At Malley & Co, we work hard to give industry-leading advice and recommendations. The specialists in our team write articles and commentaries about factors affecting the current market. You will find some of these here.
Do I still need a trust?
It’s good practice to review its purpose
If you have a family trust set up a number of years ago, it’s good practice to review it to ensure it is still ‘fit for purpose’. Leading on from that is the question that is often asked of us, “Should I bring my trust to an end?”
Trusts are still very useful arrangements, and there is usually a good reason why you established a trust in the first place. If that reason no longer exists, however, then it may be sensible to think about alternative arrangements.
Common reasons why you might consider bringing your trust to an end are:
- The trust may prevent you qualifying for a subsidy if you need to go into care
- If the trust was set up by your parents and they have now died, you and your siblings may have different needs