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Trusts in Perth, Australia, are typically used as an effective estate planning tool to safeguard assets for beneficiaries. These can be set for a variety of purposes, which includes distribution of assets, protection of family wealth, and reduction of tax liabilities. The trusts law often involves complicated legal structures, necessitating consult with professional legal advice.
Hiring a lawyer becomes imperative when establishing a trust, as various tax laws and obligations need to be considered. Lawyers aid in ensuring transparency in trust management and reduce chances of any disputes. Professional help is also required while dealing with trusts in case of a divorce, alter a trust, or if you're dealing with the trust of an incapacitated individual or deceased family member.
In Perth, trusts fall under the legislation of the Trustee Act 1962 (WA). This includes regulation around appointment and removal of trustees, their duties, and responsibilities. More complex trusts may also bind by the Australian Securities and Investments Commission (ASIC). It's also worth noting that different trusts, including Discretionary Trusts, Unit Trusts, Family Trusts, and Testamentary Trusts, each possess unique rules and implications especially in terms of their taxation.
1. What is a trust fund? A trust fund is a fund comprised of a variety of assets, intended to provide benefits to an individual or organization. 2. What is the role of a trustee? A trustee is responsible for managing the assets of the trust and making sure it is in the best interest of the beneficiaries. 3. How many types of trusts are there? There are many types of trusts but the most common ones are Discretionary Trusts, Unit Trusts, Family Trusts, and Testamentary Trusts. 4. Can a trust be altered? Matter of altering trusts depends on the type of trust. Some can be changed but some cannot. 5. Are trusts taxed? Yes, trusts have tax obligations. Different types of trusts may have different tax obligations.
The Australian Taxation Office (ATO) offers comprehensive information related to trusts and their tax obligations. ASIC also provides a wealth of information relevant to trusts. State Library Western Australia and various public libraries have resources relating to trusts and estate planning in general.
If you need legal assistance in trusts, it's advisable to seek advice from a qualified professional. Legal counsel can provide accurate advice addressing your specific scenario, ensuring trust structure adheres to all legal and tax obligations, and effectively meets your personal or business needs.
