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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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Testimonials

Sean says

We are in business with my parents and brother. Some land had been transferred to my brother and I and we asked Jim to prepare a immediate exit strategy in case one of us had or wanted to withdraw. We sought bank finance to improve the land. Jim was able to do that plus discover a error in how the land was transferred that the bank had missed. Since then my brother has left the state and he is being paid out exactly as we set up; no argument.