Setting up a trust
Information on the types of trusts and why you may decide to set one up for your beneficiaries.
What is a trust?
A trust is a financial arrangement where one person holds property, cash or shares on behalf of, and for the benefit of, another. Trusts are created for many reasons, including:
- ongoing support for beneficiaries such as children or grandchildren under your will
- more tax-effective estate planning
- to benefit a charity.
Types of trusts
There are several different kinds of trusts, and it’s often a question of matching your requirements with the right one. These include trusts for:
- children and young adults up to 18 or even 25 years of age and over
- beneficiaries not able to manage their own finances or who may be vulnerable to financial exploitation
- charities
- special disability
- accommodation.
The trustee has control over the assets held by the trust so it is important that they are honest, and have both the capacity and ability to manage all aspects of the trust.
End of Life Planner
An interactive guide to help you prepare for end of life tasks and documents before you meet with a professional advisor. This includes will preparation, Enduring Power of Attorney, Enduring Guardianship, funeral wishes and more.
You will need to log in to your MyServiceNSW Account to use the planner.
We're now directing you to log in to the Life Administrator – End of Life Planner. You'll need a MyServiceNSW Account to continue.
Why should I log in?
By logging in you're able to:
- start the planning process
- update and save your information whenever circumstances change
- find ways to get professional advice if you need it.