Finance & Fury Podcast

This week’s question is, ‘do I need a family trust?’. I have had a few questions about this over the past weeks, however in order to avoid making this ‘personal advice’, I thought I’d just talk about it in more general terms.   What is a family trust? Family Trust refers to a Discretionary Trust set up to hold a family's assets or to conduct a family business Established by a family member for the benefit of members of the 'family group' Established to hold assets for mainly two reasons: asset protection or tax purposes (will come back to this)   The Trust Settlor - settlor executes the trust deed and then, generally, has no further involvement in the trust Appointor – Has the power to add or remove trustees (controlling power) Trustee Role – the trustee is responsible for the trust and its assets broad powers to conduct the trust and manage its assets Types Individual – Can be mum and dad for instance, in a family situation Corporate – Company acting as trustee – Directors Additional layer of