Over the past few weeks i have been researching the idea of trusts and would like to hear some opinions from here. What i would like to do is begin something similar to an investment club I have spoken to some friends, family, work colleagues who are interested in the idea, and what we've come up is: say 10 or so people, contributing around $100 a month to invest in. We will consult with professionals as to some strategies to run with and review them periodically. ive read into, unit trusts, discretionary trusts and hybrid disc trusts.. so so questions i have in relation to our position: a) For a unit trust, relatively low amount of $$ at this stage, is it that ridiculous to have the trustee as a person, rather then a company? b) a unit trust being a 'fixed trust', is that something like 80% profit to be distributed to the beneficiaries and 20% to the fund for management costs, accountants etc..? c) for a discretionary trust, can anyone be involved, or only family members? such a friend of the principal beneficiary? d) each beneficiary will receive a statement of income that is to go on their own personal tax return? rather then the trustee be left with the bill? e) the trustee is to open a bank account in their own name and conduct the day to day runnings of the trust from this account, is this normal practice? just a few rather simple questions, any discussion is appreciated.