- Dec 26, 2012
- Reaction score
The trustees would be legal entities with strict instructions about what the trust could be used for. I don't think the owner can be the trustee under the law. The trust takes it out of his legal obligations as a private person. Much like a limited company. You can sue the company but not the individual.
The trustee(s) (there may be more than one) of a trust may be a person or a company (the latter is known as a corporate trustee).
The trustee may also be a beneficiary, but not the sole beneficiary unless there is more than one trustee.
Under trust law, trustees are:
personally liable for the debts of the trusts they administer,
Trusts can be set up however you like (legally). Trustee's have to comply with the law and the 'Trust Deed', which can be different for every trust.
I'd still like to know who the trustee and beneficiaries are, maybe just Michael Tanja and the kids, could include the step-kids, either of the ex wives etc etc.
I don't think he would have set it up so Tanja would get much at all, seems his father didn't pass too much on to either of his wives as he still had the property.
Probably flogging a dead horse though.