Family Trusts

In these days of complicated family and business relationships, failed marriages and bankruptcies, we sometimes need to protect those we love by setting up a Family Trust.

The most popular form is a Discretionary Family Trust which is one of the most common small business structures, as they are a useful device to divide income between eligible family members.

In setting up a Trust, you will need to consider:

  1. Who is to be the Trustee?
  2. Who will be the beneficiaries? Are they to be blood family or will spouses be included?
  3. Who will control the Trust?
  4. When will the Trust wind up?
  5. Who will be the Settlor – the person who provides the first $10.00 to set up the Trust?

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