A trust is a relationship between the trustee (holding legal title to trust property) and the beneficiary (for whose benefit the trust assets are held).
There are various types of trusts, including:
Trusts may be suitable business or investment vehicles, however, like all structuring alternatives they have advantages and disadvantages in particular circumstances, for example, discretionary trusts provide a measure of asset protection and flexibility in terms of distributing income or gains from year to year, however, in NSW they are not eligible for the land tax-free threshold, meaning that it will pay land tax from the first dollar of value, which may affect your ability ‘plug’ any investment losses.
How different trusts operate and the advantages and disadvantages of each in your particular circumstances forms part of any informed decision as to how to structure your next business or investment.
As outlined above, a trust is a relationship between the trustee and the beneficiaries.
This relationship is generally governed by a trust deed, however, there are both legislative and general law overlays.
The trustee, in accordance with the trust deed, exercises its powers. This is generally done by way of trustee resolution.
All resolutions should be retained for the trustee’s records.
Whether a trust is right for you, and if so, which one suits you the best, depends on your particular circumstances, for example:
Trusts are legal arrangements where one person (the settlor) transfers assets to another person (the trustee) to hold for the benefit of another person (the beneficiary). Trusts can be used for a variety of purposes, including tax planning, asset protection, and estate planning. In Australia, individuals and businesses benefit from our expert trustee services. We
Introduction A testamentary trust is a trust created under an individual’s will following their death. They may be contrasted with inter vivos trusts, which are ordinary trusts created during the settlor’s lifetime. Testamentary trusts may be: simple (for example, where the legal personal representative is to hold an asset for a minor beneficiary until they
A trust is a relationship between: the trustee (who holds the legal title to trust assets for the benefit of the beneficiaries); and the beneficiaries (on whose behalf and benefit the trust assets are held). Are there different types of trusts? Yes. There are different types of trusts, for example: discretionary trusts; fixed trusts (including
As an accountant, financial planner or someone with your own trust, you may wonder what Trustee lawyers in Sydney look for when rectifying a trust deed or how they go about it. Rectifying a trust deed corrects one or more mistakes in the trust deed which does not accord with the original intention of the
As an accountant, financial planner, or someone with your own trust, you may wonder what lawyers look for when changing an appointor/principal/guardian (Consenting Party) or how they go about it. The process The process involved in changing an appointor is as follows: review the trust deed and any previous amendments, changes of trustee, or changes
As an accountant, financial planner or someone with your own trust, you may wonder what lawyers are looking for when changing a trustee or how they go about it. The process The process involved in changing a trustee is as follows: review the original trust deed and any previous amendments, changes of trustee or changes
