Family Trusts and Family Law HOW MUCH ARE YOU WORTH ?
with Nicholas Robertson Digital Age Lawyers
A family trust is a common agreement set up by family members that allows a person or company to hold assets for another ’ s benefit . A family trust is created through a Trust Deed and encompasses the following parties :
1 . Trustee – the person or company who controls the assets in the trust and legally is the owner of the assets .
2 . Beneficiaries – the person or company who can benefit from the income received from the trust .
3 . Settlor – the person who sets up a trust .
4 . Appointor – the person who
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controls the appointment and removal of the trustee ( s ). Valuing the trust Under the principles of the Family Law Act 1975 ( Cth ), all assets and liabilities of an individual are considered . This includes the family trust and , accordingly , all assets that are included in the trust .
Parties can choose to value the family trust in the following ways :
1 . If the parties remain amicable and seek to remain cost-efficient , they may wish to obtain a preliminary value of the trust from the accountant who handles the company financials .
2 . If the parties are not able to agree to the value of the trust , then it will need to be formally valued by a registered and qualified valuer . What is your value in the trust ? As mentioned above , a family trust can have several trustees or beneficiaries . What you must understand when creating a family trust is your actual ‘ entitlement ’ under the trust . This requires an assessment of the level of control that one has over the trust assets and the person ’ s role as either the appointor , trustee , or beneficiary . To give a brief breakdown : 1 . If you are the trustee of the trust , then the value of the trust will be looked at by the court and will be considered an asset , given that you are the legal owner of the assets of the trust and you have more control over the trust assets than the beneficiaries .
2 . If you are a trustee and beneficiary of the trust , then the value of the trust will be considered as an asset .
3 . If you are a beneficiary of the trust , then the trust may be considered as a ‘ financial resource ’ as opposed to an asset . This is because the beneficiary has no control over the trust assets and may not have received any income from the trust .
It is important to understand the level of control that one has over the trust and the trust assets to determine how the family trust should be looked at when dealing with property settlement negotiations . How can we help ? Digital Age Lawyers have a wealth of experience is dealing with family trusts . Not only do we assist with establishing these entities , we also provide independent legal advice for parties on their trust documents . Most importantly , we can assist you to understand how the family trust will affect you in the event of separation in terms of your financial settlement .
To find out more about how we can assist , please contact us on ( 02 ) 8858 3211 or via email at marketing @ digitalagelawyers . com .
New Nurragingy megafauna adventure begins
Blacktown City Mayor Tony Bleasdale OAM ( second from left ) turns the first sod on the new inclusive adventure play space with councillors ( l-r ) Moninder Singh , Carol Israel and Bob Fitzgerald .
An artist ’ s conceptual vision of the ground-breaking play space for people of all ages and abilities at Nurragingy Reserve .
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With the first sod now turned on the new inclusive adventure play space at Nurragingy Reserve , it ’ s all systems go for the first million-dollar-plus play space of its kind in Blacktown City .
Especially designed for people of all levels of ability and mobility , the megafauna themed play space has unique customised features that qualify it as an inclusive-designed project .
Some of these include a customised elevated walkway , changing places facility , musical items , trampoline , sand table and play sculpture .
It is the first to feature communication boards , a tool which
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enables those who are non-verbal to communicate with others .
Mayor Tony Bleasdale OAM , who dug in to turn the first sod , said he was proud council partnered with children ’ s charity Variety , to deliver the project .
“ This project is the first citywide inclusive play space designed and delivered by Blacktown City Council and will include fun elements for people of all ages , abilities and backgrounds to enjoy ,” he said .
“ The play space will embrace the bushland character of Nurragingy Reserve , with a ‘ megafauna theme ’
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which incorporates ancient animals that lived with the Dharug people .
Variety CEO Vanessa Barry said the charity was proud to work alongside communities , to make these play spaces a reality .
“ The Variety Livvi ’ s Place Nurragingy is an exciting part of our mission to make play available to all kids within their community ,” Ms Barry said .
“ It ’ s been an exciting project to be a part of and we cannot wait to see the community enjoying this innovative play space ”.
Construction is well underway on the $ 1.9 million project in Doonside .
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Council worked with local Dharug artist Leanne Watson who helped provide an understanding of local Indigenous history .
Her ideas were included in the design through various symbols .
The centrepiece of the design is a customised elevated walkway , which will enable all users to reach a top platform with a netting section , 3.5 metres above the ground . There will also be various play opportunities intertwined with the walkway for all visitors to experience and enjoy .
It is expected to open in spring 2022 .
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18 ISSUE 16 // JULY 2022 theindependentmagazine . com . au BLACKTOWN CITY INDEPENDENT