TRUSTS
A Trust is an alternative way of leaving your property or money to a person you care for. A Trust is managed by a person or persons you appoint as your 'trustee' for the benefit of a person you wish to care for (the 'beneficiary').
You can appoint a member of your family, a friend or a carer as your trustee, but it might be sensible to appoint at least one trustee who is outside your family.
You can create a Trust during your lifetime or in your Will.
A Trust can describe how you want your property and money to be spent in a lot of detail, or it can give your 'trustee' the power to distribute your money themselves.
If you intend to create a Trust, a Discretionary Trust is usually the best choice of Trust for a person with impaired competency. A Discretionary Trust gives the trustee you appoint a broad discretion to meet the changing needs of the person you want to care for.
If you would like more information on Trusts please click on the following link.
This information sheet describes the range of trust services offered by the Public Trustee of Queensland including "trusts for incapable people". It provides a useful analysis of the advantages of trusts and the appointment of the Public Trustee of Queensland as Trustee.
If you would like to speak to a lawyer about creating a Trust please click here
