100% Locally Owned, Independent and Free

100% Locally Owned, Independent and Free

Business 2 Business: Why transferring control is a good idea

Sponsored Content

Do you have a news tip? Click here to send to our news team.

Childcare centre with 130 places proposed for development area

A new childcare centre is on the cards for a Sunshine Coast growth belt. Nirimba ELC Property One Pty Limited proposes to build a childcare More

Why airfares are rising: tourism expert

Multiple factors are contributing to elevated airfares this holiday season, according to a University of the Sunshine Coast tourism academic. Low competition, a shortage of More

Property experts join board of regional business group

Two property development experts have been appointed to the board of the region's leading business advocacy group. Stockland Aura project director Josh Sondergeld and Scanlon More

Sami Muirhead: rolling in festive bliss

What would your last meal be if you had to decide today? I know mine is a fresh prawn roll. Nothing in this world beats More

Photo of the day: after the storm

This photo was taken by Jo Allayialis from Cotton Tree pier after a storm. If you have a photo of the day offering, email photo@sunshinecoastnews.com.au More.

Coast’s highest rooftop bar and pool unveiled

The highest rooftop bar on the Sunshine Coast has opened, with its own pool and striking views of the beach and surrounding suburbs. The as-yet-unnamed More

For one reason or another, you may have purchased assets in the name of a Trust.

Often described as ‘Family’ Trusts, these Trusts usually have common features including:

  • a Trust Deed (the rule book)
  • a Trustee (the manager)
  • an Appointor/Principal (the supervisor and controller) and
  • numerous potential Beneficiaries (to receive income and capital at the discretion of the Trustee).

When you pass away, the Trust does not ‘die’ with you. The Trust continues and remains the owner of the assets in the Trust.

It is important to consider how ‘control’ of the Trust can be transferred to the person(s) who you trust to manage the Trust for the benefit of the beneficiaries after you’re gone.

As you don’t own the assets in the Trust, you cannot dictate who receives them through your Will.

The Trust Deed usually contains rules about how control of the Trust is transferred.

Sometimes, it requires you to include a clause in your Will (or a separate Deed) to transfer control to the right person(s) – usually by nominating a replacement Appointor/Principal.

Might be time to dust off your Trust rule book and ensure your Trust is dealt with in your estate plan.

Trent Wakerley, Director, Kruger Law, Level 3, Ocean Central, Ocean Street, Maroochydore, 5443 9600, krugerlaw.com.au

This column is part of our Business 2 Business (B2B) series featuring industry leaders sharing their expertise. For more great articles, SUBSCRIBE to our FREE news feed, direct to your inbox daily. All you need to do is enter your email below.

Subscribe to SCN’s free daily news email

Hidden
This field is for validation purposes and should be left unchanged.
[scn_go_back_button] Return Home
Share