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Glossary of terms used on this site

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D

Term Definition
Discretionary Trust

(commonly known as 'family trusts') is created to hold assets for the benefit of a class of beneficiaries. Different law applies between Australian States.

Family assets are often held in a discretionary trust, under a discretionary trust deed, nominating family members as beneficiaries of the discretionary trust. The trustee may be a natural person or a corporate trustee. This allows the family to direct the use of and benefit from the assets without ownership of them. Discretionary trusts (family trusts) may provide protection of assets in the event of bankruptcy, family breakdown or challenges to a will.

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