Do you need an accountant to set up a trust?
Many accountants will provide family trust set up services, however they are not themselves drafting the trust deed, they outsource it to a legal document provider (i.e. they use a legal template). Ideally a lawyer should be involved with overseeing the trust establishment structure with the assistance and advice of an accountant.
How to set up a family trust account?
We are often asked how to set up a trust account at a bank for a family trust. A bank account should be opened in the name of the trustee (e.g. Trustee Company Pty Ltd) as trustee for the family trust. A bank will typically require the ABN and TFN for the trust as well as a copy or certified copy of the family trust deed.
Who is the owner of a family trust?
A family trust is a legally binding document that covers an individual’s assets during one’s lifetime and specifies the terms of dispersing those assets after one’s death or incapacity. The person establishing the trust—generally referred to as the grantor—transfers all of his/her assets so that the trust itself is the owner, not the individual.
What does a family trust do in Australia?
What is a Family Trust in Australia? An Australian family trust: is generally established by a family member for the benefit of members of the ‘family group’;
Is it easy to set up a family trust?
A family trust is a relatively easy document to prepare and account for, particularly with the help of an estate planning attorney. Transferring asset ownership to the trust is an easy task. The ability to amend and adjust the terms at any time makes it a very versatile vehicle.
Many accountants will provide family trust set up services, however they are not themselves drafting the trust deed, they outsource it to a legal document provider (i.e. they use a legal template). Ideally a lawyer should be involved with overseeing the trust establishment structure with the assistance and advice of an accountant.
A family trust is a legally binding document that covers an individual’s assets during one’s lifetime and specifies the terms of dispersing those assets after one’s death or incapacity. The person establishing the trust—generally referred to as the grantor—transfers all of his/her assets so that the trust itself is the owner, not the individual.
Who are the beneficiaries of a family gift trust?
The beneficiaries are usually family members of the Donor, but can be other persons if desired. The terms of the trust are set forth in a document that describes how the trust property is to be invested and distributed.