If you are involved in a business structure which has as part of that structure a Discretionary Trust you may care to consider the following issues relating to the structure of that Trust:
- When does the Trust vest? You may care to consider either attempting to accelerate the vesting date or pushing back the date of vesting depending upon tax consequences and the family dynamics;
- Whether to exclude or add beneficiaries to the Trust;
- Whether the Trust properly reflects the succession planning that you might have in relation ongoing control of the Trust in terms of being an Appointor and/or Trustee. In other words do you need to appoint a succeeding Appointor and/or consider appointing succeeding Guardians;
- Whether you are satisfied that the Trustee going forward is the appropriate person or entity to manage the Trust.
It may be important to consider obtaining both taxation advice, succession planning advice and family law advice in relation to protecting the assets of the Trust from any claims by interested or related parties and/or ex-spouse or de facto spouses of beneficiaries.
If you are unsure or wish to obtain some family law advice, then please do not hesitate to get in touch with our team of lawyers who will be able to assist you in your situation.
Kim Wilson SC I Accredited Family Law Specialist I Arbitrator I Nationally Accredited Mediator (AIFLAM)