family trust

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A discretionary trust, in the trust law of England, Australia, Canada and other common law jurisdictions, is a trust where the beneficiaries and/or their entitlements to the trust fund are not fixed, but are determined by the criteria set out in the trust instrument by the settlor. It is sometimes referred to as a family trust in Australia or New Zealand. Where the discretionary trust is a testamentary trust, it is common for the settlor (or testator) to leave a letter of wishes for the trustees to guide them as to the settlor's wishes in the exercise of their discretion. Letters of wishes are not legally binding documents.
Discretionary trusts can only arise as express trusts. It is not possible for a constructive trust or a resulting trust to arise as a discretionary trust.

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  1. Skateboard

    VIC House transferred from family trust into family individual name.

    The house I live in with my elderly father in South Yarra for 10 years was held in our family trust name I checked the title recently and saw that on the 1/5/2022 it had been transferred solely into my sons name, who is also the sole director of our family trust. I contributed substantially...
  2. B

    Estate and Divorce

    Hi, Whilst my marriage continues on, it has been suggested that I future proof the inheritance from my Dad's estate in case that my marriage goes pear shape. My Dad is not yet deceased. I have no children of my own. In my Dad's Will I will be a Tenant For Life in his home upon his passing. On my...
  3. PixelPaul

    fathers inheritance effecting centerlink benefits?

    I am looking to get some advice, if you anyone is able to assist.. My Father is about to inherit some money, and a percentage of a property. He is currently on Centerlink benefits. I am trying to find out on Services Australia if the property inheritance will effect his benefits, but they don’t...
  4. B

    TAS Family Trust

    My friend's 88 year old mother appears to be acting under duress but will not admit it to her children Her son, who doesnt work, moved into her home some years back, set up a trust company with only himself and her as trustees, encouraged her to put all her investment properties into the trust...
  5. Skateboard

    Obtaining copies of tax returns submitted by my family trust.

    I want to obtain copies of the tax returns submitted to the ATO by my family trust. I am not a contact person listed on the trust or hold any position in the trust. I do not want to approach my family accountant to obtain this information. Is there a way I can get this information?
  6. M

    WA Caveat on bankrupt ex's interest in home owned by family trust - how to sell?

    Hi all, posting on behalf of a colleague. Wondering if I can get some guidance on the below as I haven't found any cases on Austlii that are directly relevant. Colleague is going to see a lawyer but would be good to have as much understanding / background info as possible to get the most out of...
  7. V

    WA Residential builder - setting up the company structure (family trust?)

    Hi, I'm looking to set up a Pty Ltd company for a friend to operate a residential building business. He will be the sole director. I intended to set up a family trust and have the trustee as the sole shareholder of the Pty Ltd. My friend, who is to be the director of the company, would also be...
  8. D

    VIC family trust & stamp duty on buyinh property

    Pls can someone clarify the new laws on stamp duty and purchasing real estate through family trust Thank you
  9. Skateboard

    VIC KPMG Audit of Family Trust - Help?

    My family trusts were investigated by the Australian Taxation Office, the ATO delt with solicitors appointed by my brother and the accountant who set up the family trusts and also delt with the ATO enquiries. I made some enquiries with the ATO investigator who I provided a statement to and who...
  10. J

    NSW Family Trust - How to Appeal to Supreme Court?

    Hi all, I have a family trust, with governing law of ACT, where it has two vehicles which are in NSW. The assignment of transfer was contested in NSW magistrates court. The court found it was not a legal document, as it did not have stamp duty on the document. as the magistrate stated: section...