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What is a trust fund or a formal trust?
A formal trust is a structure where a trustee, which can either be an individual or a company, carries on business for the benefit of certain beneficiaries. A formal trust deed outlines how the trust will operate and how profits are distributed into the trust fund amongst the beneficiaries.
Follow the steps below to learn how to set up a trust fund with People's Choice.
Step 1. Setting up the business membership for your trust fund
To operate a trust fund account, a formal trust deed is required, which will state who are the trustees. The trustees can be an individual or a company.
Who operates your trust fund?
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Individuals
Please ensure all trustees have had their ID verified in a branch.
Once completed, you may be able to open the trust's business membership from the comforts of your office - please proceed to step 2.
All trustees must sign the membership application form.
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Company
You'll need to setup your company membership first. Please click here and follow the steps before continuing with Step 2 below.
Once completed, you can hand in both application forms (company and formal trust) together in Step 3.
All directors/trustees must sign the membership application form.
Step 2. Get a head start with your business account
Download a copy of the application forms below and fill in your details to get a head start on your business account.
Be sure to have the documents handy when getting in touch with us.
Business Membership Application
Click the button below to download the application form.
Australian Business Number
Please let us know the ABN of your Trust.
ABN not at hand? Simply look it up with the Australian Business Register at the following link: http://abr.business.gov.au/
Step 3. Finalise the business account for your trust fund
To complete the business account, please drop in to a branch.
If you already prepared some of the application forms mentioned above, please have them handy.
You can find your nearest branch here.