Good Afternoon,
My question is"who is responsible to inform the new appointor of a discretionary family trust once the old appointer (my father)has died?In this case the new appointor(myself,his son) was nominated in the original trust deeds as the sucessor.
The solicitors firm wrote the Trust Deed and my fathers will.The same solicitor named himself chief excetuor of my fathers estate.
I never received a copy of my fathers will from his excetuors until 05/03/2007 even though he passed away on 07/11/1995.I have never
sited his estate.
The same solicitor firm wrote my mothers will and the same solicitor named himself chief excutuor of my mothers estate,who passed away
31/07/2006.The second excututor of my mothers estate is the parents family accountant,who appond the day of my fathers death
become a 1/3 shareholder in the family company and has since become office bearers in this company.Thus he controls all financial
information from the get to the go.ie can open bank accounts,sign cheque etc.To make things worse the company he works for produces
the annual returns required,and this company supplies to the solicitors firm the information that goes into making the estates of my
parents
M W M
No one is responsible to inform the new appointor of the death of the old. Death would trigger the removal of the person from the role and the next appointor would be appointed as per the deed – if there is one. If not successor appointor has been appointed then the trustee would be in control of the trust.
Sounds like the control your family's trust and other assets are being diverted to those who set it up. What state is the trust set up in and what state were your parents in.I am a solicitor specialising in trusts and estates so you could send me some more info if you want an opinion. You can get my email via pm if interested.
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
Good Evening Terryw,
Thank you for your quick direct reply.
At present I am in Thailand,recovering from major surgury.
I live in N S W.
The Trust was set up in and stamped in Victoria Australia in 1975 as was the Nominee Company.My parents family home was in
Victoria.
My major concern is my liability of being named in the original Trust Deed as the new appointor,and not being made aware of these
responabilities ie signing the trust tax returns,controlling assets and liabilities,deciding distribution to benificaries.As normal their is a story that goes with this.
At present I have a lawyer in N S W looking at this..However he/his firm and not experts in this field.the firm has been involved in
this issue since mid July 2011 when I became seriously ill and was admitted to hospital for 23 days.
Your opinion so far is on the same highway as mind.
Not sure where my current legal firm is leading me,thus if you are in Victoria,your opion would bee very valuable.
MWM
Hi MWM
I will be in Bangkok on monday, where are you located? I am currently in Osaka on business and will be returning to Sydney after that.
Do you have a copy of the trust deed with 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
Hi Terrw,
At present I do not have a copy of the trust deed with me,but I am trying to have one emailed to me.Thailand & Bangkok are underwarterI am currently staying in Pattaya.A a matter of warning I was advised at 8.00am today to cancell my trip to the Australian Eebassy,
due to the current issues their re flooding.Keep an eye on this.Read the Bangkok Post on line.It real is sandbag city.Same as Pattaya
Thanks MWM
I will be staying in Sukhumvit area soi nana, and it appears to be above water still. Bit worried about getting there from the airport though.
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
Good Evening Terryw
,
I have to be in Bangkok,this Monday to visit the Australian Embassy.My Plan is leave Pattaya at 8.00am .The reason for the visit to theEmbassy is to get a Stat Dec signed/stamped for a one year retiriment visa.Otherwise I have no other plans.My Thai no is
0848724902
MWM
Hi M
My thai number is 08 56623852. I will be arriving there evening though.
How long will you be in Bangkok?
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
Hi T
The issue I have is my current vesia runs out oon the 19/10/2011,thus need the paper work back at immigration in Pattaya on Wednesday.
It is simple deal at the embassy,just could be time comsuming.Depending on the weather,I am prepared to stay in Bangkok Mondaynight
M W M
T
Something to think about,I my case I was anaware of being the appointerfor over 10 years,but I am liabile assetes and Liaabilities,in this case the tax returns supplied to be for 03=05 show assets and liabilities blank,and for 06 items after item 28 are blanked out?The appointor's role is usually limited to having the power to appoint and fire the trustee. Depending on the deed the appointor may have to approve of some decisions too. If the trustee hadn't changed then the trustee would have had all the power they needed to run the trust. I can't imagine the appointor would be liable for anything unless he/she/it gave personal guarantees etc.
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
T,
My point is I did not know I was the appointer.Thus it must be some one job to inform me.Thi is why
When the lawyer was challanged at a meeting on the 5/3/07 I formed a new Company to take care of the Assets and liabilities of the
old nominee company that sat under the trust.The lawyer wrote to the estate agent in Qld directinging them to deposit the rentalincome into my new company.He also told my where to find and excute the deeds to the property so as to move it into my
company.The property is still in the old nominee company as well as my new one.After my fathers death I purchased a property
from the trust,viry two cheque,although banked in my super company,one cheque did not make it to the nominnee
company.Thed deeds of this property are still in the nominee company name,as are the rate,water etc same as the one in qld
property.Thus
qld property appears in as assets in two different tax lodge compaies,and oneEnough for now
M
Hi M,
Strange. Lets discuss over dinner monday? I actually arrive bkk at 3.30pm Thai time so will be around soi 4 by about 4.30 to 5pm.
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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