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FAMILY LAW

Trusts - Inheritance Trusts

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An Inheritance Trust is simply a Trust you set up in order to transfer your estate to on your death. 

You don't  "will' your property to your kids.  You "will" it to the trust. 

See the advantages below.

The average Will for a family is usually where a partner leaves everything to the other with a gift over to children and a provision for the substitution of grandchildren if the child ( parent ) has died.

While some people have decided that a Trust is not appropriate for their own circumstances,  many are considering that it would  be wise to form Trusts for their children or encourage their children to up their own Trusts.

We have placed this topic within a separate category but it clearly must be read with our other related topics in the boxes at the top and the bottom of this page.

Put quite simply,  instead of leaving your assets to your child or children you leave it to a trust with that child or those children as the beneficuairies. 

That way, you are able to retain some control, or at least, guidance over those assets. 

This then gives the parents the opportunity of leaving a child's share in the their estate directly to a Trust in which that child is a discretionary beneficiary and who will possibly control the Trust at some time or another.

The advantages include:

1.   ' Ring fencing ' assets for a particular child and his family.

2.   Avoids the necessity of a child, who wants to transfer personal assets (including the subject of any bequest), to a Trust, having to sell those assets to another Trust at market value and then having to embark upon a gifting programme to eliminate the debt. A simple bequest to a Trust for a child will avoid that having to happen

3.   Gives the spouse the opportunity of retaining some sort of control over the asset for the child (if felt necessary) in that the asset can be transferred to a Trust controlled by persons other than the child until a date on which the Trustees deem appropriate, either in their own judgem

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Feedback/Blogs/Reviews from related topic: Disinterment - Exhumation
"Thanks . . . for us grandparents it was helpful to have a topic dedicated to us although we had to go to some of your other sites to get the full picture and documents. we have aplied for counselling firt.
All the best to the team at Netlaw"

"This website is TOPS!! tnx!! Q:I have a Returning resident visa issued 070307 and would like to take my 2.5 year old child to Europe for a month to simply visit my parents which I havent seen for 2 years! My childs mum(Kiwi) and her oldest daughter went last year all paid for and my parents never had a thank you!!!! and although I notified her months ago about our trip she is emotionally blackmailing me and threatening me with a laywer out of jalousy(?)or the poor thing is scared I might not come back while I have been living and working here for the last 5 years. All our arrangements are made orally. NZ and our boy is my life! Our child is staying with me every other day. I pay weekly 100$ I am a good dad, she is a good mum but I'd like to know her rights and mine as a parent within my current visa situation as well. And although my right to vote in NZ indirectly supports those who are chosen to make these laws I feel as a father quite left on my own since I consider NZ family law extremely father unfriendly..HELP please anyone! Me in Queenstown

Netlaw replies - You need to see the Familky Court at Queenstown at once and ask for counselling to try and sort this out. That costs nothing and should not take long. BUT - you should also ask a lawyer to file an application for an order because that will take a few weeks to get to Court at the very earliest and you will need to ask the Court to take urgency and it is better to file at once as a back up to counselling failing. "

Feedback/Blogs/Reviews from related topic: Disinterment - Exhumation
"Very helpful . . . McBreen"
"Now that I understand the principles it has made it easier for me to prepare and make final decisions. thank you. Kirsten."
"Great coverage to have it all laid out. Could you try and give us some uncomplicated documents. yours are useful but are there any simpler docs? Keep up the good work. A really helpful website. Graeme H. Wellington - May 2007"
"I have made good use of this topic and the other topics on Wills. Well done. Jim H (retired) - Devonport - May 2007"
"Bloody Hell! You provide us with the documentation as well! This is great stuff. I will still use a lawyer but I now have enough information to make some informed decisions myself.
Kevin M - Hamilton"

"Hi Netlaw...i have found your site very helpful to me in applying for a parent order. Anexcellent site with the right information, easy to use steps.

Thanks so much :)))"

"HI, posted yesterday trying to find application boilerplate for challenging will due to unsound mind (with medical evidence). Thanks"
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