Discretionary family trusts: it's all in the family

摘要

Simply put, a trust is a legal relationship that allows an individual to control property for the benefit of someone else. When discussing trusts, people refer to either "inter vivos" trusts (created while the donor is still alive) or "testamentary" trusts (created within a will to take effect on the death of the grantor). This is an inter vivos trust created by, and for, the members of the same family. An inter vivos trust is a legal relationship created through a contract (the trust agreement) in which a person (the settlor) transfers assets to one or more persons (the trustee[s]) to control those assets for the benefit of other persons (the beneficiaries).