Family Discretionary Trust Question

Discussion in 'Family Law Forum' started by Jules1961, 15 September 2018.

  1. Jules1961

    Jules1961 Member

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    Hi , In a family discretionary trust where the husband is owns the company in his name and is the trustee. The husband and wife are the appointers 50% each. Would that be 50% half the business to husband and wife or would that be up to the trustee to decide. Thanks in advance.
     
  2. Rob Legat - SBPL

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    If you’re talking about the distributions from the trust, that is up to the trustee to decide - hence the ‘discretionary’ nature. Most discretionary trusts will have a ‘taker in default’ provision which sets who gets what in what proportion if the trustee does not make an election.
     
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  3. Jules1961

    Jules1961 Member

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    Thanks for your reply.
    Yes distributions. The last minutes of the trust it was signed 50% each. Can that change before the next meeting. ?
     
  4. Rob Legat - SBPL

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    A new election can be made at any time.
     
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