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	Podcast:		NZ Guide to Financial Freedom
	Episode:		Ep 162: Estate Planning - Family Trust
	Category:		Business
	Duration:		00:07:38
	Publish Date:		2021-07-20 14:00:00
	Description:		"The idea with a family trust is to protect the ownership of our assets. Here’s how trusts work: we transfer the legal ownership of our assets to the trustees while continuing to use and enjoy them as long as the trust deed permits. For example, if our family home is in a trust, we no longer personally own the house – but we can still live in it if that’s what the trust deed states and the trustees agree. Benefits of a family trust Family trusts are designed to protect our assets and benefit members of our family beyond our lifetime. When our assets are in a family trust we no longer have legal ownership of them – the assets are owned by the trustees, for the benefit of our family members. People usually set up a family trust to get some benefit from no longer personally owning an asset. A family trust may be useful to: Protect selected assets against claims and creditors – for example, to protect a family home from the potential failure of a business venture. Set aside money for special reasons, such as a child or grandchild’s education. Ensure our children, not their partners, keep their inheritances. Manage the risk of unwanted claims on our estate when we die – such as from a former partner." Source: https://sorted.org.nz/guides/protecting-wealth/family-trusts/
	Total Play:		0