Why Might You Want to Have a Trust?
The usual reasons for establishing a family trust include:
- To try to achieve protection of some assets from creditors, where you are personally undertaking a risky business venture, in case it fails.
- To ensure that some assets, such as a family business or a farm, are transferred intact to the next generation.
- To make sure that some assets are retained for other family members, when one or more members needs rest home or hospital care.
- To protect family members or a family business from possible relationship breakdown, or from a contested will claim.
- To manage the assets of someone who is unable to manage his or her own affairs, whether through a disability or illness.
- To simplify estate administration by transferring assets to a trust before death.
- To change tax liability.
How Does a Trust Operate?
The trustees are the legal owners of the trust property and can do the same sorts of things with the trust property that any owner can do. They can hold property, raise mortgages, open and operate bank accounts and generally hold all types of assets and investments, as long as they operate according to the powers set out in the trust deed.
How Long Will it Take?
You can make a trust using the LawOnline system in just five minutes, if you know exactly what you want to provide and don't need any advice. Realistically, you should expect it to take about 10 minutes. If you feel that you need to read all of the advice carefully, that will take you about 20 minutes.
When Will You Have Your Document?
- It will be sent to you by email in a matter of seconds, immediately after you pay the fee and click the email button.
- You will be able to download it again from your dashboard as often as you like and you will be able to email it to yourself or to someone else, as often as you like.
Can You Edit Your Trust Deed After You Have Received it and is it Free to Change?
- It is free for you to edit your document for a year, as many times as you like. You won't be able to change the name of the trust. However, everything else is freely changeable, as many times as you like for a year.
- After you have logged in you will see your name on the top menu. If you click on your name, you will see a link to your dashboard.
- Just select the edit button that you will find on your dashboard, next to the link to the document that you want to edit.
How Are Your Documents Stored?
- The LawOnline system keeps a copy of the latest version of any document that you create. Your documents are kept on a secure server which is fully backed up. They are available to you through your dashboard, which you can access by logging on with your username and password. After you have logged in you will see your name on the top menu. If you click on your name, your will see a link to your dashboard.
- Your documents are kept for at least 7 years and any signed original documents that we may be keeping for you will be kept indefinitely.
- In the unlikely event that the LawOnline business failed, the Law Society has a statutory power to ensure that your documents are protected.
Is it safe to make a will or trust online?
The Lawyers at LawOnline have carefully prepared the documents that you will find on the LawOnline site, to ensure that you will prepare a fully legal and normal legal document. You also have the benefit of all of the legal advice that is made available to you on this website. It is just as safe as visiting a lawyer personally, but is a great deal more convenient to access and is often considerably cheaper.