Harry Szmerling & Co is experienced in trust law.
Trusts are set up by people for a number of reasons, succession planning, asset protection and tax maximization just to name a few. Sometimes trusts are set up unintentionally due to the operation of the law. Legal advice regarding trusts is essential.
The basic elements of a trust are:
- trust property or asset
- beneficiary or object
Resulting or implied trusts arise when the trustee fails to distribute the whole of the trust interest or there is a surplus after the original purpose of the trust has been satisfied. Such situations also arise when a person buys a property in somebody else’s name.
Constructive trusts arise upon an order of the Court, as a remedial device, where the Court would declare a trust relationship to correct a wrongful act.
Clients may need to have specific trusts created for them to serve a particular purpose. These are categorized as follows:
- Discretionary trust
- Family trust
- Unit trust
- Trading trust
- Superannuation trust
- Hybrid trust
Other forms of trusts include:
- Testamentary trust
- Protective trust
Whilst most people would create one or the other of the above trusts for personal reasons, some wish to create a trust for benevolent purposes which is called “charitable trust” – a trust set up for strictly “charitable” at law, that is, for the benefit of the public at large can include purposes such as:
- relief of poverty
- advancement of education
- advancement of religion
Our law firm is client focused and we will take the time to fully understand your situation and concerns.
We recognise that being a lawyer means much more than just giving legal advice. We have experience in a broad range of areas including commercial matters, property transactions, conveyancing, commercial leasing, purchase and sale of businesses, family law, criminal law, litigation, probate, wills, trusts, traffic and other legal matters. For all legal matters, contact Harry Szmerling & Co today.