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Glossary of terms used on this site

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F

Term Definition
Family Trust

(known as Discretionary 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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Julie Says

We are in a syndicate raised by us to purchase a commercial winery. Our accountant was concerned about potential withdrawal of capital and the effect this would have on our bank and remaining backers. Jim was asked to come in, sort it out and get written agreement from all parties as to the movement of capital. He delivered everything we needed and more. Every syndicate member was relaxed and so were our bankers. The legal side was set up by a solicitor of Jims suggestion and it was the simplest set of actions for us all to achieve security of investment.