My friend has already graciously agreed to be the Settlor but I am making this thread of my own accord to get public opinion of any risks / downsides / legal liabilities he can potentially be exposed to from doing me this favour. Please suggest if any so I can show/discuss with him and give him comfort. Edit: a few more details Basically I am in the process of setting up a vanilla Family Discretionary Trust using one of those standard trust deeds available for purchase from online vendor - the settled sum is $10 and the bank account is already setup. I just need my friend to sign the deed under Settlor, and then send $10 to this new account. I explained to him after this initial setup, there is no further involvement / no liability whatsoever. I hope I didn't mislead him but that's my understanding of how it all works.