A unit trust is comprised of various interests, with the property being known as a ‘unit’. Often there are multiple beneficiaries, who under this structure are called ‘unit holders’. The trustee then administers and distributes the assets to the unit holders.
When setting up this trust, a Register of Units Issued is necessary to provide an overview of how units are issued between unit holders. Unit holders have fixed rights to the property, which means that a register is necessary to monitor distribution.
Use this Register of Units Issued if:
- You want to establish a unit trust
- You have been, or are about to be, appointed as the Trustee of a unit trust
What does the Register of Units Issued cover?
- The various investments within the unit trust;
- The unit entitlements of each unit holder;
- The property of the trust (‘units’);
- Methods for the distribution of the units to the unit holders.
Other names for a Register of Units Issued include:
- Unit Register
- Unit Trust Register