In setting up a trust…whom do you recommend as being the Appointer, seeing that they cannot be a beneficiary under the trust…
James
Hi James
The Appointor is generally the pricipal
it is the settlor that cannot be a beneficiaryIn most instances the appointor/trustee and principal beneficiaries are the same people. In the case of a corporate trustee the directors are also the appointors
regards
nickMJames
You should be the Appointer, this is very important because it is actually the appointer that controls the trust. They can remove and change the trustee at any time, so if it is not you then some one else will control the trust and your investments.
Having said that the advise we received (hubby & I) is the one who is driving the investing, out of a couple, should be the appointer.
Cheers
Leigh K[biggrin]Alas, I was confused…..I was mixing up the roles.
Thanks for your responses and clearing this up. (in a twisted way in my mind I was correct….really!!)
James
James
In that case the settler can be any body that supposedly deposits the settling sum intot he business account. Ours was our accountant.
Cheers
Leigh K[biggrin]I do not generally recommend that the settled sum be deposited into a bank account.
If the bank account balance ever drops below the settled sum amount then the trust will be void.Therefore it is advisable that the settled sum be represented by cash stapled to the original deed
Cheers
NickMHi Nick
That’s what I thought too, but I’m setting up a Unit Trust with friends at the moment, and my solicitor wants a cheque for $10, and said I MUST use this cheque to open the bank account?
So I am better off getting $10 in cash, and sticking it to the deed?
Cheers
Mel
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