A trust describes a relationship where one person (the trustee) looks after assets for another (the beneficiary). At DLQ we deal with a range of trusts, however we most commonly advise on the following:
Testamentary trusts: A testamentary trust is created in a will and comes into effect after the will maker dies. Testamentary trusts may be created for the benefit of people who lack capacity to manage their own affairs (such as people with an intellectual impairment).
Special disability trusts: If you want to give assets to an adult with a severe disability, without compromising their eligibility to public welfare or housing, you may be able to set up a Special Disability Trust on their behalf. Special Disability Trust funds can be used for the reasonable care and accommodation needs of the adult (beneficiary) and discretionary funding of up to $12,000 per annum (in 2018/2019 financial year).
If you need to set up a trust, DLQ will advise what trust type is your best option, set up the trust on your behalf and discuss identifying an appropriate trustee.
Find out more about our Wills and Trusts online training series.