Find out about a few New Zealand companies

How a North Shore Trust Lawyer Can Help You

Firstly, let us start with a good understanding of what a Family Trust actually is so that we can move on to the second part of our question.  In short, a Family Trust is simply a trust that is set up to protect the assets of the family, both current and those members to come in the future.  Sound simple and fairly basic so far?  If it is this simple why does every family not have one? Here are some thoughts from a North Shore trust lawyer. It is not legal advice, and you should consult a lawyer for full details.

So let’s drill down a little to see why one would want to go to the time and expense of having a trust set up in the first place, and by seeing the major reasons for going down this road we should be able to see where it’s for us or not. Then look at a North Shore trust lawyer that you can talk to about taking this further.

Reasons why you may wish to set up a family trust.

1) Protecting assets from commercial claims

By transferring property of funds from our name into a family trust, these funds are then protected under law and cannot be touched.  While you will probably be responsible for the debt shortfall, such as the remaining mortgage on a property, while you still have to repay the debt, the property has now passed to the trust and cannot be taken back in lieu of repayment.

2) Protecting your assets against relationship property claims. 

In short, if you pass property or finances to a child in your will, once that child receives the inheritance, the spouse can claim a significant portion under the law.  However, if the funds or property have been transferred into a family trust, beneficiaries, who may be family members might still have access however spouses do not necessarily.  As the assets are not in your name but are in fact in the name of the family trust, the trust beneficiaries will be able to keep those assets while your partner will not be able to take any if you divorce.

3) When you cannot trust your family to use those monies left to them in a responsible manner. 

If you bequeath money in your will you have no control over how it is spent. Many of us probably know of people that would spend cash as fast as possible rather than save for the future. Instead, by having that money within the family trust, the rules of the trust can allocate portions of the assets over time so that person will not be able to spend it all at once. Instead, they may have the benefit investment returns that the trust generates, or be allocated a lump sum at a particular stage in their life for example, on reaching a certain age.

So, as I outlined at the top, you now know a few reasons why some people opt to put their property and financial assets into a family property.  Keep in mind that the purpose of the trust needs to be clearly set out and that proper due process and administration is maintained otherwise you risk defeating the very purpose of setting up the trust in the first place.

It is highly recommended that you make an appointment with a good trust lawyer and work through with what your motives and what the end goal for managing your assets.  While a family trust is a good way to protect assets, it can also be restrictive.  There are other considerations that you will also have to make such as the cost of having the trust set up initially then monitored and reported on.  Having a trust set up with correct documentation can be an expensive process.  There is also the financial management of the trust. Questions to be dealt with such as who have the financial rights to reinvest any monies that have been generated through the investments tied to the fund.  Who will have approval over these areas and who will have the role of notifying the family members regarding their personal tax during times when profits are being made

If you feel that after reading the above that you still need to pursue having a family trust being set up for you then you will need to make an appointment to see a North Shore trust lawyer that specialises in this field.  You will want to make sure that any financial decisions you make are right for your circumstances as any Trust Deed that you sign is binding, and will be for the long-term.

McVeagh Fleming

How Lawyers Can Help Improve Your Life

Albany Commercial real estate lawyer

Everybody always has an opinion about lawyers and for some reason there is a lot of negative comments about them. This is probably because we generally only need a lawyer for bad situations in our lives. But whenever we need a North Shore lawyer to help us get something we want such as a debt settlement, protect us from other people, keep us out of jail, or buy a property, they are always the first group that we turn to.

While a few lawyers are obviously chasing big clients and therefore a high income, most lawyers genuinely care about their clients and helping people. A good lawyer is someone who does care, and has an understanding of your personal situation although they may have a tough exterior. They need this to be able to take a firm stance with the other party’s lawyers or if they have to go in front of a judge to plead your case.

Every day North Shore lawyers fight for their clients rights in cases of abuse, or work to give them protection such as setting up a Family Trust or in taking ownership of an asset like a property or a business. A lawyer is trained to serve the people they represent.

There are all different types of lawyers, but most truly care about their clients and will fight really hard for them. Often people will bemoan the bill they get from a lawyer but on the other hand, this is the price of protecting yourself or winning your case. To do this they have to undergo rigorous training and ongoing development to keep up with changes in the law. Make no mistake about it; this is a profession that requires dedication to upholding the rule of law and protecting your rights.

If you have been injured at your job, are having problems with your spouse, having a competitor damage your business, a lawyer will work with you to try to get the settlement you deserve. If need be, they will even take the case to court to prove that your case is valid and you should be treated fairly under the law.

When you are fighting for disability when you can’t work, you need a lawyer to prove your case. This is one of the toughest cases to prove, and in order to win your disability case, a good lawyer is needed.

Lawyers help you in divorce cases, especially tough ones where children are involved. They can be there to give you the best advice in order to ease the burden on you and your kids. They can be a friend during times of need when you are at the lowest depths of your life, someone to just be there for you long after the case has been settled. A lawyer can do so much for you, just as long as you choose the right one!

With so many North Shore lawyers, it is your goal is to select one that fits best with you. Not every lawyer is a good fit, and since you may have to spend a lot of time with this person, you need to be comfortable that they understand you. In order to be able to feel comfortable divulging personal details there has to be some sort of instant connection where you the lawyer you are with makes you feel more confident. That is their job, what they are good at and if you can let down your guard just a bit the very best lawyers can really help you.

North Shore lawyers, McVeagh Fleming Partners, have a large team of lawyers who can give you expert legal advice on just about any topic. You can get more details from their website www.mcveaghfleming.co.nz.