continuing support for a beneficiary (which could include a charity)
tax-effective estate planning.
Why choose us as your trustee?
Trust administration is a complex area with financial, legal and tax implications. Your trustee has full control over the assets held so it’s important to choose someone who you can guarantee to be trustworthy and who has the knowledge and skills to manage all areas of trust administration.
Many people choose to appoint a professionaltrustee like NSW Trustee and Guardian because we are:
experienced with a team of solicitors, accountants, trust officers, tax and investment specialists (we are currently the trustee for over 9,000 trusts)
independent (not a beneficiary of the trust)
governed by legislation to use any discretionary (decision-making) powers responsibly
experienced in understanding the needs of children, young people and people with a disability
a history of providing a competitive return on the money we invest for you.
Types of trusts we can help you set up
There are several different kinds of trusts available.
We can provide advice and help you with the following types of testamentary trusts you would like to create from your Will.
Trusts for children (minors and young adults)
You may wish to leave a gift to a child as part of your Will.
A trust is usually set up for a child until they reach the age of 18 (or an older age if specified) and your Will outlines how the money can be used for your child’s education, benefit and advancement.
If the trust extends beyond the age of 18, your Will should state that.
It’s important to choose a reliable trustee and it is recommended that your child’s legal guardian and trustee are separate roles.
Trusts for adults not able to manage their own finances
Trusts for adults can be:
an extension of a trust created for a child if they do not have the ability to manage their own decisions when they reach the age of 18
created for someone who is already an adult
created for adults vulnerable to financial loss or financial exploitation.
These types of trusts can continue for a very long time, particularly if the person is only young when the trust is created.
A trust can give your chosen charity long-term benefits through tax effective income from your estate, such as through a scholarship or medical research.
Special disability trusts
These trusts assist families to make financial provision for the current and future needs of a family member with a severe disability. The trust beneficiary must be assessed by Centrelink. We can help you meet eligibility criteria and with on-going reporting obligations. Special disability trusts can be set up during your lifetime or established through your Will.
Trusts for accommodation
Your Will may create one of two accommodation options:
Life interest - grants the tenant use of the property and the right to take income from it over their lifetime.
Right of residence – a personal right to reside in a property only (no right to income).
We are unable to help you set up a testamentary discretionary trust, which is where the trustee decides who receives what and when from a Will – not the person who made the Will.
If you are considering a testamentary discretionary trust, you should seek independent legal advice.
How to set up a trust?
Request an appointment to make or update your Will, and we can set up the trust during your appointment.