Family trust in israel

Family Trust in Israel: A Tool for Planning the Future of the Family

Introduction

A family trust is a legal arrangement that allows assets to be managed and decisions to be made for the family by a trustee, for the benefit of family members. This tool has gained popularity in Israel in recent years, due to its many advantages in planning the future of the family. In this article, we will review the main points.

What is a family trust?

A family trust is a legal agreement between a person (the creator) and a trustee, in which the creator transfers his assets to the trustee for management for beneficiaries who have been predetermined (family members). The trustee is obligated to act for the benefit of the beneficiaries and in accordance with the instructions set out in the trust agreement.

Advantages of a family trust

  • Asset protection: The trust protects the assets from creditors, divorce or family disputes.
  • Inheritance planning: The trust allows for controlled distribution of assets among future generations, in accordance with the wishes of the creator.
  • Tax savings: A trust may provide certain tax benefits.
  • Professional management: The trustee can be a professional body specializing in asset management, or a private person whom the creator trusts.
  • Flexibility: The terms of the trust can be adapted to the unique needs of the family.

Types of trusts

There are different types of trusts, such as living trusts, after-death trusts, and charitable trusts. The choice of the appropriate type of trust depends on the family circumstances and the goals of the creator.

Establishing a trust

Establishing a trust requires professional legal advice. It is important to choose a suitable trustee, define the terms of the trust and draft a detailed trust agreement.

Family trust in Israel – summary

A family trust is a powerful tool for planning the future of the family. It offers asset protection, inheritance planning, tax savings and professional management. However, establishing a trust requires professional legal advice and careful planning.

Important to know

This article is intended to provide general information only and does not constitute legal advice. In any case, it is recommended to contact a lawyer specializing in the field of trusts to obtain specific advice according to personal circumstances.

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