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Jurisdiction of Mark’s trust
I had a friend ask me about the trust I have.
She asked what jurisdiction it is in.
I know it’s not registered so is not obligated to provide audits, asic ……. to the gov. And Mark has changes the deed where he has changed the wording so he’s not using any of their intellectual property, and more.
But how would I answer this Question? The trust would be under the Commonwealth of Australia? Then follows private rules, and and can use the public when needed to do business.
Any info on jurisdiction would be awesome 🙂
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6 Replies
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Good question! 🤓
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Taking that further, what happens if I as trustee changed countries? Is the trust still locked to the country it was setup in?
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Here’s something that might help from a Q and A…”
Q…I want to know if I can gift a property in Ireland into a Australian made Private Trust?
anything I need to know? I am going to use the trust template from and Australian made Trust
remove and anything to do with Australia and relate it to my Country which is Ireland. The Grantor
will be Irish my Mum or Dad which live in Ireland.
So I am thinking this will have the same power as any other Trust In any other country, and up to
the Appointer to safe guard.
A… Bloody good idea…..I was thinking the same thing today for my brother in uk. In answer to
your first question, I asked Mark, and he said…yes, the trust can hold foreign property….it just
can’t have foreign beneficiaries…. So the beneficiaries are still in Australia but they can become
beneficiaries to an overseas property that has been vested in the original Trust in Austral
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Q:
Re Foreign Beneficiary.
1) Does the term ‘foreign’ equate to current citizenship/naturalisation or to residency? Would an an australian born human be classed as ‘foreign’ if they are residing outside Australia but still an australian national?
2) In the sense of Foreign, I then move to the concept I’ve seen discussed regarding that only citizens are public, therefore if one is in the private that must mean you are not a citizen and therefore are ‘foreign’ even if you lived in Sydney all your life!
Would you mind clarifying? I’m finding it hard when people say be public or private but then the private trust can’t have a foreign beneficiary (whatever foreign means!) and is therefore bridging both private and public concepts because to judge is someone is foreign equates to defining ones citizenship. unless I’ve grossly mis-inner-stood!
Thanks you!
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As far as I know as a living man or woman you are foreign to the corporation. You’d need to go to a Q and A to clarify your other questions.
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