For well over 60 years, discretionary trusts have been protecting assets, policing family benefit sharing, simplifying inheritance and spreading family income and the tax that goes with it.

On average, many of those trusts can theoretically benefit mum, dad, two kids, grandparents, grandchildren, siblings and aunts and uncles, all multiplied by two to include their spouses – that’s many millions of Australians who could potentially have access to a benefit from a discretionary or family trust.