How does it work?

When you set up a trust, how it will work is detailed in a trust deed. You appoint trustees, who will ensure the trust operates as set out in the trust deed. You can appoint yourself as a trustee which will ensure you will have a say in guiding the trust. You also decide who the beneficiaries of the trust will be - this could include yourself, your family or a charity.

How does it work(continued)?

When you set up a family trust, you ‘sell’ your assets to the trust at their full market value. The trust then owes you a debt and you slowly ‘gift’ away the debt at a rate of $27,000 each year (a couple can ‘gift’ $54,000 a year) without payment of gift duty.  An important part of setting up a trust is getting sound advice on a gifting programme.

How does it work(continued)?

Public Trust can provide independent expert trustee services for the life of the family trust. We’ll make sure that accurate records are kept, all tax and other legal requirements are met, and trust documents are kept safe. We’ll also keep you up to date on any law changes that could affect your trust.