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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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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.