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- Discretionary/Family Trust
A discretionary (family) trust is a type of trust where the trustee can control the allocation of income and capital to beneficiaries. This deed establishes a Discretionary (family) Trust nominating a family member/s as beneficiaries of the discretionary trust. This allows the family to direct the use of and benefit from the assets without ownership of them. For example, a discretionary trust can be established to ensure the long-term financial wellbeing of small children into adulthood should their parents die prematurely or become otherwise incapacitated. Furthermore, they may provide protection of family assets in the event of bankruptcy, family breakdown or challenges to a will. Discretionary Trust deeds must comply with relevant State and Territory legislation.
There are two templates, one for where a company is a trustee and the other for where the trustee is an individual.
