Appointing trustees
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The following method is used to appoint trustees to trusts. It is used for both:
Unit Trusts — a trust in which the trust property is divided into a number of defined shares called units. The beneficiaries subscribe for the units in much the same way as shareholders in a company subscribe for shares.
Discretionary Trusts — generally a trust under which the distribution of income or capital to beneficiaries is made at the discretion of the trustee. Until the trustee exercises its discretion, the beneficiaries generally have no interest in the property of the trust. A discretionary trust is sometimes called a “family trust” (for tax reasons, however, a family trust means a trust that has made a family trust election).