Great question! This is indeed a pretty common circumstances. Basically the trust deed will specify a line of succession. So for example, let’s take the simple case of a deceased estate. A husband and wife establish mirror wills whereby they will look after the affairs of their spouses when either of them dies. What happens if they are both in the car and they both die in horrible accident. Well, their wills might (should) specify a second and third preference of executors (trustee). So this could be a brother, parent, etc. Note that the wills might differ slightly such that the deceased wife specified her mother as second preference, but the deceased husband decided his affairs should be managed by his sister. This can get quite messy quickly, but that’s families for you! The short answer is, “What does the trust deed say?” I might even make this into it’s own video for you!
What if trustee passed away?
Great question! This is indeed a pretty common circumstances. Basically the trust deed will specify a line of succession. So for example, let’s take the simple case of a deceased estate. A husband and wife establish mirror wills whereby they will look after the affairs of their spouses when either of them dies. What happens if they are both in the car and they both die in horrible accident. Well, their wills might (should) specify a second and third preference of executors (trustee). So this could be a brother, parent, etc. Note that the wills might differ slightly such that the deceased wife specified her mother as second preference, but the deceased husband decided his affairs should be managed by his sister.
This can get quite messy quickly, but that’s families for you!
The short answer is, “What does the trust deed say?”
I might even make this into it’s own video for you!
Back online again! It’s been a long time since you posted anything!
You are so awesome! Please post as many videos as you can:) I love your explanations!
+Anna Sky most of my videos are held behind secret links. :)
If you want I can share some.
I have started looking at your videos regarding FBT . Your videos are easy to understand and help me alot. Please upload more videos :)
Thank you, very interesting
Awesome! You really make it so easy to be understood.
Nice Vid how about some more detail on a trust where the main party ( Business owner) is still alive. Thanks
+Douglas Van Opijnen can do!
+Douglas Van Opijnen hehe. I can do that. I bet you want to know how to reduce your tax too right? ;)