Making a family trust will in New Zealand can provide many benefits to families. It can be used to pass on assets to the next generation, protect assets from creditors, and provide peace of mind. Trusts provide the opportunity to control how assets are distributed and to protect them from being taxed or used to pay off creditors.
Protecting Assets
One of the main benefits of making a family trust will in New Zealand is the ability to protect assets. A trust allows the settlor to transfer assets to the trust and then appoint a trustee to manage and distribute these assets according to the trust's terms. This ensures that assets are protected from creditors and tax liabilities. If you need more information about family trust will you may navigate to this website https://www.trustees.co.nz/private-wealth/family-and-estate-planning/wills/.
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Tax Advantages
They also offer tax advantages. Trusts are exempt from income tax, capital gains tax, and estate tax. This can help to reduce the overall tax burden on the family and ensure that more of the assets are passed on to the beneficiaries.
Flexible Distribution of Assets
They also provide more flexibility in how assets are distributed. With a trust, the settlor can specify exactly how the assets are to be distributed. This ensures that the assets are distributed according to the wishes of the settlor and can help to ensure that the beneficiaries get the best possible outcome.
Peace of Mind
Finally, making a family trust will in New Zealand can provide peace of mind. A trust provides the assurance that the assets are being managed and distributed according to the wishes of the settlor.