This week, I am very excited to introduce you to YOU LEGAL TV! Each week, I'll be discussing with you 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 Using 'Trusts' in Business Structuring.

See below for 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's 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 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 you 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?

If you have a topic you would like me to discuss in an upcoming episode of YOU LEGAL TV, I would love to hear from you!

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.

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