Our People

image

Richard Neal

Partner - Accredited Specialist in Wills & Estates Law

p: 02 9232 3733
e: mail@teece.com.au

Specialty:  Estate Planning & Trusts, Estate Disputes and Contested Estate Claims



image

Deborah Linwood

Partner - Accredited Specialist in Wills & Estates Law and in Property Law

p: 02 9232 3733
e: mail@teece.com.au

Specialty:  Wills & Estates and Propety Law



image

John Maitland

Partner - Accredited Specialist in Wills and Estates Law

p: 02 9232 3733
e: mail@teece.com.au

Specialty:  Estate Planning & Trusts



Discretionary Trusts and Family Trusts

Estate planning involves more than just considering events such as death or incapacity.  For many business people and professionals, clear advantages are to be gained by structuring their businesses or investments through an appropriate trust structures.

Family trusts can be used to:

  • share income between family members and investment vehicles
  • legitimately minimise risks of having assets exposed to claims by     creditors
  • legitimately minimise income tax
  • hold assets independently of ‘at risk’ individuals

A family trust is a form of discretionary trust under which assets are held in the name of a trustee for the benefit of a group of beneficiaries, usually comprising the immediate and extended family of key individuals.

While the trustee can be one or more individuals, we normally recommend having a company as trustee. This avoids the continuity problems which can arise if an individual trustee dies or becomes bankrupt. In addition, shares in a company can be transferred under a person’s Will, enabling executors or beneficiaries to take over control of the trustee and also the trust.

A Trust Deed needs to be prepared and signed and, in NSW, stamped at the Office of State Revenue in order to be used.  However, not all trust deeds are the same and an off-the-shelf document may not achieve the desired outcomes. Indeed, the opposite is true – a poorly implemented structure can create significant problems later on.

As a result, care needs to be taken in documenting and administering family trusts so they the needs of the individuals and families involved, while also meeting tax and trust law requirements.

Family trusts can also be subject to claims under family law, bankruptcy law and, in some circumstances, estate law.  Our Wills and Estates experts can advise you on:

  • the appropriate structure for your a family trust and the implications     of using a trust in your particular circumstances
  • issues relating to the interpretation of the Trust Deed
  • issues relating to control of family trusts after the death of a     trustee or principal shareholder
  • claims against estates and trusts

For further information, please contact:

Richard Neal

Deborah Linwood

John Maitland

 

Back to Estate Planning, Trusts & Deceased Estates.

Back to Ours Services.

 

Frequently Asked Questions