Here is an interesting article about the estate of the late Michael Hutchinson of INXS.
http://www.smh.com.au/lifestyle/cel...-michael-hutchence-report-20140729-zxzkn.html
"Worth" around $30million he died with assets of just over $1000. The rest of the assets were in complex trust structures, probably across several tax havens. After Michael died the control of most these trusts fell outside the family. His daughter inherited nothing it seems.
This situation is no doubt different to the average Aussie 'battler's' trust - which would unlikely to have tax haven connections but the same principals apply:
Trust assets are not your assets to give and cannot be left via your will!!!!
So where will the control of the family trust fall when you die?
http://www.smh.com.au/lifestyle/cel...-michael-hutchence-report-20140729-zxzkn.html
"Worth" around $30million he died with assets of just over $1000. The rest of the assets were in complex trust structures, probably across several tax havens. After Michael died the control of most these trusts fell outside the family. His daughter inherited nothing it seems.
This situation is no doubt different to the average Aussie 'battler's' trust - which would unlikely to have tax haven connections but the same principals apply:
Trust assets are not your assets to give and cannot be left via your will!!!!
So where will the control of the family trust fall when you die?