Q: What do the following terms have in common: Express, oral, discretionary, fixed, hybrid, unit, secret, implied, resulting, testamentary, bare, superannuation, precatory, purpose, cy pres, charitable, bona vacantia, will and child maintenance?
A: They are all "trusts". Most practitioners think they know trusts, but under the law a trust can have many variations, and different legal rights and obligations flow depending on the nature of the trust in question. There is no single thing called a "trust", and yet the tax law generally treats every trust as if it is the same.
Aimed at every legal and accounting practitioner, and every financial advisor who may have clients with a "trust", this event covered trusts.