What is a standard unit trust?
A standard unit trust is a trust divided into units that gives the unit holders equal rights to vote and share in the distribution of income and capital in proportion to the number of units held.
A unit trust does not have a settlor like a discretionary trust. Instead, a unit trust is established by the unit holders themselves, and then managed by one or more trustees.
What is a multi-class unit trust?
This has different classes of units, each having different rights to share in the distribution of capital and income. Some units may have a right to vote and others may not.
What is the minimum number of units in a unit trust?
There can be as few as one unit though to avoid the possibility of a unit trust being deemed to be a fixed trust there should be at least two units.
Can I change the unit holders in a unit trust?
Yes, provided you follow the procedure outlined in the trust deed.