Q&A
What is the settlement of a trust?

Answer:

The trust deed must be signed by the settlor, who must give the initial settlement sum (usually $10) to the trustee.

The settlor is usually someone unrelated to the beneficiaries of the trust, such as an accountant, lawyer or close family friend. For tax reasons, the settlor should not be a beneficiary of the discretionary trust. The settlor usually has no further involvement with the trust after the initial settlement.

Answered by Lachlan McKnight

Lachlan is the CEO of LegalVision, an innovative and tech-driven law firm. LegalVision is disrupting Australia and New Zealand's legal industry and transforming the way in which businesses access legal services. He previously worked as a corporate lawyer and investment banker in London, Paris, Amsterdam and Hong Kong. Lachlan specialises in banking and finance, capital raising and startups.

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