Is a Discretionary Trust required to have a Settlor & What does a Settlor Do?
Yes, your Discretionary Trust must have settlor to enable the trust to be established. The Settlor is a person who makes a gift of money to set up the trust. This person cannot be a beneficiary of the Trust and must not hold another role or office in the Trust.
What is the minimum settled sum?
The standard minimum settled sum is $10.00
Do I have to name an appointor and what does an appointor do?
No, you don't have to name an appointed however a Discretionary Trust must have a mechanism for the removal and appointment of a Trustee. The appointor has the power to remove a Trustee and appoint a new Trustee. The appointor should not be the same person as a Sole Trustee.
Do I have to have a Trustee and what does a Trustee do?
Yes, you must have a Trustee for any form of trust. The Trustee owns the Trust Property , but owns it only for the benefit of the Beneficiaries, Unitholders in a Unit Trust are the beneficiaries of a Unit Trust and the Beneficiaries of a Discretionary Trust are the named Beneficiaries.
What is the minimum number of Units a Unit Trust can have?
Minimum number of Units is one.
Can I change of the name of my Deed?
Yes, you can. This is done by a Minute of the Trustee (s) or simply call us to prepare same for you.