Relationship Property - Independent Trusteeships
Once an agreement has been reached on the value of the property to split between the parties and the actual amount going to each party, the parties will need to determine what structure will work best for them to hold those assets. In a lot of cases, this will be in a trust as opposed to holding the assets personally. A trust structure will help protect these assets against claims in the future, including future relationship property claims.
Covisory’s Trust team can help in this area with both helping with the formation of a new Trust and acting as an independent trustee. We act as an independent trustee for a wide range of clients, including those who have recently-separated. Often, we are acting as an independent trustee where the recipient of the asset does not have much experience in investing, and we can help clients in this area by involving professional investment advisors to help manage the assets.
In the event of a relationship property separation, both parties should review their Wills and put new ones in place. This step is often missed and can have ramifications going forward as in most circumstances each spouse is the executor of each other’s estate. A new Will, coupled with updated Enduring Powers of Attorney, need to be completed along with a new Trust.
Talk to us first if you need help with a Relationship Property Agreement or Dispute. Our team have the experience and expertise.
