Hi there
I was listening to a webinar by Ed Chan of Chan & Naylor who advertise their property trust documents and state that their trust can exist beyond the 80 years that most trusts can run for.
This would seem to offend the rule against perpetuities which is one of principles behind trusts.
Has anyone had any experience with their property trust documents? and how do people feel about dictating what happens to property more than 80 years down the track? The suggestion is that we are making problems for our grandchildren to deal with by not having documents that exist beyond 80 years – should we be concerned?
I would be interested in others views.If the trust deed has the provision, it should be able to be resettled. After which the 80 yrs starts again.
But the laws in regards to this will no doubt change before then, so I would check again closed to the date.Hi
I am not sure how those trusts could last more than 80 years. Maybe a resettlement like Cata suggested.
We could be causing problems for our decendants. Remember years ago people used to issue life tenancies to the surviving spouse. Usually the man owned the property and the wife got a life tenancy. But sometimes, or often, the wife needed to sell the property to get enough funds to move into a nursing home – but she couldn't. This costly problem needed to go to court to get resolved.
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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