Principal Andrew Aitken has had an article published by Legalwise, titled ‘Choosing the Right Trust Structure: Key Considerations’.
The article examines choosing the right trust for the situation, and the legal nuances of trust law in Australia. By 2022 it is estimated there will be more than one million trusts in Australia. Andrew warns against using "off the shelf trusts", contending they can actually be more detrimental to the client/advisor relationship.
"“Off the shelf” trusts are more often than not dangerous as they are unlikely to address the specific needs and wants of the clients initially and often well into the future. Beware taking a “one size fits all” approach as this is a client/advisor relationship killer."
Andrew goes on to suggest advisors consider using a corporate trustee, "The main advantage of using a corporate trustee as opposed to an individual is that a Corporate Trustee doesn’t lose capacity, doesn’t die and doesn’t go bankrupt."
Read the full article here.
If you have any questions, please contact Andrew Aitken on 02 8987 0000.
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