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Offline robertb

  • Poll Dancer

  • Joined: Apr 2006

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I was contacted during the week by an old investors wife,husband has passed over the rainbow.There is now a dispute raging .

Wife is the sole director and share holder of the family company as she is the trustee for the "family trust" which holds all there assets apart from the family home and chattels .

The beneficiaries are there now adult children,on the passing of the trustee the family trust will be wound up and the assets distributed to the beneficiaries.

One of the assets is a valuable car ,as we know a car can only registered at VIC roads in a individual name or company name,the car is registered in the name of a beneficiaries name.

This person has taken the car ,claiming it to be there's .Police have no interest in the drama.

The trust deeds show the car as an asset of the family trust. via its make /model,reg # and chassis id numbers.

I've been asked my opinion ,which is to get a tow truck when their out and get it flat topped away,sell it and account for the sale price and place the money in the trusts bank account for future disbursement .

Your thought's ?



Offline mhh

  • Chief Test Pilot

  • Joined: Feb 2006

  • Location: Adelaide
It's the executor's call - says my lawyer wife.



Offline robertb

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  • Joined: Apr 2006

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It's the executor's call - says my lawyer wife.
I said the same,husband had nothing to do with the company or family trust in name or will.

was set up to protect the assets and for his name to have no reflection on the assets of the company held in trust.



Offline dodger

  • Tommy Gunna

  • Joined: Dec 2009

  • Location: Melbourne
Who's been paying the rego all these years ? That will define ownership.



Offline mhh

  • Chief Test Pilot

  • Joined: Feb 2006

  • Location: Adelaide
I said the same,husband had nothing to do with the company or family trust in name or will.

was set up to protect the assets and for his name to have no reflection on the assets of the company held in trust.

So who is the executor?



Offline 360c

  • 300kph+ club
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  • Joined: Apr 2006

  • Drives: Purple People Eater
Who's been paying the rego all these years ? That will define ownership.

No it won't.



Offline 360c

  • 300kph+ club
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Executors call on which way to proceed; BUT if they can find the car and do a midnight repo, they may have the Cops on the doorstep because the car is registered in the beneficiaries name.

If the car is valuable it will end up with the lawyers one way or the other.



Offline M500


  • Joined: Apr 2008

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Repo the car, contact the beneficiary who "wants" the car and offer it at market value to him. If he can't pay, then make an agreement that the figure is to be deducted from their portion of the Estste.



Offline Fil-Ski


  • Joined: Feb 2009

  • Drives: 993TT
  • Location: Adelaide
The will won't deal with the Family Trust.
It's the responsibility of the Trustee to manage and safeguard the assets of the trust for the potential beneficiaries.
If the asset was registered/listed in the deed and in the current set of accounts of the trust I would say that's a very strong indication that the car belongs to the trust.



Offline dodger

  • Tommy Gunna

  • Joined: Dec 2009

  • Location: Melbourne
No it won't.

Might help, though I guess it's not registered.
How did it get into his name anyway ???



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