Hey guys
I’ve got a family trust with myself as appointor and a corporate trustee which is also trustee for the trust which I use to run my business. I would like to get the corporate trustee away from my family trust if possible, but I would like to avoid paying to set up another company just to be the trustee of this trust (which by the way doesn’t own anything, but is just used as a means to distribute discretionary income to family members from time to time). Since the trust doesn’t own anything or do anything where the trustee could become liable (and never will) I have no issue with being the trustee personally, but I have a feeling I’ve read somewhere that you can’t be both appointor, trustee and beneficiary of a discretionary trust, which would be the case for me. Would that rule apply in this case, or are they more lenient with this if the trust has a family trust election?
Cheers,
CarlI hope that is not true, as I am all three in one of my trusts!!
Terryw
Discover Home Loans
Parramatta
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As am I Terry.
Carl
The appointer has the ability to remove and reappoint the trustee. It will depend on the trust deed, but should be a minute entry.CATA
Asset Protection Specialist
[email protected]I think that settles the issue.. It’s not that big a deal anyway since the trust isn’t doing anything or owning anything, just passing through distributions.
Thanks guys
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