Hi all, I've scoured the web for advice on this but there isn't anything specific. I have a family trust with myself and brother as nominated primary beneficiaries. We were also directors of the trustee company, but many years ago he pulled out so I'm sole director. I never bothered changing the trust primary beneficiaries.
Can I as appointer, change this by documenting it as a resolution and having both of us sign that I am now sole primary beneficiary? or is it more complicated and required legal forms or other to be completed?
thanks
Its more complicated.
you will have to read the deed very carefully and find out who has the power to do this and how it can be done. You should also consider that changing things could force a resettlement of the trust and this could mean CGT and Stamp duty on the whole of the assets of the trust.
Consider also what happens if you die – who takes over, it is the person you want to control the trust? Could it fall into the hands of someone you don't want – such as the executor of your will, which could end up being the public trustee.
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
A Deed of Variation is the normal way to document this. Terry is spot on as always, it could be a resettlement which will could have duty and taxation implications.
are you both appointers?
You need specfic advice on this. Go see Terry if you are in NSW he is all over this stuff.
RPI | Certus Legal Group / PRO Town Planners
http://www.certuslegal.com.au
Email Me | Phone MeProperty Lawyer & Town Planner
You must be logged in to reply to this topic. If you don't have an account, you can register here.
