Trusts are created for a variety of reasons. They can provide on going support for a beneficiary under your Will, assist in tax effective estate planning, or provide for a charitable purpose.
What is a Trust and Trustee?
A trust is a legal relationship where one person or organisation, called the Trustee, is responsible for safeguarding assets for another person or organisation, called the beneficiary.
Generally trusts are established by a Will or an agreement (called a deed) that sets out the terms of the trust, including:
- Who can receive benefits from the trust (who are the beneficiaries)
- What assets are in the trust
- When the beneficiaries can receive benefits from the trust
State Trustees can provide guidance and assistance to help you choose the best type of trust for your needs.
The most common types of trusts are:
- Testamentary Trust: established by your Will to manage your estate’s assets and to create an income for your beneficiaries after you die. Read more
- Minor’s Trust: designed to manage and protect assets for a child until they reach a specified age. Read more
- Inter-Vivos Trust: set up during your lifetime to support beneficiaries, such as a family member with disabilities. Read more
- Injury or Compensation Trust: usually established by legislation or a court decision, designed to protect and manage money paid in compensation for the beneficiary’s injury, such as WorkCover or TAC. Read more
- Superannuation Minor’s Trust: established after you die to leave a share of your superannuation to a child. Read more
- Special Disability Trust: set up to help immediate family members and guardians provide for the future of of a person with a severe disability. Read more
- Private Charitable Trust A private charitable trust allows you complete discretion over which charity or charitable cause you wish to benefit, and can be set up while you are living or through your estate. Read more
Need help managing a trust?
If you are an existing Trustee and unable to continue to act or no longer wish to perform the duties required of the role, you may be able to transfer these responsibilities to State Trustees.
We can relieve you of the obligations of a Trustee and assume responsibility for the trust.
We're here to help you every step of the way
Give us a call at 1300 138 672 or fill in the form to enquire about our services