An inter vivos trust (or family trust) is established by someone during their lifetime to manage certain assets or investments and support beneficiaries, such as family members.
If a client is holding assets in a family trust, they cannot leave those assets to a specific beneficiary in their Will.
It is important that your client understands what will happen to the trust assets if they die, and take appropriate measures to ensure the control of those assets is passed in a way that makes sure they are distributed to their intended beneficiary (or beneficiaries).
Like testamentary discretionary trusts, inter vivos trusts may provide benefits including asset protection and tax minimisation.
For information on establishing or managing a family trust on behalf of a client, please contact one of our business development managers on 1800 684 672.