All Topics / Help Needed! / Who is the beneficiary????
G'day to all!
This is a hopeful call out to all those professional and non-professional legal experts out there!
I needed some help in trying to find out who is the beneficiary of a Discretionary Investment Trust. I have been able to find out that the trustee of the trust is a financial planning firm, but have hit a dead-end in getting further.
The search information is for my sister, who has suspicions that her husband is hiding his assets in preparation for separation.
Thanks in advance!
You would need to see a copy of the trust deed.
Hi Basman
Dan42 is right. However, just for her information, it's worth knowing that the Family Law Court has been very successful in unraveling trusts that have had assets placed in them after a couple started cohabiting.
Cheers, Paul
Paul Dobson | Vendor Finance Institute
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Thanks for the prompt reply!!
How do i get a copy of the trust deed??
Is it available from the ATO, or somewhere?
Basman wrote:Thanks for the prompt reply!!How do i get a copy of the trust deed??
Is it available from the ATO, or somewhere?
Unfortunitely, unless the Trust is involved in property matters in QLD, Trust Deeds are not usually registered or lodged anywhere (not ATO or ASIC etc) only your Husband and / or his Financial advisor or solicitors/Accountant would have copies
However copies of Trust Deeds can be requested by Family Law or other Courts if it ever gets to that
Why do you want to find out who the beneficiary is? If it is a discretionary trust then there would be more than 1 beneficiary and likely to be several hundred possible beneficiaries. And just because someone is a beneficiary doesn't mean much. They have no right or expection to receive anything from the trust – just the possibility, which may never happen.
Also you say the a firm is the trustee? Only companies or natural persons can be trustee and it would be very unusual for a trading company to act as trustee – especially a financial planning firm.
Do you know if the trust owns any real property? If so you could do a title search on the property and find out who the legal owner is (which would be the trustee). This may also show other interests registered such as mortgages or caveats. You can then request copies of these which may lead to more clues (other beneficiaries may have lent money to the trust or have lodged a caveat etc).
If the trustee is company you can also do a ASIC search and find out who the directors are and the shareholders – often these are the people with the real control of behind the trust.
Trust deeds would also be held by lenders and accountants – though they would not release them to you.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Hey Guys,
To clarify the situation:
1. The house is still in the husbands name, awaiting settlement.
2. The new buyer of the house is a registered discretionary trust, the trustee if which is a registered company, which was only set up in the last few months of last year – coincidentally around the same time the troubles between my sister and her husband started getting serious.
3. The registered company's director is also the owner of a financial planning firm.
4. The trust owns no other property.The reason i need to find the beneficiary is to confirm whether my brother in law is genuinely selling the house or is pretending to sell the house to hide it from her from a possible pending separation. I am inclined to believe that this sale is a ruse set up by the husband when in fact he is still the beneficiary of the trust.
I understand that the family court has the power to uncover the story, however in the hopes of salvaging a marriage, we are trying to get as much of the truth as possible before getting the lawyers involved.hi Basman
Interesting.
I guess the wife is not on title? And you think he is trying to sell it before the family court can make an order.
I would suggest you get your sister into a lawyer asap and slap a caveat on the property. She should be able to do this under the family law act. If the new buyer hasn't put a caveat on themselves, then she may be able to stop the sale.
Family law court can also make orders against third parties and so you could possible try to get to the bottom of the new owner.
The danger is if the sale goes through the husband will get the cash and then dispose of it, or hide it so later on if there is a property settlement and he is ordered to pay over proceeds he will say he spent all the money.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Terry is spot on. Go caveat go…
even if the purchaser has put one on, the wife can put one on too as she will have a clear interest in the property.
How long has the husband owned the property and how long have they been married? hope the poor bugger didn’t already own th asset and got left with his pants down…
Also interesting that the financial planner's trust is buying it. Basman do you know of any relationships, friendship, business etc, between the fin planner and the husband?
BTW, there is no requirement for a beneficiary to be named on the trust deed. You could get your hands on the deed and his name may not be listed anywhere yet he could still be a benenficiary by falling under one of the broad classes of beneficiaries.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
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