Malcolm Burrell at M G Burrell Wills & Probate can assist you with advice regarding discretionary and family trusts, including their establishment, advice regarding administration of your trust, and reviewing your trust and variations and amendments to them.
What is a trust
A family trust is an arrangement in which a trustee is appointed to hold assets in accordance with the rules of the trust. The trustee might be an individual or might be a company.
The rules of the trust set out who (‘trust beneficiaries’) include:
the range of beneficiaries who have a right to be considered for distribution of trust assets or income
who makes those decisions (i.e. the ‘trustee’)
who appoints the trustee
The ‘trustee’ generally has an absolute discretion to make decisions about who is to be allowed to benefit from the trust assets and who is entitled to the income earned by the assets.
Why use a trust
Trusts can be used:
as a tax minimisation strategy
as a means of providing shared income for family members
to minimise the risk of creditors making a claim against assets
to minimise claims against your estate when you die
to place valuable assets out of the direct control of individuals at risk of making poor decisions