Becoming a responsible parent
Corey Marsland
Complex Problem Solver | People + Process + System Integrator | Path Finder | Mentor + Coach | Critical Thinker | Trusted Business Partner | Anti-Fragile Polymath
Why do Family Trusts matter?
Why does any form of asset protection and end-of-life planning matter? If you are a responsible adult, you know that you have to plan for the future.
Most of us take great pains to contribute to our retirement savings that will support us in our twilight years.
Many of us have the presence of mind to arrange for life insurance that will ensure our loved ones have the money needed to pay for our funeral (at the very least) and potentially continue living comfortably for several years in our absence, providing an income.
So why wouldn't you take the next step and look into family trusts as a means of protecting your assets during your lifetime and passing them along to your intended beneficiaries after you pass?
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A death tends to wake us up to life being precious
A death in the family leaves most of us understandably distraught.
What can be worse is finding out that they have not gone and left any legal provisions for the allocation of their assets.
This situation is more common than you think. Especially with younger families with sudden unexpected events like a fatal car accident.
In essence, you could be leaving it up to your distraught family members to decide how to split up your assets, and possessions.
Take a moment to play out that scenario in your head. Is it possible that a domineering family member could strong-arm others into giving up their inheritance, or that a manipulative person could swoop in and take advantage of others while they're grieving?
You won't care when you're gone, but your loved ones will suffer in your absence due to bad planning on your part.
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Ensuring loved ones are protected
Even a last will and testament is not ironclad.
A will must go through the probate process. This means that your wife, husband, children will have a waiting period before they can claim and access your estate.
In addition, probate is a public proceeding, which means that creditors could place claims on the assets you've left to family members.
Family trusts are a great way to stave off all of these unfortunate situations.
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Ensuring any wealth you have goes to the right place
When you set up a family home trust, you'll ensure that your home goes to your children instead of an ex-spouse that might try to lay claim to it, or that it goes to your current spouse instead of getting claimed to pay business debts.
If you fail to take appropriate precautions, your loved ones may suffer as a result. As a responsible adult, the onus is on you to take the steps necessary to protect your assets during your lifetime so that your family is well cared for when you are gone.
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So why not register with www.trustus.co.nz today and get yourself sorted.
After all, it's in your hands now.
Corey Marsland
Corey Marsland is the COO and Founder of MAC Innovations NZ Limited, as well as the Principal Consultant at Marsland Consulting Limited. Corey has over 23 years of experience combined with various business qualifications including a Commerce Degree studying: Management, Marketing, Information Systems and Commercial Law, a Graduate Diploma in Personal Financial Planning as well as being PRINCE2 certified in Project Management.
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