We have advised trustees and beneficiaries under Family Trusts and Business Trusts used to operate businesses for 25 years.
Our practice is located outside of the Perth CBD and because of this our hourly rates and fixed prices for commercial work and for litigation are 20% lower than the standard rates charged by most Perth law firms. Our rates are extremely competitive compared to the rates charged by other commercial law firms.
A Trust is a legal structure by which the control of assets is vested in a separate party to the ultimate beneficiaries of those assets.
The trustee has a fiduciary duty to the beneficiaries and must act in their interest in preserving and protecting the assets of the trust. The trustee's powers are governed by the terms of the trust deed and are affected by the common law principles applicable to trusts and fiduciary duties and requirements of the Trustees Act 1962 (WA).
Trusts do not have a separate legal identity and transactions involving a trust are entered into by the trust through its trustee. For this reason, the trustee has a right to indemnify from the assets of the trust with respect to any liability incurred by reason of the valid exercise of the trustee's powers under the trust deed.
There are a number of types of trusts, including:
* discretionary and non-discretionary trusts;
* discretionary family trusts; and
* unit trusts.
Trust structures can be used for a variety of purposes, including:
* to operate businesses;
* to safeguard assets from third party access by placing them in a trust which the relevant party does not control;
* provide assets and income for beneficiaries without providing ownership or control to those beneficiaries;
* to minimize taxation liability by using a trust structure to distribute income.
We have handled many family trust disputes and regularly provide legal advice to trustees, beneficiaries and accountants who have questions about trust deeds or have a dispute about how a trust is being operated in Western Australia.
Aherns Lawyers has had a wide ranging experience at advising clients with respect to trusts, including:
* considering and advising the client as to the suitability of a trust structure, including the type of trust that would best suit the purposes of the client;
* advising the client as to setting up a trust structure and the terms of a trust deed;
* liaising with specialist advisers with respect to the trust, such as tax accountants and tax lawyers;
* advising trustees with respect to their powers, liabilities and fiduciary duties;
* advising clients as to entering into transactions with a trustee; and
* advising and representing clients as to legal proceedings by or against a trust.
If you require legal advice in relation to trusts, please do not hesitate to contact us by telephone or by email - firstname.lastname@example.org