See a lawyer, but before you do, try and work out the following
1. what event can trigger an exit.eg death, incapacity, bakruptcy, desire to leave the venture, desire to force someone out of the venture etc etc.
2. can there be a forced exit – worth considering if someone doesn’t pull his weight, or if one of the unithlders dies would you prefer…[Read more]
Yes it is possible. It is called a Limited power of Attorney as disctinct from a General one. You use the standard form and add the limitations eg “The authority conferred by the Limited power fo Attorney is restricted to executing documennts and doing all things in connection with the [sale/purchse etc] of property at [addesss] in the nmae of the…[Read more]
Most Discretionary Trust deeds allow the Appointor to remove and replace the Trustee whenver the Appointor wants to, for any reason or no reason. Thats why the Appointor has the real control over a trust.
A Discretionary trust still has very good asset protection advantages. The asset protection benefits are for the beneficiaries. The point is…[Read more]
I’ll take you through it, slowly, one more time. The Trustee is the legal owner, fullstop. You need to understand the difference between a legal owner and a beneficial owner. Any Asset potection specialist ought to know this. Just type in “Trustee legal owner” in a Google serch and you will see this mentioned about 80,000 times!!!
Also, the…[Read more]
She is the same person whether she has a new name or not. Anyone thinking they can easily “change beneficiaries” or “add beneficiaries” by simply having a Minute done or changing the trust deed must have a morbid desire to add to the coffers of the revenue authorities. If you add a new beneficairy to a trust you are likely to fall into the trap of…[Read more]
No, its not correct to say that for all legal purposes the trust is the owner. The trustee is the legal owner – that is why, for instance, the name of the trustee appears on the title deed, and why if you are suing a trust you sue the trustee
The trustee is the owner – its/his/her name is on the title deed of the property. The trustee is the one who is sued. If the person suing wins the case, it is the trustee who has to pay… if the debt is incurred by the trustee in his role as a trustee (which in the situation you mentioned would be the case) then the trustee can draw on the assets…[Read more]
The trustee is the owner – its/his/her name is on the title deed of the property. The trustee is the one who is sued. If the person suing wins the case, it is the trustee who has to pay… if the debt is incurred by the trustee in his role as a trustee (which in the situation you mentuoned would be the case) then the trustee can draw on the assest…[Read more]