|
|
| Q. |
Is this Trust Name available? |
| A. |
Trusts can have identical names as it is not registered with ASIC. |
| TOP |
|
|
| Q. |
Who can be Trustee of my Trust? |
| A. |
The Trustee can either be a Corporate Entity or an Individual. There is no limit to how many individual trustees you can have, however, the individual cannot be a disqualified person and must be over 18 years of age. |
| TOP |
|
|
| Q. |
What is a Settlor? |
| A. |
A Settlor is independent to the deed, and will pay the Settled Sum to establish the trust. The Settlor cannot benefit from the trust in any way and cannot receive a payment for acting as the Settlor. Once the Settlor has paid the settled sum and executed the trust deed, the Settlor will play no further part in the Trust. |
| TOP |
| |
|
| Q. |
What is the Settled Sum? |
| A. |
The Settled Sum is an initial payment to establish the discretionary trust, paid by the Settlor as a gift and cannot be reimbursed. The minimum Settled Sum amount is $1. |
| TOP |
|
|
| Q. |
What is a Principal/ Appointor? |
| A. |
The Principal/ Appointor has the authority to add and remove people from the Trust. |
| TOP |
|
|
| Q. |
What is a Guardian and do I require one? |
| A. |
A Guardian is someone who looks over the Trust and its Trustees. A Guardian is not mandatory, however, please seek independent legal advise if you wish to appoint one. |
| TOP |
|
|
| Q. |
What is a Founder? |
| A. |
A Founder has a similar role to the Settlor, which pays the initial sum to establish the Unit trust, however, the Founder can be a Trustee or Beneficiary. |
| TOP |
|
|
| Q. |
Who can be the Beneficiaries? |
| A. |
We are unable to provide advice, however, if the trust is a husband and wife set up, it would generally be themselves as beneficiares. |
| TOP |
|
|
|
| Q. |
Who do Beneficiaries cover? |
| A. |
By naming a beneficiary in the Trust, this will include their spouse, their children and grand children, parents, grandparents etc. This would also include any other entity that the beneficiary has a stake in. e.g. if the person is a shareholder in a company, that company could also receive a benefit. Any payments made are at the Trustee's discretion. |
| TOP |
|
|
| Q. |
How much is Stamp Duty? |
| A. |
Stamp Duty differs from state to state and you will need to refer to the stamp duty chart (included in the package). The chart is merely a guide and you must contact your relevant state revenue office for confirmation. |
| TOP |
|
|
| Q. |
What is the difference between a Discretionary Trust and a Unit Trust? |
| A. |
In a Discretionary Trust, the Trustees have the discretion over which beneficiary receives a benefit and the portion they will receive.
In a Unit Trust, the beneficiaries receive interest determined by the proportion of units that they have invested into the trust.
|
| TOP |