Using 'Trusts' in Business Structuring

This week, I am very excited to introduce you to YOU LEGAL TV! Each week, I'll discuss some legal issues that I am frequently asked by my clients. In our first episode, I share with you the basics of trusts. What is a trust? Find out in our video below. You can also learn more on this topic in our blog post on ABC of using 'trusts' in business structuring - what do you need to know?

See below for the complete transcript of this episode -

Hi, my name is Sarah Bartholomeusz, and welcome to You Legal TV.

At You Legal, we help leaders in growing companies make bold decisions in their businesses.

A very smart business woman in Australia is Gina Rinehart. She's recently been in the media in relation to a dispute, relating to a family trust that she has.

What is a trust? There are two main types of trusts that are used here in Australia: a discretionary trust and a unit trust.

A discretionary trust means that beneficiaries can be discretionarily distributed funds from it. A unit trust has fixed units, so that funds in the trust are distributed evenly amongst those beneficiaries.

The trustee of a trust can either be an individual or a company, and those trustees have very special obligations and duties.

If you'd like to know any more about your duties as a trustee or the advantages or disadvantages of using a trust in your business, feel free to give us a call or shoot me an email. Otherwise, we look forward to seeing you on our next episode of You Legal TV.

What Should I Do Next?

Contact us if you would like further legal advice on Trusts.  Our lawyers at You Legal will be happy to assist you in whatever way we can.

* This blog is for general guidance only. Legal advice should be sought before taking action in relation to any specific issues.