Very Informative. What happens if all the money is distributed to the beneficeries , how do we pay for the business expenses ( as now now money left in the trust) ? Thanks in advance
The distribution happens after the trust has claimed all it's expenses. Eg 400k gross. 150k deductions. 250k left over to be distributed to beneficiaries.
Is it similar for Testamentary Trusts (discretionary ones)? Also wondering if there are two Trustees who are also both the only beneficiaries on a Testamentary Trust and they do not agree on something, do they just end up in a stale mate and can't proceed with anything because they can block each other's actions? One Trustee cannot go ahead and make a decision about the whole Trust by themselves without the other Trustee's consent, can they?
Is there something so called 'love trusts'? I mean a person has an asset and wouldn't want to share by a lover, and the law cannot split the asset to give to the lover but to the beneficiary. The beneficiary elects a trustee whom he/she trusts to take care of the property but the income of the asset goes to beneficiary and not the trustee? How about the trustee wants 1% of the asset to take care of property? Will 1% affect taking ownership of the asset? How about developing corporate trustee? Does the appointor have the right to take money from an asset if he/she wants? Can the appointor be beneficiary itself as well?
@@DavieMach sorry what I mean a trust like prenuptial agreement or like a get some rent money per month ,but the property cannot be sold or exchange a part into a loan. Are there trusts that keep beneficiary safe from giving property like trust should in part number 2 of your video. I meant a preventing Gold diggers who want to take away your wealth?
Ive set up a company and a Disc Trust. I have sat down with my bank and set up an account for my trust. How can I confirm that the bank account is actually set up for the trust? It shows up in my internet banking just like any other account. Does that bank account get registered with the relevant governing body?
check the account name is "ABC Trust" or "Trustee ATF for the ABC Trust" The bank account should not be under the trustees name it should be under the trust name.
