Secure your legacy today: Trust-based estate and asset protection plans

The pillars of a successful trust-based estate and asset protection plan

Please click the following link to create a free report on the legal documents that you need as part of

your trust-based estate and asset protection plan.

and why it’s essential to have legal expertise you can trust

Why you need a trust-based estate and asset protection plan

Starting your trust-based estate and asset protection plan

  • No two trust-based estate and asset protection plans are the same, which is why it's crucial to have a plan that is tailored to your unique circumstances.

    A skilled lawyer needs to work with you to understand your goals and develop a plan that reflects your wishes. They can also help you identify potential issues and recommend ways to address them.

  • The types of Trust that are available on DYOdocs are: detailed here: Types of Trusts.

  • To assist your lawyer to understand your goals they should be recorded in detail in the comfort of your home. Please record those wishes using our questionnaire for the type of trust you need:

    Please email your completed questionnaire to us: reception@rossholmes.co.nz.

    Our questionnaire will be able to be completed online in the near future.

  • Our fee chart is here.

    At Ross Holmes Virtual Lawyers, we know that legal jargon can be overwhelming and make your eyes glaze over faster than a boring lecture. But, we speak legal fluently, and we're here to make it easier for you. We specialize in making the complex simple, so you can make informed decisions without feeling like you need a law degree.

    Whether you're a new homeowner, a business owner worried about creditors, or just trying to protect your assets against life's curveballs, we've got you covered. Our trust-based estate and asset protection plan is like a shield, giving you confidence that your legacy will be secure, even if your kids decide to pursue their dreams of becoming rock stars (no judgment here!).

    So, let's make forming a trust feel less like a root canal and more like a Netflix binge.

Get an experienced lawyer on your side

  • There are many reasons why it is essential to have an experienced lawyer on your side when creating your estate plan:

  • Having a properly prepared estate plan can help avoid legal challenges from family members or other interested parties after you pass away.

    An experienced lawyer can help you draft a plan that is legally sound and minimizes the risk of challenges. They can also help you update your plan as circumstances change over time.

  • Working with an experienced lawyer to create your estate plan can provide you with peace of mind.

    Knowing that your wishes will be carried out after you pass away and that your loved ones will be taken care of can bring a sense of comfort and security.

  • Do you feel like forming trust is too hard, and have you put it in your "too hard basket" alongside learning to knit or finally cleaning out the garage? Well, don't worry, we've got the cheat codes to help you stop procrastinating and finally cross it off your to-do list.

    Give us a call today and let's work together to make sure that your trust-based estate and asset protection plan is like a happy ending worth watching.

    Don't let procrastination keep you from securing your legacy, let's do this!

FAQs

  • A: A trust is a legal arrangement where a person (the settlor) transfers ownership of their assets to a trustee(s), who holds and manages the assets for the benefit of the beneficiaries. The trustee has a legal obligation to manage the assets in accordance with the terms of the trust deed.

  • A: There are many benefits to forming a trust, including:

    Asset protection: A trust can help protect your assets from creditors, legal disputes, and other risks.

    Estate planning: A trust can help ensure that your assets are distributed according to your wishes after you pass away.

    Privacy: A trust can help keep your financial affairs private, as the assets are owned by the trust, not by you personally.

  • A: Anyone can potentially benefit from forming a trust, but they are particularly useful for:

    Business owners: A trust can help protect business assets from legal disputes or bankruptcy.

    High net worth individuals: A trust can help protect assets from potential legal claims or disputes.

    Families: A trust can help ensure that assets are distributed fairly and according to the wishes of the settlor.

  • A: Transferring assets into a trust can be a straightforward process, but it depends on the type and value of the assets. It's important to seek the advice of a lawyer to ensure that the transfer is done correctly and that any tax implications are taken into account.

  • A: If the trustee dies or becomes incapacitated, they cease to be a trustee. A new trustee can be appointed. The trust deed should include provisions that address what happens in these situations.

  • A Click here

  • A Click here

  • A See here: trust-based estate and asset protection or a will-based estate plan

  • A: The settlor is the person who establishes the trust by transferring assets to the trustee(s). After the trust is established, the settlor has no further involvement in the management of the trust.

  • A: A trust can last for a specified period of time (up to 125 years in New Zealand). The length of the trust depends on the goals and wishes of the settlor.

  • A: Yes, the terms of the trust can usually be changed by the trustees, if the Trust deed contains a wide power of variation. There may be restrictions depending on the type of trust and the specific terms of the trust deed. It's important to seek the advice of a lawyer if you want to make changes to a trust.

  • A: Choosing a trustee is an important decision, as the trustee has a legal obligation to manage the assets in the best interests of the beneficiaries. The trustee should be someone who is trustworthy, reliable, and has the necessary skills and experience to manage the assets. The settlor can choose a family member, friend, or professional trustee such as a lawyer or accountant.

  • A: Yes, a will is still an important part of estate planning, even if a trust is formed. The will deals with any assets that are not held in the trust. It's important to ensure that the will and the trust are coordinated to ensure that all assets are distributed according to the settlor's wishes.

  • A: Yes, it is possible to be both a trustee and a beneficiary of a trust. However, there are certain rules and requirements that must be followed to ensure that the trust is properly managed.

  • A: A trust can be used for asset protection, but it cannot be used to avoid legitimate creditors. If a trust is set up with the intention of avoiding creditors, it may be challenged in court.

  • A: Yes, a trust can be dissolved if all the beneficiaries and trustees agree to do so, or if the trust deed permits the trustees to do so.

  • A: A trust may be required to file tax returns and other reports with the Inland Revenue Department if it earns income. The reporting requirements will depend on the type of trust and its activities.

  • A: What happens If a beneficiary dies, depends upon the provisions of the trust deed.

  • A: Yes, a trust can hold property overseas if the trust deed allows that. However, the trustees need to obtain expert advice on the legal and tax requirements in the overseas country before making that investment.

Disclaimer: This article should not be relied upon for legal advice. Always seek professional legal advice before making any decisions regarding your business.