UNIT DISCRETIONARY & FAMILY TRUSTS

Trusts can be used:

• as a legitimate tax minimisation strategy;
• as a means of providing shared income for family members;
• to minimise the risk of creditors making a claim against your assets; and
• to place valuable assets out of the direct control of individuals at risk of making poor decisions that may affect a number of stakeholders involved.

The most popular type of discretionary trust is the family discretionary trust. A trustee (frequently one of the family members) is appointed to hold the assets of the trust in their name for the benefit of a group of beneficiaries. Although one or more person can be elected as trustee, so too can a company. Appointing a corporate trustee is beneficial in terms of avoiding difficulty experienced in situations such as the death of a trustee, or in circumstances where a trustee is declared bankrupt.

Steven M Clark Lawyers can assist you with:

• Drafting of the original Trust Deed or Deeds varying it
• Reviewing the Trust Deed to ensure it complies with financial and trust-related legal requirements
• Liaising for your accountant to make suitable arrangements
• Advice for structuring your trust in ways to minimise the chance of claims being made under family law or debt recovery proceedings.