Forming a family trust can be an important aspect of asset or succession planning. Your lawyer will be required to tailor the trust deed to your individual circumstances after consultation with you about your assets, and your family situation. It is important that the deed is correctly drafted from the outset, as changes can be difficult to make in the future.
Once a trust is formed the ongoing administration is critical, and trustees must keep up to date and accurate written records of decisions that are made. Accounts should be prepared annually and approved by the trustees. If you wish to set up a family trust, or if you are uncertain about the correct administration of your existing family trust, then the lawyers at Wells & Co can assist you.