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?
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.
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?
I cannot believe this content is free! Thank you!
Glad you enjoy it, Albs!
Thank you so much, short and simple explanation vid!
no problemo!
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.
Thank you so much, very helpful ! :)
Thank you, thank you once again for this great content.
Glad you enjoy it!
Hi Davie! How can I contact you to ask some basic questions, please?
Thank you for information
Any time, Sita!
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?
These questions are more legal advice so I can’t answer them. Sorry!
Can you amend a trust deed in the future ?
yes you can
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.
@@DavieMach thank you. I've learnt more from your content then from my own accountant.
@@ruffterrain7247 appreciate that :)
Can you add beneficiaries in trust if more children in future
yes you can, but you can have a clause to have children of primary beneficiary so you dont need to update this in the future
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?
Sorry never heard of a love trust before. So I cannot advise you on this
@@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?
Can a Trustee of a Testamentary Trust distribute income to a minor grandchild (unnamed in the Will) and benefit from the adult tax rate?
@@vanessawoo6980 yes if the trust allows for it. Testamentary is quite useful for that reason
Forgot to also ask the question - who sets up the Trust from a Testamentary Trust? Accountant, Solicitor or someone else?
lawyers/solicitors
but its good to get advice from your accountant to see if its the right fit for your situation
@@DavieMach to confirm, the solicitor sets up the Trust Deed for the beneficiaries based on what is dictated in the Will. Correct?