Trusts are created for a number of reasons. They may provide:
- ongoing support for a beneficiary under a Will
- tax-effective estate planning
- benefit to a charity.
The person or organisation that administers the trust is the trustee. The trustee has full control over the assets held by the trust, and often someone appoints a friend or relative as their trustee.
The duties of the trustee are ongoing and complicated, and in addition, the trustee is often required to manage assets over a long period. In many instances it is better to let a professional manage the aspects of trust administration.
There are different kinds of trusts available, and it’s often a question of matching your requirements with the right one.
NSW Trustee & Guardian are able to provide impartial advice on the type of trust to suit your particular needs and circumstances. They are also able to take over as trustee if the present trustee wishes to retire.
If you'd like more information on trusts and trustees, visit NSW Trustee & Guardian.