Thats quite unethical. To start with I dont think you are supposed to be friends with your accountant in order to acheive altereriormotives like taking control of a trust. Totally unprofessional. But it is the perfect example its not what you know but who!Bart is not really supposed to know that GF and GM have died, but just happened to know as…[Read more]

Okay, so lets pretend im a trustee then my role is to look at a property portfolio and decide how income is to be paid to beneficiaries. Appointer assigns a job to me and could fire me if he/she wanted. if the apointer happens to be one of the beneficiaries then it can assign someone to be a trustee but cannot directly control how beneficiaries are paid.

But yet the appointer is in control of the assets of the trust and how they are distributed to beneficiaries?Complex, how do they do that if they are not able to direct the trustee and only appoint (Give job).

"A director is not part of the trust, but part of the company which may be the trustee of the trust"I think my grandfathers company is the trustee and my grandfather is the director. The current and future appointers I have no idea. For a while I was thinking that the directors role was to direct the trustee on how to distrubute income. But that…[Read more]

Or, alternatively, if I cant get away with that I may be able to convince the family to create dad as the next appointer with me as the next appointer after him. So when dad passes I become the next appointer and ultimately the control of assets are passed to me.

Hang on, if I was able to become appointer, I would be able to distribute income to both myself and my father by instructing the trustee. Additionally If I was the appointer the trust assets would be safe from attack from the new wife with the eventual passing of my father. right?

Also how would you compare the role of the director and the appointer?

Yep, I understand. Offcourse everyone would want to be the appointer. lol. The appointer is control of the whole trust including all its assets and ultimately how they are distributed via the trustee. My goal is to make my father the appointer as I eventually want to create a special disability trust as I actually have a disability. They are quite…[Read more]

Terryw wrote:
Yes, you can amend the deed. Or have your grandfather's lawyer do it as you must be careful not to cause a resettlement.

In which case who would be a suitable candidate for the next appointer? Could I or my father become the next appointer?

Or alternatively, how may I take control of the appointer?

Terryw,Once I find out who the appointer is, is there any way I may be able to change who is to become the next appointer in the trust deed?

Terryw wrote:
It doesn't matter who the trustee is, the assets of the trust won't become part of the estate – generally. (In NSW there is the notional estate orders where trust assets could be taken to be part of the estate. There is also the possibility that the laws in ACT will change in the future, and there is also the possibility that the…[Read more]

Sorry to bother you again. Say in the future my grandfather passes and the trustee becomes under the control of my father.Then in the future when my father passes I become in control of trustee and how income is distributed. Correct?Thats so long as I make sure dad details in his will that I am to become in control of the trustee and its relevant…[Read more]

I think I understand now. Thanks

"Or he himself could be the trustee of the trust"All this is in order to get information about the trust so I may determine how the inheritance falls into my fathers hands in order to prevent it from being creadited by my fathers new wife. If i ask him and he understands and tells me about the structure of the trust and about the trust deed. The…[Read more]

Terryw wrote:
nope. Unlikely.The trustee controls the trust and determines the distribution. It is likely your Grandfather will have a company as trustee with him controlling the company as director.

My grandfather did once tell me he is the director of his company while we were discussing this trust stuff. So my gradfather could be the trustee…[Read more]

Terryw,The solictor would be the trustee right?

Terryw wrote:
Assets of a trust don't form part of a person's estate. So they cannot form part of the will. They will need to pass control of the trust on by having back up appointors to the trust and also making sure the shares of the trustee (if a company) are passed on via their will. But it is the appointor that controls the trust by hiring…[Read more]

Terryw wrote:
an option is an agreement which gives you the right to buy something for an amount sometime in the future. It is a right and not an obligation.So if your dad's property is worth $1mil and he sells you an option to purchase it for $1,200,000 at any time within the next 10 years then you can buy it for this price no matter what the…[Read more]

Terryw wrote:
Sounds like large sums of money are involved. You will surely need professional advice.Your grandfather may be able to change his will (if he still has capacity etc) to incorporate a testamentary trust so that his assets don't fall into your father's hands which will make it harder for the new wife to make a claim on these. It will…[Read more]