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  1. #1
    Gold Member Martinco's Avatar
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    I might be wrong but as far as I could establish you have to have an independent person as a trustee. i.e. minimum of three persons .
    The contrary means the Trust is not legal.
    I listened to "Wat sê die prokureur" recently and this subject was discussed and according to Igna Kleinsmidt this is compulsory !
    I am selling this for the same money I paid for it !
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    Site Caretaker Dave A's Avatar
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    Quote Originally Posted by Marq View Post
    This sounds like a lawyer trying to drum up business for himself bending a ruling to suit his objectives.
    It does a bit. But in this instance it goes beyond that.

    To be plain, the main purpose is to ensure continuity for my business and other major interests in the event of my untimely demise, so there isn't a lot of activity. It has nothing to do with protecting assets from creditors.

    Essentially the lawyer is trying to change our contract. I paid substantially more than par for those trusts to be set up on the understanding that the lawyer's role as trustee was covered in the fee for the rather minimal number of resolutions that would be required, and to execute certain preset resolutions should I no longer be able to fulfill the role of trustee.

    To change the contract, he needs to establish that the conditions under which the contract was entered have materially changed.
    Quote Originally Posted by Marq View Post
    One of the main reasons I have not done any Trusts is because of the minimum of two trustees ruling. The problem being, as an example, I set up a trust with myself and my wife as Trustees and something should happen where she is operating by herself, she has to be reliant on an 'outsider' trustee in the form of the accountant, lawyer or friend. While they all tell you it just a title and there is no intentions regarding the ongoing relationship of the trust, there are always enough examples of this not being the case.
    Have a resolution in place for your replacement.
    Quote Originally Posted by Martinco View Post
    I might be wrong but as far as I could establish you have to have an independent person as a trustee. i.e. minimum of three persons .
    The contrary means the Trust is not legal.
    I suspect confusion around the three trustee issue stems from the NCA requirements i.r.o. trusts for the NCA's specific purposes.

  3. #3
    Platinum Member Marq's Avatar
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    Quote Originally Posted by Dave A View Post
    Have a resolution in place for your replacement.
    Thats the problem......whom to choose?
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    Gold Member Houses4Rent's Avatar
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    A trust for each property is a bit of an overkill, even my trust adviser said so. A lot of properties in one trust is no good either. So why not use the middle? I have three entry level units in my trust and would probably consider a new trust from the 4th unit onwards.
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