Making a family trust will in New Zealand can be a complex process, but it's important to ensure the wishes of the trust are carried out. A family trust will is a legal document that outlines the wishes of the settlor, or the person who sets up the trust. It outlines who will benefit from the trust, how the trust will be managed, and how the assets in the trust will be distributed.
1: Decide Who Will Benefit
The first step in making a family trust will is to decide who will benefit from the trust. This includes deciding who will receive the assets in the trust, and how the assets will be distributed. It's important to consider the needs of the beneficiaries before making any decisions. If you need more information about family trust will you may navigate to this website https://www.trustees.co.nz/private-wealth/family-and-estate-planning/wills/.
Image Source: Google
2: Appoint a Trustee
Once the beneficiaries have been chosen, the next step is to appoint a trustee. The trustee is responsible for managing the trust and ensuring the wishes of the settlor are carried out. The trustee must be over the age of 18 and of sound mind.
3: Draft the Will
The next step is to draft the will. This will outline the wishes of the settlor, such as who the beneficiaries are and how the assets in the trust will be distributed. It's important to include as much detail as possible in the will to ensure the wishes of the settlor are carried out.
4: Sign and Notarise the Will
Once the will has been drafted, it must be signed by the settlor and all beneficiaries. In addition, the will must be notarised by a lawyer or notary public. This ensures the will is valid and the wishes of the settlor are carried out.