Welcome to the tricky world of trusts

Family trusts are the are full of complicated legal tripwires. They can cut tax payments and protect assets but if they're not handled well can cost a family more than just its wealth.

Lawyers say it’s a common request. A client with a family business and a trust comes to them. Years ago they set up a trust for their little girl who is now an adult and married. Just one problem: it’s the son-law and his family, who have next to nothing. Scared of a future divorce, there’s no way they want the son-in-law or his loser family to get anything from the family business. The trust needs to be adjusted or advice taken.

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