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QUESTION DETAIL
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How do I set up a family trust?
ANSWER
Expert Michael Lim's Answer:
You can file the paperwork yourself, if you have fairly few assets and a simple marital situation.
However, because the a Family Trust is a legally binding document that may become fairly complicated, I would strongly advise that you have a lawyer who is familiar with family law draft the documents for you, and guide you through the funding process.
This becomes especially important if you have a large amount of assets and have many beneficiaries (children). In this situation, it is imperative that you structure the trust to avoid probate and maximize any tax planning strategies for estate purposes.
