WA Corporate Trustee Shareholder Power?

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Garnorf

Member
24 April 2019
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My father recently passed away and had a fairly well setup SMSF / Trust / Trustee structure established and also had a new partner in a de facto relationship that's 9 years old.

No conversations regarding his Will were ever had.

Basically, the will is what it is, but I’m a bit lost as to the trust breakdown, and where I stand.

6 weeks before his death he re-did his will and awarded me 50% of the Corporate Trustee PTY Ltd company shares, with his partner getting the other 50% on a “tenants in common” equal share basis. She, however, will be the Director of the Trustee.

He also appointed her as the “Initial Successor” of the 2 existing Trusts (containing $2 million of property) controlled by said Trustee, with the same powers as he had.

I have a sneaking suspicion this was due to my being in a shaky marriage and wanting to keep the hounds at bay so to speak! I don’t know this as fact, however, but some late conversations with him along with the fact his will changed so late...

Whilst there is no animosity. My question, is what power do I have as an equal shareholder in trust decisions, and ultimately, does initial controller mean that essentially she has power until she dies, then it reverts to me?

Or... can she simply nominate her kids $2 mill of assets when she passes?

Thanks in advance...