Articles

18 November 2024

The Second Generation: Family Trusts and Succession Planning

Christine Pirani

A comprehensive estate plan entails having more than just a Will in place, particularly when there is an intention for the benefit of a trust to be passed down to the next generation. When a person holds assets in a trust, those assets will not form a part of their estate and therefore cannot be gifted under their Will, instead what they can do is plan for the transfer of control over the trust in the event of their death and/or loss of capacity.