A family trust is established by drawing up and executing a trust deed. There are three parties involved:
- The "Settlor" – this is you, the person wishing to establish the trust by putting an asset into the trust.
- The "Trustees" – these are the people who administer the trust and look after it for the beneficiaries.
- The "Beneficiaries" – these are the people who will ultimately get the assets or the benefit to them.
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