All You Need to Know About Setting a Family Trust in Australia all-you-need-to-know-about-setting-a-family-trust-in-australia
Want to set a family trust but do not know how to go about it? Following steps will get you started in your task; however, it is always better to consult a qualified professional in this context. 1. T h e Trustees The most important step in the process and the most difficult one too! The person chosen as a trustee should be of high integrity and mindful about their obligations as trustee. They can be: Corporate Trustees such as a corporate advisory firm or a banking institution Professional such as an investment adviser, accountant, or lawyer Non-Professional such as a member of the family 2. Trust Beneficiaries Deciding on the trust beneficiaries is the next step. The family trust deed will define the class of individuals who can be beneficiaries, lay down the extent of their entitlement and nature of entitlement. 3. Drafting the Family Trust Deed Drafting the family trust deed follows is the step. Consulting a qualified profession...