Why Consider Setting Up A Trust

Protecting our assets whether it be from fire, theft or act of nature is extremely important. We take steps to ensure that we reduce the potential for loss in many ways, from simple things like locking doors and windows, having smoke alarms, and a security system, as well as taking out an insurance policy to cover us should we experience a loss.

However not all our assets are physical and can be covered by insurance. Protecting our assets whether they are physical or financial is important to ensure we do experience a loss through misfortune.

This is why setting up a family trust to protect your assets is similar to taking out an asset insurance policy that is set up exactly for your circumstances.

One of the key reasons for setting up a family trust is to be able to protect your estate. When you set up your trust you will either gift your estate to the trust over a number of years or sell the assets to the trust and gift the loan repayments - your lawyers will advise you which of these options will work best for you. The trust deed will outline how the estate assets can be used. The trustees will administer the trust assets, your lawyer may be one of the Trustees which will give you the confidence that the legalities of the trust are being adhered to.

When your assets are owned by your family trust, it helps protect them from future claims from people who may marry into your family - whether it may be a son or daughter-in law, a spouse or defacto partner or in the case of family breakdown.

Another benefit of setting up a family trust is being able to keep your finances confidential. The contents of the trust deed are also confidential and even the beneficiaries may only be privy to the details that relate specifically to them.

A family trust is also beneficial if you are a business owner to assist with protection against professional liability claims, unexpected business debts, and in certain circumstances, there may also be tax advantages.

Discussing your requirements with a lawyer is the first step to setting up a trust. They will be able to give you all the advice you need, and if you decide to proceed they will ensure that your trust deed is robust, legal and outlines all of your wishes.

This article has been provided by Vanessa Hamm of Holland Beckett tauranga lawyers in the Bay of Plenty, New Zealand.

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Caravanning: A Guide to Setting Off!

Looking for a worry free life on the open road? Then a caravan is the right choice. However when taking up caravanning, either as a hobby or a life style, there are a few things you need to know.

Firstly check to see if you need your caravan servicing, you don't want it to break down in the middle of nowhere.

One of the most important things you will need to run your caravan is electricity, now most sites will have a power supply you can connect with, in which case you will need a good length power cable (around 20 - 30 metres should do) however in the event of you being in a park without an electrical hook up you will need a backup plan, a battery of 110 ah will do the job. It will have enough energy to keep all your electrical appliances working, just always remember to keep it on charge when it's not in use.

Always make sure that you have the correct toilet chemicals, this is essential, you don't want to be living in nasty smells and unhygienic atmospheres. Chemicals are easily added to the system, just make sure you check the instructions on the bottle before adding them to your lavatory.

Make sure you always have a spare gas bottle. Gas refills can be purchased at most caravan sites, but you don't want to leave it to chance and have nothing to cook with.

One of the necessities of any life (static or on the road) is water, have a couple of large water containers for both clean water and used water, again most campsites have a water supply and for this you will need a large hose (about 10 metres) but you wouldn't want to run dry.

Another handy thing to have in your caravan is a first aid kit, most the time you will be in the middle of nowhere with no doctors in sight it is handy to have medical supplies paracetamol, plasters, bandages, antiseptic cream etc, I'd also suggest that you get a manual on basic first aid to help with any injuries or reactions that may occur. Don't forget your health is important so make sure like your caravan, your first aid kit is serviced before any journey, it should be fully stocked at all times.

Every caravan should have the necessary fire safety equipment, make sure your home away from home has both a fire extinguisher and fire blankets. Remember water cannot put out oil or electrical fires. As always prevention is better than a cure so make sure your caravan is fitted with working smoke alarms. I suggest that like your first aid kit, batteries and fire extinguishers are checked regularly to insure they don't run out when they are most needed!

So there you have it, all you need to get you going on the road. As long as you stick to these easy to follow steps, make sure you are stocked up on food, drink and fuel and check regularly if you need your caravan servicing you should have a trouble free journey whatever the weather!

Michael P Richards is writing on behalf of North Western Caravans, specialists in Caravan Servicing

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