The standard structure may not suit your needs
There are circumstances where operating a business or owning assets in your personal name or through a company is not appropriate. For example, because you are worried about protecting your assets from creditors, or if you are able to achieve better taxation outcomes through using a trust.
Setting up a trust can often solve these problems, but people often get standard trust packages which don’t consider their specific requirements. Trusts are complicated structures, and setting them up without proper advice could cause problems down the line, and be difficult to fix.
Traditional structures are sometimes inflexible or vulnerable
If you are running a business as a sole trader or a company, you are missing out on some special flexibilities and protections offered by trusts. It means that if you are sued in your personal life (for example, because of a personal dispute or because you are defaulting on a mortgage), your business might be exposed to those creditors. It also means that you usually have to pay all dividends to yourself, instead of being able to distribute it to other beneficiaries (eg, family members) who might be on a lower tax bracket to you.
Trusts which are set up without proper advice may create difficult scenarios. For example, sometimes setting up a corporate trustee when this isn’t really required may end up costing you extra money for no reason. Also, you may wish to exclude certain people as beneficiaries, or create specific mechanisms for how the control of the trust is passed on if something happens to you.
Build a structure that perfectly suits your needs
UX Law can advise you in creating your business structure, setting you up with a discretionary or unit trust to suit your needs.
We can help you with:
- Tailoring appropriate beneficiary definitions and restrictions
- Future-proofing the controllers of the trust and succession issues
- Advice on whether an individual or corporate trustee is preferable
- Stamping the deed with the OSR and all relevant setup forms
Frequently asked questions
Can I do this myself?
Are your documents automatically generated?
Is the price a fixed-fee?
Can I speak or meet with a lawyer, and will this cost extra?
What if I need this urgently?
This package doesn’t suit me, can I create my own one?
What if the document or advice I need isn’t on the website?
- Free consultation
- Done for you tailored legal documents to suit your needs
- Initial drafting and review + one round of amendments
- Stamping with the OSR
- Fast turnaround times (5-7 days)
Looking for practical legal advice?
Tell us about your legal needs and we’ll get back to you within 1 business day.Schedule free consultation