Everyone needs an Asset Health check to see what is the best asset protection structure is best for them and their family and it needs to be regularly reviewed.
You may be surprised to hear that your Superannuation fund is Governed by a Declaration of Trust,whether it be an industry fund or your own self managed superannuation fund.
There are many different forms of Trusts including :
# A simple trust;
# A fixed trust.
# A discretionary Trust,
# A disability Trust ,and may more ,and a
# Hybrid Trusts with a mixtures any a number of parts of the above trust.
# A Discretionary Testamentary Trust made in a Will.
Some people a bedazzled by Trusts and find them hard to understand - actually they are quite simple and not so mysterious as you might think.
WHAT IS THE MYSTERY OF A TRUST?
# The Trust it must be in writing;
#There must be a Trustee to administer the Trust in accordance with the purpose,powers and terms of the Trust deed;
#The Trust must be given assets to invest and operate for the purposes of the Trust.
There must be named beneficiaries ,namely the persons for whom the Trust was set up.
Simplistically,it is a Declaration in the form of a Trust Deed, saying certain property has been given to a Trust for the benefit of named family members,and that the Trustee will hold and protect those assets for the beneficiaries named in the Trust Deed,and invest and deal with those assets as instructed and directed by the Declaration of Trust Deed.
For instance a child who suffers from a drinking or gambling problem.
My very favourite is a Discretionary Testamentary Trust made in a Will.