In our commercial law practice, our greatest focus is the protection of you and your business interests. We can provide you with comprehensive advice that takes into account the wide scope of considerations you need to be aware of whether you are an experienced entrepreneur or starting your enterprise for the first time. That doesn’t mean you need to be in big business for us to assist you; many of our clients are mums and dads who are looking to create businesses and investments that will pass on to future generations.
Our legal team has experience with all important aspects of commercial transactions, including:
- Business structuring
- Drafting commercial documents & deeds
- Commercial agreements
- Discretionary & Unit Trusts
- Debt & Insolvency
- Intellectual property & trademarks
- Business and franchise services
- Employment law services
Q: What is a discretionary trust?
A discretionary trust, sometimes referred to as a ‘family trust’, is a trust where the beneficiaries do not have a fixed entitlement or interests in the trust assets.
Therefore, the trustee has a “discretionary” power to determine which of the beneficiaries are to receive the capital and/or income from the trust, how much each one of them receives and when they receive it.
A discretionary trust is established through a trust deed, which sets out the duties and powers of investment of the trustee, who the beneficiaries are (and the various classes of beneficiaries) and other important guides and limitations (such as when a trustee can be replaced, removed or appointed).