10 Nov Insight into parties involved in a Trust
In this “legal hint” I intend to cover Family Trusts and some of the parties involved in a Trust.
Please find below a high level explanation providing an insight into the three main groups of parties involved in a Trust:
The Settlors: These are the persons who set up and transfer assets to the trust.
The Trustees: These are the people who hold the legal ownership of the trust assets on behalf of the beneficiaries.
The Beneficiaries: They hold the beneficial ownership in the trust assets and include, amongst others, yourselves, your children and grandchildren.
For more information or if you have any further questions on Trusts and Asset Planning, do not hesitate to contact me.
Ian Mellett BComm LLB H Dip Tax is a Barrister and Solicitor at Quay Law in Remuera, Auckland. Quay Law provides services in Wills and Estate administration, Estate Planning, Trusts and Asset Protection, Relationship Property, as well as Conveyancing, Commercial, Immigration and other areas of law.