In order to create a trust a ‘settled sum’ must pass from the settlor to the trustee. This need only be a nominal amount, such as $10. It is imperative that there is a physical/monitored exchange of this amount.The ‘settled sum’ is demonstrative of trust assets and reflects the exchange of these assets to be held on trust by the trustee.
In most cases, once a bank account is created, the settled sum will be the first deposit into the account.
This information is of a general nature only and does not constitute professional advice. You must seek professional advice in relation to your particular circumstances before acting.
Updated — Sep 7, 2015