Family Trust

Download Family Trust template in word format.  Simply download save, edit and reuse as you need.

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Discretionary (Family) Trust Deed

Discretionary trusts are trusts under which the trustee has  a “discretion” as to the manner in which the trust property, usually both the capital and the income of the trust fund, will be distributed. This discretion gives the trustee a power to decide the proportions in which the trust fund will be distributed, or “appointed”, among the beneficiaries. The basic machinery of a discretionary trust is a power of appointment. A power of appointment is an authority vested in a person to deal with or dispose of property. Often the trust will then use language to the effect of, “including power to appoint in favour of one to the exclusion of all others”. As a result no beneficiary or object of a discretionary trust has any entitlement to any specific part of the trust property, whether capital or income, unless and until nominated by the trustee.

A discretionary trust is most suited to a family situation as a business relationship will require a greater degree of certainty and security in financial dealings affecting trust property.

None of the beneficiaries can demand anything from the Discretionary Family Trust. It is the Trustee (acting under the advice of the Appointor) who decides who gets what. Therefore, your class of beneficiaries can be as wide as possible.

This download includes:

Contents

  • 1          INTERPRETATION
  • 2          DISTRIBUTION OF INCOME
  • 3          DISTRIBUTION OF CAPITAL
  • 4          PAYMENT OR TRANSFER TO SETTLEMENT
  • 5          DETERMINATION OF EARLIER DISTRIBUTION DATE
  • 6          POWERS OF THE TRUSTEE
  • 7          TRUSTEE MAY ACT DESPITE PERSONAL INTEREST
  • 8          EXPENSES
  • 9          DETERMINATION OF INCOME OR CAPITAL ACCOUNT
  • 10        SECURITIES OR PROPERTY MAY BE HELD IN THE NAME OF A NOMINEE
  • 11        DISCRETIONS, POWERS AND INDEMNITY
  • 12        TRUSTEE’S REMUNERATION
  • 13        VACATION OF OFFICE OF TRUSTEE
  • 14        AMENDMENT OF THE TRUST DEED
  • 15        REMOVAL AND APPOINTMENT OF THE TRUSTEE
  • 16        MINUTE BOOK
  • 17        NAME OF THE TRUST
  • 18        RESIGNATION   OF TRUSTEE
  • 19        CORPORATE TRUSTEE
  • 20        PROPER LAW
  • 21        BENEFICIARY’S  ENTITLEMENT
  • 22        ACCOUNTS AND RECORDS
  • 1          SCHEDULE

21 pages long.

 

Discretionary (Family) Trust Deed

 

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