How do I manage a family trust?

Assets held by a family trust do not form part of a person's assets and as such, they cannot be gifted via Will. Similarly, a beneficial interest in a discretionary/family trust cannot be gifted via Will. If however, a person holds units in a unit trust, these could be gifted via Will.

If you have a family trust and would like to ensure control passes in the way you wish, we recommend obtaining legal advice from a trust law specialist. If you need legal advice, we offer the ability to book a telephone consultation with a specialist estate planning lawyer from our affiliate law firm Safewill Legal. One of their lawyers can provide you with some advice about how your trust will interact with your Will (however please note this call does not include the preparation of any business succession documents).

With respect to companies, any shares held by a person form part of their assets, and can be gifted via Will. The change in directorship is more complex and cannot always be governed by a Will. If you are unsure about how the directorship of a company will operate on your death, we recommend obtaining legal advice from a company law specialist.