Share your needs with us, get contacted by law firms.
Free. Takes 2 min.
Trust law in Hurstville operates under the broader framework of Australian law. Trusts are often used as a legal means to divide ownership and control of assets, for the purposes of managing assets, protecting them, or planning an estate. Whichever the case, trust law in Hurstville is a complex area of law that demands the guidance of a seasoned legal expert.
There are several common situations where a lawyer's guidance might be crucial for your trust dealings in Hurstville. These include planning your estate to avoid contested will and probate issues in the future, setting up a trust to protect your assets from certain liabilities like bankruptcy, or managing trusts where beneficiaries are minors or incapable of making prudent financial decisions. Lawyers can provide clarity on trust taxes, and the legal obligations and liabilities of the parties in a trust agreement.
Hurstville, as part of Australia, follows the generic trust laws of the nation. The key aspect of local laws that are pertinent to trusts in Hurstville state that for a trust to be valid, there has to be a clear intention to create a trust, the trust must have an ascertainable object or beneficiary, and clearly defined trust property. Trusts can be dissolve upon the agreement of all beneficiaries, provided they are all legally competent to make such decisions. Further, the trustee has a fiduciary duty towards the beneficiaries of the trust, and must act in their best interest.
1. Can I set up a trust without a lawyer?Whilst there's no law stopping you from setting a trust agreement yourself, the complexity of trust laws make it quite easy to make mistakes, which could end up costing you more in the long run.
2. Can I alter a trust once it's created?Whether a trust can be altered or not depends on the terms of the trust itself. Some are designed to be irrevocable, while others can be changed.
3. Who can act as a trustee?Generally, anyone over the age of 18 and of sound mind can act as a trustee. However, due to the significant responsibilities involved, it is wise to carefully consider your choice.
4. What is the taxing scheme for trusts?Trusts have unique taxation requirements in Australia. Generally, the trust is not subjected to tax, but the beneficiaries pay tax on the money that they receive from the trust.
5. What happens if a trustee breaches their duties?A breach of a trustee's duties can lead to legal action. Remedies could include compensation to the trust or beneficiaries, or removal of the trustee.
The Australian Taxation Office and ASIC's MoneySmart website contain a wealth of information about trust structures, collective taxes and other legal issues. The Legal Aid Commission of New South Wales also provides basic guidelines on trust law and other areas of law.
If you are in need of legal assistance in matters related to trusts in Hurstville, Australia, your next step should be finding and consulting with a lawyer specialized in trusts. They can guide you through the intricacies of trust law, ensure your interests are protected, and help you navigate any potential legal issues.
