My husband and I are planning on setting up a family trust. We have three children all under the age of 4. We intend to make ourselves primary beneficiaries of the trust. Can we also be trustees?
Lawyer Answers (1): Answers from lawyers are general preliminary responses. They are not formal legal advice and cannot taken account of all your circumstances. They do not create a lawyer–client relationship.
Answer by LegalEagle™ staff, Melbourne 3000 VIC
- Where there is a broad class of beneficiaries and you and your husband are not the only beneficiaries there is no problem with this arrangement.
- The main aspect of a trust is the separation of legal and beneficial interests between the trustees and beneficiaries. If you and your husband hold the trust property on trust for multiple beneficiaries such as yourselves and your children then this should satisfy the requirement of separating legal and beneficial ownership.