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Shelcom Corporate Services can help you organise discretionary and family trusts or unit trusts.
What is a discretionary trust? A discretionary trust, sometimes called a family trust, is established by a Deed between the person who sets up the trust (the settlor) and a Trustee. In a discretionary, or family trust, the Trustee has the power to choose at his or her own discretion whether any sum is to be paid to beneficiaries, and if so, how much. What is a unit trust? A unit trust tends to be a fixed, express trust where beneficiaries and their interests are identified by the proportion of “units” that they hold. Unit trusts are common for property and investment trusts and joint ventures and were developed for commercial type ventures where a readily transferable interest in the trust is desired. What is the difference between a discretionary trust and a unit trust? The key difference between these two types of trusts is that with the discretionary trust, it is the trustee who chooses which beneficiaries will receive interest and how much interest they will receive. In contrast, with unit trusts, it is the beneficiaries who choose how much interest they wish to invest and therefore determine the proportion of “units” that they want to hold.
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