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Frequently Asked Questions on Trusts for family law

Date:22 JUN 2020
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What is a Trust and how and when is one created?

A Trust is created when assets are transferred from one person (the settlor) to another person people or company (the trustees) to hold for the benefit of another person or people (the beneficiaries). The trustees of a Trust are under a legal duty to manage and control the assets held within them and to act in the best interest of the beneficiaries.

A Trust can be set up during lifetime or set up in a Will to take effect on death.

What are the main different types of Trust?

Life Interest Trusts

A beneficiary under a Life Interest Trust will have the right to all (or part) of the income generated by the assets held in the Trust during his or her lifetime (or for shorter fixed period). The trustees may also have the authority to pay all (or part) of the capital to the beneficiary. The terms of the Trust will direct what is to happen to the capital assets when the beneficiary's life interest comes to an end.

Discretionary Trusts

A Discretionary Trust will name potential beneficiaries...

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