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Glossary of terms used on this site

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Term Definition
Unit trust

A trust is a relationship where a trustee (an individual or a company) carries on business for the benefit of a range of people (known as beneficiaries). This is a non discretionary Trust. A unit Trust may have an external trustee or be written so that all unit owners act as joint trustees.

It is commonplace for the trustee of a trust to be a company (referred to as a corporate trustee) because this is more litigation and tax effective.

Aliases: Non Discretionary Trust
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Andrew said

Jim pro­vided very sound and practical advice on what to do if one of the busi­ness partners wanted to leave. His Suc­ces­sion Agree­­ment elim­ina­ted any questions as to what would hap­pen and how it would hap­pen. Thanks Jim.