Hi,
This wouldn’t apply to me, except maybe a future wife…
Say a woman sets up a trust with herself as a benificiary. The trust deed would specifically say Ms Jane Smith.
What happens when she gets married and changes her name? Technically the trust deed doesn’t list her any more…. can it be changed?
hi tom1000000
women are very funning things and as far as I’m of the understanding and it hasn’t changed they can purchase in either or name as my wife does and they can keep an investment either or name because you have married does not relinguish the use of your maiden name so again the trust could be still active in her name alone and if later divorced the other half would have a hard time getting access to any of its property or income.
maybe linar can shead some light but I think i’m right.here to help
If the deed allowes you to change benificiaries then it should be a minutes entry. If the deed does not allow you to change you can not.I think GR has it right for a maiden name though.
CATA
Asset Protection Specialist
[email protected]I think legally they would still be the same person so there shouldn’t be any problem.
Terryw
Discover Home Loans
North Sydney
[email protected]Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
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True, I agree with Terryw on that one, there is always a track record of all previous names..
Roy H.
L.R.E.A., Dip FS (FP)Guardian Property Specialists (GPS) is a research-focused company that specialises in sourcing and providing residential investment properties Australia wide!
Cata would have more experience than me but every Trust I have been involved in has provisions for changes in the Deed by way of a minute.
What happens when you have more kids.
Cheers Richard
Ph: (07) 3720 1888
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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 what they call a resettlement which can bring about all sorts of stamp duty and cgt horrors. That is why when trust deed are properly set up they describe a wide group of people, such as ‘the children of…”, so that any new children automatically come within the list of beneficiaries without having to change the list of beneficiaries
The wording of the trust in regards to children needs to be very specific. The ‘children of Mr and Mrs A’ does not necessarily mean the children of Mr A before he married. This exact phrase was challenged by the ATO when they tried to grab the assests of a Mr A by saying that Mr A has no children with Mrs A.
A trust also set up in Mrs A’s maiden name was also target by the ATO as belonging to Mr A’s assests. The difference from this situation and the question asked is that Mr and Mrs A were in an established defacto relationship when the trust was set up and not married.
C2
Rich in happiness and money is better than rich in money with no happiness.
Originally posted by 30Ch: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 what they call a resettlement which can bring about all sorts of stamp duty and cgt horrors. That is why when trust deed are properly set up they describe a wide group of people, such as ‘the children of…”, so that any new children automatically come within the list of beneficiaries without having to change the list of beneficiaries
If the trust deed has provisions for a change like this then it can be as easy as a minutes entry, and that is EXACTLY why it is better to spend a bit more on a trust that has flexibility.
Times change and structures need to be able to change with them.
CATA
Asset Protection Specialist
[email protected]
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