A discretionary trust, founded by a family member can play an important role in protecting the family legacyA family adviser can be appointed to ensure the family plan is executed over generations. Picture: SUPPLIED/SANLAM PRIVATE WEALTH
A discretionary trust, founded by one of the family members, can play an important role in protecting the family legacy in line with the overall family plan and long-term objectives. The trust deed should describe these objectives as well as the role the trust will play in achieving them. Alongside these trustees, people can be appointed from the team of family advisers, which usually include an accountant, family lawyer, portfolio manager, wealth manager, fiduciary specialist, and tax adviser. They can ensure the family plan is executed over generations, and that everyone involved understands the family’s long-term objectives.
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