WHAT IS A FAMILY TRUST?A trust is a legal arrangement under which a trustee, or trustees, hold assets for the benefit of other people. It is a separate legal entity or body and will be given a name. DOES A TRUST HAVE TO BE IN WRITING?In its simplest form – no. But for the purposes of the type of family trust discussed here, yes it certainly does. A simple form of trust would be for instance the bank account in the name of a parent but held for the benefit of a child. WHAT FORMS A TRUST?There are several essential parts -
The Trust Deed will normally contain details of the powers which the trustees may
JOINT TRUSTS OR MIRROR TRUSTS?A “Joint Trust” is the term used where two people together (usually husband and wife) make one single Trust. A “Mirror Trust” is the term used when two people, again usually husband and wife, make individual Trusts at the same time, but in a form which mirrors each other. Thus the husband may make a Trust which is expressed to be for the benefit of his wife and children. The wife makes a Trust in similar terms but is for the benefit of her husband and children. Whether you should have a Joint Trust or a Mirror Trust is a matter to be discussed with your |





