Trusts are often used in business and are just as often misunderstood.
A trust is not a legal “thing”. It does not exist in the way that a company exists. In essence a trust is a set of obligations owed by one person (the trustee) to other persons (the beneficiaries).
A trust can hold assets, operate a business, administer assets or an estate or manage an investment for the benefit of another.
There are many types of trusts such as fixed, unit, discretionary, bare, hybrid, testamentary, charitable and superannuation trusts. Each arises in a different way.
They can sometimes arise as a matter of law but most often the relationship between the trustee and the beneficiary is guided by clearly defined obligations and objectives that are set out in writing. This is the Trust Deed.
The Trust Deed often brings with it a number of subsidiary documents. For example, agreements between the beneficiaries as to how their interests are defined and what input or influence they can have over the trustee, enterprise or asset that is held for them by the trustee.
The key is to ascertain if a trust structure is right for you and all key stakeholders and then work closely with your financial advisors and key stakeholders to shape it into a structure that delivers your desired outcomes.
Why choose Kalus Kenny Intelex Lawyers?
When you are involved in business you need a team of professional advisors on your side.
You need to rely on lawyers who understand both the big picture and the complexities, regardless of where you are at in your business cycle.
With over 30 years of experience in Commercial Law, our team are trusted advisors to some of Australia's most successful individuals, entrepreneurs and businesses. Understanding the complexities of business, family life, wealth and risk is our priority for all of our clients, and we pride ourselves on providing advice that is practical, commercial and strategic.
Experience is the difference.
Our Commercial Law Team
From our Knowledge Base
With government restrictions set to lift, it is important that employers consider and plan for the practical issues that may arise with a return to the workplace. Some matters that will require consideration before employees return include: 1. Does your workplace have...
Covid-19 has undoubtedly changed your business in ways that no one could have anticipated. With so much unprecedented change, it is understandable if you’re hoping that the easing restrictions will mean the start of the long road back to some form of ‘business as...
One of the most frequently asked questions by both tenants and landlords concerns the type of information which should be provided by a tenant as part of a request for rent relief. There has been much confusion and concern as to what information is reasonable and...