When it comes to estate planning, trusts can play an integral role in managing and allocating assets. At its core, a trust is a legal agreement where a trustee holds property for the benefit of beneficiaries. Trusts can be organised in various ways, each with its regulations and tax implications. Trusts are widely used in Australia for investment and business purposes and provide a foundation for financial management.
Understanding trust structures
Accounting and legal advisors frequently recommend trusts to individuals, families and business owners. Used to distribute income tax and safeguard assets, a well-structured family trust can benefit both a business and family members. However, as family dynamics evolve or business circumstances change, challenges can arise, leading to trust disputes.
Common causes of trust disputes
Issues relating to business succession and estate planning may contribute to trust disputes. Sibling rivalry, divorces, intergenerational tension, and even a change in marital status can cause family members to question the distribution of the trust assets. Moreover, misunderstandings about the trust terms or the trustee’s conduct can trigger disputes.
Seeking legal advice
Resolving trust disputes requires a delicate balance of legal expertise and empathy to achieve a satisfactory outcome. Therefore, engaging the guidance of an experienced trust dispute lawyer can prove invaluable.
Trust lawyers in Geelong
Whether you are dealing with a testamentary trust, discretionary (or family trust), superannuation trust or fixed trust, it’s essential to seek legal advice. WJM lawyers in Geelong will assist you with establishing the right trust structure for your family or business needs. And should a trust dispute arise, you can rest easy knowing we have experience in handling trust disputes.
Contact our experienced lawyers at (03) 5222 2077 or email info@wjmlawyers.com.au to schedule your 15-minute appointment.
