Discretionary Trust Management
What it is
A Trust is a legal arrangement for property.
The property in a Trust could be:
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Money
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A house
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Shares in a company
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Something else.
Every Trust has rules about how it can use the property in it.
One important rule is that the property can only be be used to help specific people.
These people are called Beneficiaries.
The people in charge of the Trust are called Trustees.
You can create a Trust where PASAT is a Trustee.
How it works
PASAT will keep Trust money safe.
PASAT will invest Trust money so it can grow.
PASAT will pay tax for the Trust money.
PASAT will tell you each year:
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How much money is in the Trust
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If any money has been spent
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What money has been spent on.
Beneficiaries can ask for money at any time. This could be for:
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Things they need
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Things they want.
Sometimes other people may also ask for money on behalf of the beneficiary. Other people that could ask may be:
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An Advocate
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A family member
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A support worker
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A friend
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Someone else.
Sometimes they may say no. They will say no if:
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There is not enough money in the Trust
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There are other important things to save the money for
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They think the request will not be good for the beneficiary.
What it costs
A new Trust must have $20,000 or more put into it.
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PASAT will charge $1,250 to create a new Trust.
PASAT will charge $300 each year to complete a tax return.
PASAT will also charge a 1.5% fee each year.
This means that the amount of the fee will change:
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It will cost more for Trusts that have a lot of money
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It will cost less for Trusts that do not have a lot of money.
If there is more than $500,000 the fee changes to be 0.5%,
PASAT will also charge $125 an hour for any other work we need to do.
Each year a beneficiary can get two hours of Discretionary Trust work for free if:
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They are also a lifelong member of PASAT
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They receive ongoing advocacy support from PASAT
Learn more
Please click here to contact us to learn more.