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Trust Question
Hi All,
Quick question im trying to gain clarity on:
Important Note: The Trustee must hold Legal Title and the Beneficiary must hold
Equitable Title. Neither party can hold both legal and equitable title at the same time.
If a party does hold both Titles, it is not a Trust. Holding both is called an Allodial Title.wondering if this is going to adversely affect the structure of the Trust i have set up with:
Trustee: (me)
Primary Beneficiaries: (me) / wife
Secondary Beneficiaries: Offspring of the primary beneficiaries
Principal: (me)
Would it be better to amend the Deed to remove myself as primary beneficiary? or does this statement above only matter if there is one party as both Trustee and Beneficiary.
Thanks,
Fraser
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2 Replies
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im no expert, but i think so…i.e. remove yrself as beneficiery….u as trustee will have full control of assets in trust.
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I had a look at the trust mark writes up and I’m trustee with the wife, I’m principal as well as primary beneficiary with the wife too, if that statement is correct mark would’ve picked up on that as well as known not to pop me down as primary beneficiary either wouldn’t he??