are distributed to beneficiaries in a manner consistent with the family’s wishes.
Family trusts are particularly useful for estate planning purposes. By transferring assets to a trust, individuals can ensure their assets are distributed according to their wishes after they pass away. This can be especially important in cases where beneficiaries may not be capable of managing their own financial affairs, such as minor children or those with disabilities.
Additionally, a family trust can provide tax benefits by allowing income to be distributed among beneficiaries in a tax-efficient manner. This can help minimise the tax burden on the trust and its beneficiaries.
How We Can Help You With Your Family Or Business Trust
At CBC Lawyers, we realise trust law can be complex and difficult to navigate. That’s why we offer a range of services to help you set up, manage and administer your family or business trust.
Our team of lawyers can provide the expertise and guidance you need to ensure your trust is set up in accordance with Queensland law and your unique circumstances. We can help you identify the type of trust best suited for your needs, prepare the necessary documentation and agreements and provide tax advice.
We can also help you manage and administer your trust over time. Our team provides ongoing support, including reviewing existing arrangements, assessing restructuring options and providing training for members of your team.
How Do I Set Up A Trust?
If you’re interested in setting up a family or business trust, or need help managing an existing trust, look no further than CBC Lawyers. Our team of lawyers can provide you with professional advice and guidance to help you secure your financial future. Don’t wait any longer to take control of your estate planning and asset protection.
Reach out to CBC Lawyers today via our online contact form or give us a call on (07) 4772 3644. One of our team will schedule a consultation so you can take the first step towards setting up a trust to suit your individual needs.